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Romance › Latest News On Naijacontacts.com For 25th July 2023 by innerkonsult73(op): 5:44pm On Jul 25, 2023

Romance › Latest Trendy News On Naijacontacts.com For 24th July 2023 by innerkonsult73(op): 6:03pm On Jul 24, 2023

Crime › Latest News On Naijacontacts.com For 21st July 2023 by innerkonsult73(op): 5:59pm On Jul 21, 2023

Business › "President Tinubu Takes Steps Towards Tax Reform And Harmonization In Nigeria" by innerkonsult73(op): 11:26am On Jul 11, 2023

In a recent article, Deji Elumoye highlights President Bola Tinubu's efforts to streamline tax regimes in the country by constituting a panel of experts on tax reforms. President Tinubu, who took office on May 29, 2023, wasted no time in making significant policy moves. He announced the end of the long-standing fuel subsidy and initiated the harmonization of the foreign exchange system, merging the official and black market rates.

Addressing the issue of multiple taxes paid by individuals and corporate entities, the Tinubu administration took further steps to fulfill its campaign promise of tax reform. The President signed four Executive Orders, deferring and suspending the implementation of certain taxes to alleviate the tax burden on Nigerians and businesses. The move aims to address concerns raised by manufacturers and other stakeholders regarding recent tax changes.

The President's Special Adviser on Special Duties, Communications, and Strategy, Mr. Dele Alake, explained that these actions were in response to the need for clarity and sufficient notice for tax adjustments, as stipulated in the 2017 National Tax Policy. Alake detailed the executive orders signed by President Tinubu, including the deferral of changes from the Finance Act and Customs, Excise Tariff Amendment Order, as well as the suspension of the 5% Excise Tax on telecommunication services, the Excise Duties escalation on locally manufactured products, the Green Tax on Single Use Plastics, and the Import Tax Adjustment levy on certain vehicles.

The President's intention is to address the concerns of the Nigerian people, minimize the negative impacts of tax adjustments, and foster an environment conducive to business growth. The government aims to provide friendly policies and stimulate the economy to achieve higher GDP growth and reduced unemployment rates through job creation.

Regarding the formation of the Presidential Committee on Fiscal Policy and Tax Reforms, chaired by Mr. Taiwo Oyedele from PriceWaterhouseCoopers (PwC), the committee comprises experts from the public and private sectors. It is tasked with tax law reform, fiscal policy coordination and design, tax harmonization, and revenue administration. President Tinubu recognizes the importance of a sound fiscal policy environment and an effective taxation system for the government and the economy.

The committee's primary objectives include improving revenue collection efficiency, promoting transparent reporting, enhancing tax morale, curbing tax evasion, streamlining revenue administration, aligning fiscal and economic policies, and ensuring accountability in the use of tax revenue. The aim is to transform the tax system to support sustainable development, achieve a minimum Tax to GDP ratio of 18% within three years, and create a favorable and globally competitive business environment.

President Tinubu's administration is committed to addressing the challenges in Nigeria's tax system and implementing transformative fiscal policy and tax reforms to drive economic growth and development.

Visit: www.innerkonsult.com for your professional Accountancy, Business Plan, Cashflow forecast, Tax, Assurance and CAC services
WhatsApp: 2348038460036

Business › Government Takes Swift Action To Prevent Vessel Withdrawal & Resolve Tax Dispute by innerkonsult73(op): 10:27am On Jun 21, 2023

On Monday, the Nigerian Federal Government took swift action to prevent foreign oil vessel owners from leaving Nigeria and withdrawing their services due to alleged excessive tax back charges. These shipping companies had received demands from the Federal Inland Revenue Service (FIRS) for unpaid taxes from 2010 to 2019, ranging from $400,000 to $1.1 million per vessel, totaling tens of millions of dollars.

To address this issue, the Special Adviser to the President on Revenue, Zacheus Adedeji, conducted an interactive session with shipping stakeholders in Abuja. He emphasized the importance of vessels operating in and out of Nigeria and assured stakeholders in the oil and gas sector that steps would be taken to prevent disruptions in the flow of products.

The problem stemmed from demand notices issued to vessel owners in accordance with tax laws, requiring them to remit outstanding taxes. Adedeji confirmed the formation of a technical committee tasked with resolving the contentious issues and reconciling the backlog of taxes. He emphasized that vessels would not be arrested or detained while the committee worked towards a resolution.

While the government aimed to ensure compliance with tax laws, it also made it clear that Nigeria would not succumb to blackmail. Adedeji stressed that the country had laws that needed to be respected and obeyed. The technical committee, comprising regulatory bodies and government representatives, would address concerns, reconcile tax payments, and establish a process for future compliance.

During the meeting, it was announced that six companies had received approval to import petroleum products in July 2023. The Managing Director of the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDRA), Farouk Ahmed, stated that other companies had also applied for permits to import petroleum. He clarified that the Nigerian National Petroleum Company Limited (NNPCL) did not have the authority to grant approval for petroleum importation.

The NMDRA emphasized its openness to companies interested in importing fuel and highlighted the relatively lenient guidelines in place to encourage importation. Six companies had expressed their intention to import fuel in July, indicating their access to foreign exchange. The NMDRA assured the public that there would be no supply or distribution gaps, as the Nigerian National Petroleum Corporation (NNPC) had a 30-day fuel sufficiency. Updates on progress and achievements would be provided in due course.

Visit: www.innerkonsult.com for your professional Accountancy, Business Plan, Cashflow forecast, Tax, Assurance and CAC services
WhatsApp: 2348038460036

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