wachakuta: The country earned a total sum of N980.48bn from taxes between July and September this, figures obtained from the Federal Inland Revenue Service have revealed.
The tax figures for the third quarter obtained by our correspondent on Friday in Abuja were prepared by the Planning, Reporting and Statistics Department of the FIRS.
However, the document stated that the N980.48bn was N162.52bn lower than the quarterly target of N1.14tn set by the Federal Government in the 2015 fiscal period.
According to the document, the N980.48bn tax collected for the three months showed that N654.61bn, representing 66.76 per cent, was generated from non-oil taxes while the balance of N325.86bn or 33.24 per cent was earned through the Petroleum Profit Tax.
A breakdown of the tax revenue showed that the sum of N250.25bn was earned in September.
This shows a decline of N130.76bn when compared to the monthly target of N381.01bn for 2015.
In terms of tax collection according to types, the document said that in the month of September, the country earned N111.96bn from the PPT, representing 44.74 per cent of the entire collection for the month.
Others are Company Income Tax, N65.28bn representing 26.09 per cent; gas income, N826m or 0.33 per cent; capital gains tax, N263m or 0.11 per cent; and stamp duty, N766m or 0.31 per cent.
Similarly, the Value Added Tax generated N56.39bn or 22.54 per cent; education tax, N10.26bn or 4.1 per cent and Nigerian Information Technology Development Fund, N84m or 0.03 per cent.
The Acting FIRS Executive Chairman, Mr. Babatunde Fowler, had said the agency would soon carry out a special audit of all companies operating in the country in order to increase the level of compliance with the relevant tax law.
The audit exercise, according to him, will be carried out within 30 days and will take into consideration the various year ends and peak points of activities of the various companies.
Fowler said the FIRS had entered into collaboration with the professional service providers, states board of internal revenue, noting that this would mark a turning point for taxation as well as reduce the country’s reliance on oil
He said the focus of the service now was to expand the nation’s tax net, build capacity of tax administration and share information that would promote voluntary compliance.
He said, “We have a duty to advise taxpayers; we equally have an obligation to government in ensuring an increase in revenue collection.
“It’s time to stop all forms of unwholesome practices in tax-related issues because Nigerians need us at this critical time to reposition the country for more resources.
“We don’t have all the answers; we need to reposition the entire process. All we are asking for is cooperation to move the nation’s tax system to another level.”
In the area of tax evasion, he said the FIRS would go after multinational companies, individuals and other corporate organisations that were evading the payment of taxes in the country.
Statistics obtained from the service revealed that out of the 450,000 companies in Nigeria, only 125,000 representing 27.7 per cent pay taxes.
Going by this figure, it implies that about 325,000 companies are evading tax, thus denying the government of huge revenue annually.
Fowler said his administration would not take the issue of tax evasion lightly as he was aware that some foreign companies operating in Nigeria were being investigated in England for evading taxes.
He said with the renewed effort to strengthen tax administration, the era where companies kept three types of accounts – one for the banks, one for shareholders and another for tax administrators – was over.
MAKURDI— Former Governor Gabriel Suswam of Benue State, yesterday, denied stealing the state’s money during his eight years tenure in office. Suswam spoke at a special thanksgiving service organised for him at the Holy Ghost Catholic Church, Makurdi, by the Peoples Democratic Party, PDP, lawmakers at Benue State House of Assembly,,
He regretted that before the last general elections, the All Progressives Congress, APC, had sold to the people that salaries were not being paid because the state’s funds were being stolen. Suswam said: “Today that same salary issue is persisting, that is to tell you that we are in a deep economic crisis.
‘’I am not a thief, I’m not a criminal, I did not steal government money neither did I syphon the state’s resources. “In our time, we assumed office under tough circumstances, but we were able to achieve a milestone. The fact is that no one can do the job of governnce at once. “You do your best and leave the rest. I did my best. And I refused to demonize anyone when I assumed office, though I was pushed to do so by forces and individuals but I refused.
“That seat of governor of Benue State is the hottest in the country. If you spend one day in office as a governor, and if somebody takes over, and he wants to take you to jail, he will do so. “The fact is that nobody is a saint, we have serious economic situation. I raised the alarm, they said I was stealing money, my successor is raising same alarm today. “Unfortunately, the Tiv man always wants to bring down his own brother, the truth is that as governor, there is no way you cannot step on toes.”
bumi10: Former minister of Niger Delta affairs, Godsday Orubebe, has been spotted in a Code of Conduct Tribunal (CCT) in Abuja, where he is facing money laundering charges.
Needless to say, Orubebe have been a subject of scrutiny and have been on the limelight for his roll during the gubernatorial election were he out-rightly countered the INEC chairman and accused him of bias which could have caused a mayhem in Nigeria.
Details of court siting will follow later ...................
NigeriaReports: When things fall apart in a family and the centre can no longer hold,this is what happens This is what allegedly happened..... https://viviangist.com/wp-content/uploads/2015/11/Sister-Blinded-By-Brothers-In-Family-Crises-Graphics-Photos-1.jpg ''Barrister Olusegun A. Alalade and Mr. Babasanjo Alalade blinds their youngest Sister Barrister Olusegun Alalade (Mr.), who is a member of the Institute of Chartered Accountants (ICAN) and also a member of the Nigerian Bar Association (NBA), two esteemed organizations, led a brutal attack with a group of hired thugs and hooligans, on his own siblings in their family estate at Ladipo Oluwole Avenue, Off Adeniyi Jones Avenue, Ikeja, Lagos. Olusegun Alalade and Babasanjo Alalade, both, fraudulently claim to be Administrators to the Estate of Late Chief Daniel Okunola ALALADE, the former Asiwaju of Ada, who died on the 6th of January 2008. Over the years, these two tyrants have continuously looted and misappropriated funds within the Estate. Several family elders have been trying to resolve these issues to no avail.
Olusegun Alalade and Babasanjo Alalade, were served by a court bailiff from the Lagos State High Court on Friday 30th October 2015, for an action on Intermeddling with the Estate of Late Chief Daniel Okunola Alalade. This immediately resulted to violence from this learned fellow and Babasanjo Alalade. During the attack which happened on Sunday 1st November 2015, barely two days after been served by the court bailiff, Barrister Olusegun Alalade hit the youngest child of the house, Ifeoluwa Oluwaloseyitan (Nee Alalade), with a large wooden plank in the eye and nose area. She has been blinded on the eye and left with several nose fractures while Mr. Babasanjo Alalade, attacked her husband, Pastor Abraham Oluwaloseyitan, with a machete to the head whilst he was trying to save his wife. Other siblings who were seriously beaten and assaulted, were left with several injuries.
Ifeoluwa has been undergoing several surgeries at the General Hospital, Ikeja, where her entire eye socket is been rebuilt. She awaits further surgeries from ENT (Ear, Nose & Throat) surgeons at the same hospital. All would have expected a Barrister at law to follow due process and appear in court respectfully rather than resolving to a brutal assault on a lady and violence against their fellow brothers. It is suspected that Barrister Olusegun Alalade and Babasanjo Alalade has, again, been attempting to fraudulently sell the 3-acre Estate on Adeniyi Jones Avenue, Ikeja and other properties of Late Chief Daniel Okunola Alalade. The Alalade family from Ada, popularly known to be a peaceful and united extended family, are all shocked and disappointed that one of their most read and educated sons could lead such an attack on his siblings in the home where they all grew up.
Few celebrity children have a 'powerful' social media presence quite like Pastor Enoch Adeboye's son Leke.
Just last week, for example, he re-posted a newspaper article headlined 'Gridlock: RCCG repairs Lagos-Ibadan Expressway'. Twenty-four hours after this publication, the Ogun State government released a press statement that Gov. Ibikunle Amosun's administration is responsible for the rehabilitation. In 48 hours, a Redeemed Christian Church of God(RCCG) in Abeokuta was demolished by the Ogun State government for reportedly violating the residential master plan of the estate where it is located.
Though the Redeemed Church is yet to respond this, it seems Leke Adeboye has had enough of the social media where these reports have since gone viral!
What is interesting are the lines Leke Adeboye used in announcing the news of his social media vacation.
Yesterday, Leke Adeboye posted the message that reads:
"Social Media break........... have fun and keep allowing God teach you something. Before I go. #WhatisGodteachingMe : it is only those whom God loves that He won't allow to get away with any of their Sins. The punishment is immediate and intense here on earth. So if you have been doing wrong and getting away with it, God most likely leaving you for the devil and his hell. Think! Get Right #TheFloodGatesOfHeaven"
Good for him oooooooo. Now a celebrity oooooooooooooo
Mztarstrechy: Golden Eaglets’ striker, Victor Osimhen has broken the long-standing FIFA U-17 World Cup scoring record of nine goals in an Under-17 World cup tournament with his goal against Mali in the finals.He also won the golden boot award with a total of 10 goals.
The ruthless striker firstly reached 9 goals after his goal in the 4-2 defeat of Mexico at the Estadio Municipal.The 9 goals record was previously jointly held by Frenchman Florent Sinama Pongolle and Ivorian Souleymane Coulibaly.
Osimhen is not only tall, he stands tall with his exploits as his three-goal salvo against Australia on Thursday morning showed that once again, Nigeria may have unearthed another gem, following in the footsteps of Isaac Success and Kelechi Iheanacho, of whom great things are now been expected.
At Chile 2015, Osimhen had earlier achieved a rare feat of equaling the seven-goal scoring record earlier achieved.
Osimhen is Golden Eaglets’ top scorer, going into Chile 2015 with a remarkable 41 goals in 73 international and domestic matches.The striker had opened his Chile 2015 account with a goal in the 2-0 win over U.S. on the opening day.He continued with a brace in the 5-1 defeat of hosts Chile.Osimhen was also Nigeria’s scorer in the 2-1 loss to Croatia to round off the group phase.
He was also in superb form at the commencement of the knockout stage, by grabbing the first hat-trick of Chile 2015 in the crushing 6-0 defeat of Australia in Round 16.The striker followed up his act with a goal each in the 3-0 and 2-1 win against Brazil and Mexico respectively in the quarter and semi-finals.
With his goal in the final match, Osimhen has made a history by breaking the record of most goals in a single tournament at the FIFA U-17 World Cup.
Keneking: On 26th October 2015, MTN Group was fined $5.24 billion (N1.4trillion) by the Nigerian Communications Commission (NCC) for failing to disconnect non-registered SIM cards. In light of this recent decision, I hereby recommend the following on how they can survive the impact of this decision.
A. Shareholders:
Shareholders should approve the payment of the $5.2bn before the due date. Changes in Shareholding structure is imminent and no delays is expected from the Group in this regard.The top echelon of the organisation should be re-organised starting with its management.
B. Topline:
The business topline for the remainder of the financial year i.e 1 November 2015 - 31 March 2016 should be revised. No doubt, subscribers would leave the network and earnings would drop significantly especially voice. Therefore profit and loss account should be revised to include the periods when the sanction becomes effective in this case since 2012.
C. Cost of Sales:
This would remain as there are already commitments with service providers based on scheduled plan. There is no need to revise the factors in profit and loss sheet.
D. Cost of Labour:
Management should as a matter of fact begin the process of reviewing contract costs with expatriates, already, there is an exchange rate hit (20%), a function of the devalued currency early in the year is significant cost to the company in the course of the financial year. An option to locate other expatriates in Asia is due e.g India, China and Indonesia. These professionals can be hired on need basis and terms of employment clearly chalked out.
An important note is that other outsourcing agencies can be engaged to commence the process of providing comparative and lower service cost from next financial year i.e 1 April 2016 - 31 March 2017.
Local employees can be committed to contract with non-key positions placed on secondment. No need to downsize.
E. Cost of Marketing:
-Local budget for marketing should be adopted. BTL (below the line) option most recommended. -Highly capitalised marketing should be banned for next 5 years i.e post Year 2020 -Aggressive marketing in hinterland to be promoted. -Discount on data and bundle opportunity should be created. -Discount on voice should be created for youth and group target. New target should be created in this segment.
F. Cost of Finance:
Of course, the burden of settling NCC fine requires a huge cashflow. A phased payment/settlement is recommended. MTN Nigeria should enter into a phased settlement plan with NCC. A letter of comfort stating how and when this payment would be made should be made in line with Shareholders approval.
- cashflow concerns: as a result of the expected massive exit by subscribers in the short term, there might be deficit in cashflow of the local business. Therefore, a massive inflow of capital is now required. This can be achieved through local banks with a consortium likely to create the balance needed. Another option is find another partner in form of shareholder.
- finance cost: with the current interest rate of 16%-18% from local banks, an additional terminal loan would lead to increased liabilities and exposure to banks.
G. Partnership: Business to provide opportunity for corporate partnerships in the form of sell-off of non-performing part of the business. A proposal to sell its data arm and concentrate on voice would be a great idea.
In conclusion, communication is key for the business in Nigeria. Shareholders should address the public directly in the case of regulators, customers, public (internal and external) regularly. There is no need to apologise but rather provide action plans on how to keep the business going and to overcome the existing challenges in the country.
In the face of a new management and focus, the company can turnaround this enormous challenge in the next three to four years and bounce back in winning ways.
yhemsy62: A member of the dreaded Boko Haram sect who was declared wanted by the Army was arrested today in Abuja. Army spokesman Colonel Sani Usman said the suspect was arrested at the Abuja airport on his was to Lagos.
The Taraba state governor-elect Sen A'isha Alhassan and Taraba APC executive committee on Sunday paid a courtesy visit to former vice president Atiku Abubakar in his abode in Adamawa. They were welcomed by the elder statesman and also the governor of Adamawa state Umar Bindow.
dainformant: Senate president Bukola Saraki was in Sokoto on Saturday to rejoice with Senator Wamakko as he gave out his daughter's hand in marriage.....The event was graced by Sokoto state governor Aminu Tambuwal and other notable dignitaries both from within and outside the state.....
Travel › Re: We Are Not Leaving Nigeria - Virgin Atlantic by j4sure(m): 6:15pm On Nov 09, 2015
