Connect with us
nairametrics
UBA ads

FIRS tax collection hits all time high of N4 trillion in 2017

Published

on

The Federal Inland Revenue Service exceeded its 2016 tax revenue collection by 20%. Taxes collected by the body thus increased from N3.3  trillion in 2016 to N4.0 trillion in 2017. Executive Secretary of the FIRS,  Babatunde Fowler revealed this during a visit to the Oba of Lagos Rilwan Akiolu.

2018 revenues will be much higher

2018 revenues could end up being much higher as the Ministry of Finance last year launched the Voluntary Asset Income Declaration Scheme (VAIDS). Voluntary Asset and Income Declaration Scheme (VAIDS) is a time-limited opportunity for taxpayers to regularize their tax status relating to previous tax periods and pay any taxes due.

UBA ADS

In exchange for fully and honestly declaring previously undisclosed assets and income, tax payers will benefit from forgiveness of overdue interest and penalties, and the assurance they do not face criminal prosecution for tax offences or tax investigations.

Why the revenue drive ?

Last year was a difficult one for the Federal Government, and indeed all tiers of government as a whole, as crude oil revenue dropped drastically. Government is largely dependent on crude oil earnings to fund its budget, and foreign exchange revenue.

The drop in earnings pushed the economy into a recession last year.  In addition, states and local government had to be bailed out by the Federal Government.

GTBank 728 x 90

The FIRS in collaboration with state revenue services recently recovered billions of Naira being unremitted witholding taxes from several commercial banks in the country.

About the FIRS

The Federal Inland Revenue Service (FIRS) started as part of a colonial tax organisation under the name Inland Revenue Department of Anglophone West Africa. The department’s scope of administration covered Nigeria, Ghana, Sierra Leone and the Gambia. In 1943, the Nigerian Inland Revenue Department was carved out of the Inland Revenue Department of Anglophone West Africa and established as an autonomous body under the supervision of the Commissioner of Income Tax.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

Business News

Lagos State Government orders building owners to conduct structural stability tests

There will also be stricter enforcement of regulations and safety precautions to ensure that building owners and developers across Lagos metropolis comply with it, she reiterated.

Published

on

Lagos state govt orders building owners to conduct a structural stability test

In response to the partial collapse of a 3-storey building at Alagomegi-Yaba on Monday, the Lagos State Government has ordered owners of buildings in the state to immediately carry out structural stability tests on their properties. This is expedient, given the onset of the rainy seasons, and the presence of statistics to show that many buildings collapse during the season.

In a series of tweets that were posted last night on the Lagos State Government’s official Twitter handle, the state’s Building Control Agency (LASBCA), disclosed that the affected building at 6, Olonode Street, Alagomeji-Yaba, Lagos, collapsed in the early hours of Monday due to the heavy rainfall in the area over the night.

UBA ADS

The General Manager of the agency, Engr. Biola Kosegbe, noted that the collapsed building had earlier been marked for demolition. In other words, all occupants of the building were evacuated by the Agency before the incident, thereby averting a disaster.

(READ MORE:Lagos increases health workers’ allowances, commissions local production of face masks)

GTBank 728 x 90

Kosegbe went on to explain that statistics from previous years show that there is a higher incidence of building collapse during the rainy season, hence the need for building owners to ascertain the level of structural stability of their properties to avert collapse. She added that the Lagos State Government would not hesitate to remove illegal or distressed buildings, or any other structure that is not in conformity with the State’s building laws and standards.

There will also be stricter enforcement of regulations and safety precautions to ensure that building owners and developers across Lagos metropolis comply with it, she reiterated.

Why it matters

This type of pro-active government regulation will help prevent future catastrophes that could occur in the events of building collapse. Incidents of building collapses are not alien to Lagos, a city-state with more than 20 million estimated population, a significant number of whom live in squalid conditions due to extreme poverty and housing deficits.

app
Continue Reading

Coronavirus

Dollar drops against major world currencies

The U.S dollar index that tracks the American dollar against a basket of other major currencies was down 0.67% to 99.22 by 12 noon Nigerian time on Tuesday.

Published

on

American Dollar remains king as stimulus fails to stop global financial market panic,Demand for “Inflow dollars” drive exchange rate to as high as $N420/$1 compared to “Cash dollars”, U.S dollar drops against major currencies, tension rises between America and China, U.S dollar gains against major currencies, America threatens China with sanctions., U.S dollar down against major currencies, more countries start lifting of COVID-19 induced lockdowns

The American dollar dropped on Tuesday afternoon, owing to the strengthened global investors’ risk appetites as more countries cautiously ease lockdowns caused by the deadly COVID-19 virus.

The U.S. Dollar Index that tracks the American dollar against a basket of other major currencies (like the Japanese yen, British pound sterling, Swedish Krona, Euro), was down 0.64% to 99.252 by 12-noon Nigerian time on Tuesday, after global investors retreated from the safe-haven asset.

UBA ADS

What it means: Nigerians hoping to meet foreign exchange payment obligations, via dollar transactions to countries like Europe, and Japan, would need to pay more dollars to fulfil such transactions.

(READ MORE: Why Forex trading is becoming popular in Nigeria )

But the U.S dollar upside was capped as global investors continued to track the U.S.-China relationship. Tensions between the two most powerful world economies flared up last week after China enacted national security laws for Hong Kong. 

GTBank 728 x 90

“Markets are caught between two conflicting currents,” Michael McCarthy, CMC Markets’ chief strategist, told Reuters.

“Rising tensions between China and the U.S. are raising concerns while easing COVID-19 lockdown measures are fueling growing optimism.” Michael McCarthy added.

Continue Reading

NM Partners

Unveiling‌ ‌FTX‌ ‌cryptocurrency‌ ‌derivatives‌ ‌exchange‌ ‌in‌ ‌Africa‌

FTX is a rapidly growing cryptocurrency exchange that has been proving itself worthy by gaining a larger share of the crypto trading market.

Published

on

FTX is a rapidly growing cryptocurrency exchange that has been proving itself worthy by gaining a larger share of the crypto trading market. The founder Sam Bankman-Fried is driven by an unstoppable drive to donate the largest amount of capital he can to the most effective charities; this can be seen by the speed in which FTX innovates and stays on the forefront of the crypto worlds mind. 

FTX has a powerful positive sentiment among the crypto trading community who appreciate the innovation and responsiveness being brought to the field. This is directly seen in the $500m – 1b dollars of volume daily traded on the exchange. An imposing amount when taken into consideration that FTX is only a year old, having launched in May of 2019. The exchange provides its users with a wide variety of products, spot markets for Bitcoin, Ethereum, Litecoin, and 20+ cryptocurrencies. Bitcoin futures and 30 other futures which allow traders to trade up to 101x leverage. Leveraged Tokens that enable users to access leverage without having to worry about margin, liquidations, or funding and exotic products such as MOVE contracts which capture the absolute value of the movement of Bitcoin rather than a directional play. 

UBA ADS

FTX believes that Africa has enormous potential for the adoption of cryptocurrencies. This is driving their initiative to provide a reliable, low fee and trustworthy platform for users from every African country to easily have a fiat on and off-ramp to the cryptocurrency market. Currently, FTX is working in Nigeria with some fantastic local people such as Adebayo Juwon to build a community, educate on blockchain, and provide customer support. FTX is also working towards integrating Paystack, which would allow for a quick and reliable way to convert NGN into cryptocurrencies. FTX also offers a 24/7 Africa support group on telegram at: https://t.me/FTX_Africa.

The exchange is a great trading option for the people of Africa with some of the lowest fees in the industry, best products, and unique no withdrawal fees. There is a wide range of educational content to teach the user base about the FTX products and how to trade on FTX. Visit https://t.me/FTX_Africa with any questions and visit the exchange here: https://ftx.com/.

Ftx (https://ftx.com/)

Cryptocurrency Derivatives Exchange


EDITOR’S NOTE: This is a sponsored content.

Continue Reading