Business News
FIRS and CBN plans to focus searchlight on VAT paid by foreign individuals/firms
The CBN has been urged to assist the FIRS to track the electronic payment of Value Added Tax made by foreign entities that are not registered in Nigeria.
The Central Bank of Nigeria (CBN) has been urged to assist the Federal Inland Revenue Service (FIRS) to track the electronic payment of Value Added Tax (VAT) made by foreign entities that are not registered in Nigeria.
According to the FIRS which is currently soliciting the partnership of the apex bank in this regard, the plan will facilitate its 3-year strategic revenue growth initiatives for 2019 through to 2021.
The FIRS has recently been paying a lot of attention on VAT as an alternative means to growing its revenue generation. Under the current VAT legislation, online purchases are subject to VAT payment.
However, the FIRS has been losing VATs paid for online purchases, because such payments are typically made electronically; even as the FIRS has no means of tracking it.
Also note that a lot of foreign entities that are not registered in the country have recently been making a lot of online purchases.
It is, therefore, as part of the bid to recover the VATs accruing from such transactions, that the the FIRS is asking the Central Bank of Nigeria and the Federal Ministry of Finance, to work out framework that will ensure that the observed loophole is fixed.
The FIRS is specifically looking at the potential use of a software that will electronically recover the Value Added Taxes paid via online purchases. This could be achieved with the help of any of the following: Nigerian Interbank Settlement System, Master Card, Verve, and Visa, etc.
The FIRS is also asking regulators to “leverage the provisions of Section 38 of the VAT Act” by issuing a regulation that would expand the scope of “goods and services” to encompass landed properties such as buildings and even oil wells, as well as intangible goods and services such as software.
The document containing these requests was recently submitted to the National Assembly by the Federal Inland Revenue Service.
Coronavirus
COVID-19 Update in Nigeria
On the 18th of September 2020, 221 new confirmed cases and 1 death were recorded in Nigeria.
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 56,956 confirmed cases.
On the 18th of September 2020, 221 new confirmed cases and 1 death were recorded in Nigeria, having carried out a total daily test of 2,609 samples across the country.
To date, 56,956 cases have been confirmed, 48,305 cases have been discharged and 1,094 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 482,321 tests have been carried out as of September 18th, 2020 compared to 479,712 tests a day earlier.
COVID-19 Case Updates- 18th September 2020,
- Total Number of Cases – 56,956
- Total Number Discharged – 48,305
- Total Deaths – 1,094
- Total Tests Carried out – 482,321
According to the NCDC, the 221 new cases were reported from 18 states- Lagos (59), Abia (46), FCT (22), Gombe (20), Plateau (17), Rivers (11), Bauchi (7), Benue (6), Ekiti (6), Imo (6), Kaduna (4), Kwara (4), Ondo (4), Ogun (3), Osun (3), Bayelsa (1), Edo (1), Kano (1)
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 18,827, followed by Abuja (5,526), Oyo (3,226), Plateau (3,192), Edo (2,611), Kaduna (2,326), Rivers (2,220), Delta (1,799), Ogun (1,758), Kano (1,734), Ondo (1,594), Enugu (1,234), Ebonyi (1,035), Kwara (1,013), Abia (881), Katsina (845), Osun (810), Gombe (799), Borno (741), and Bauchi (689).
Imo State has recorded 557 cases, Benue (473), Nasarawa (447), Bayelsa (394), Jigawa (322), Ekiti (313), Akwa Ibom (288), Niger (250), Anambra (232), Adamawa (230), Sokoto (161), Taraba (95), Kebbi (93), Cross River (85), Zamfara (78), Yobe (73), while Kogi state has recorded 5 cases only.
READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous
Business
Fire guts fuel tanker, vehicles at Anthony, Lagos
The tanker conveying PMS lost control while in motion and subsequently fell sideways.
There is a fire outbreak, which has gutted a fuel tanker, at Anthony inward Gbagada, Lagos State.
This was disclosed by the Federal Fire Service via its Twitter handle on Friday evening. The incident, which occurred around 10 pm, has razed at least two vehicles.
First responders and other Emergency agencies are already at the scene of explosion in Anthony, Lagos State, Nigeria. Please avoid the area, take alternative routes.
— Federal Fire Service (@Fedfireng) September 18, 2020
The agency urged road users to avoid the area and take alternative routes.
Also, the Director-General of the Lagos State Emergency Agency, Dr Olufemi Oke-Osanyintolu, confirmed the incident.
He said, “The Agency responded to distress calls and upon arrival at the scene of incident, it was discovered that a tanker with unknown registration number conveying PMS lost control while in motion and subsequently fell sideways.
“This led to an explosion in which two unidentified vehicles were burnt.”
A joint team of responders led by the Federal Fire Service, LASEMA, LASG fire service, LRU fire unit, Nigeria Police and LASTMA are working together to curb the inferno from escalating further.
Details soon …
Tech News
Facebook to open Lagos office in 2021
When the social media giant comes to Nigeria, it will be its second office on the African continent.
Social Media giant, Facebook announced it would open an office in Lagos in 2021, its second office in the continent and the first in Africa to house software engineers.
This was announced by Facebook Program Manager, Chimdindu Aneke on social media. “We are opening a Facebook office in Lagos, Nigeria later in 2021,” he said.
We are opening a Facebook office in Lagos, Nigeria later in 2021. 😍😍😍
First office on the continent to house a team of expert engineers building for the future of Africa and beyond!https://t.co/XIIO8CU0Bj pic.twitter.com/F7KZrufBtY
— Chimdi Aneke (@chimdinduaneke) September 18, 2020
He added that the office would be the first in Africa by Facebook for the purpose of engineering and “building for the future of Africa and beyond”.
Media aide to the Presidency, Tolu Ogunlesi quoted Facebook saying, “As part of its continued commitment and ongoing investment in Africa, Facebook today announced it will be opening an office in Lagos, Nigeria – its second office on the African continent.”
BREAKING:
“Lagos, Nigeria, September 18, 2020/ — As part of its continued commitment and ongoing investment in Africa, @Facebook today announced it will be opening an office in Lagos, Nigeria – its second office on the African continent.”#InvestNigeria 🇳🇬🇳🇬🇳🇬
— tolu ogunlesi (@toluogunlesi) September 18, 2020
In 2019, Facebook’s biggest market in Africa was Nigeria with 33 million monthly active users.
COVID-19 Update in Nigeria
Fire guts fuel tanker, vehicles at Anthony, Lagos
GTBank, Dangote Sugar stocks record gains, All Share Index gains 0.16%
Facebook to open Lagos office in 2021
AIICO partners NGO to feed underprivileged community
COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦460/$1
FG apologizes, says Self-Certification directive is not for everyone
Naira gains at black market as CBN moves against prominent businessmen for forex abuse
This is a copy of the Self-Certification form govt. wants targeted account holders to fill
