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Business News

LIRS shuts Debonairs Pizza, 13 other companies over unpaid taxes

The Lagos State Internal Revenue Service (LIRS), on Wednesday, shut down the premises of Debonairs Pizza and thirteen other companies (including several hospitality firms), over alleged failure to fulfill tax obligations.

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LIRS

The Lagos State Internal Revenue Service (LIRS), on Wednesday, shut down the premises of Debonairs Pizza and thirteen other companies (including several hospitality firms), over alleged failure to fulfill tax obligations.

According to the Director of Legal Services for the Lagos State tax agency, Mr Seyi Alade, the exercise was initially suspended, but will now be pursued until full compliance is met.

“Now, the service has resumed sealing of firms particularly the hospitality firms; it is committed to continuing the exercise until full compliance to tax payment and remittance are achieved.” 

What is capital allowance

Mr Alade also added, with dismay, that less than 65% of the corporate organisations in Lagos pay tax. The remaining percentage of companies in the state go about their various businesses without paying taxes to the Lagos State Government.

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READ MORE: States’ IGR hits N1.16trn in 2018, as Lagos maintains first spot]

Meantime, the other companies that were sealed off, according to theLIRS’  Head of Distrain Unit of the LIRS, Mrs Ajibike Oshodi-Sholola, include;

  • Piccolomondo Restaurant,
  • Virgin Rose Resorts,
  • Precinct Comfort Services,
  • Villa Angelia Hotel, Allied Management Ltd.,
  • Ocean Suites,
  • Sabitex Hotel,
  • LCCI Hall,
  • Extended Stay Hotel,
  • Monarch Gardens Ltd.,
  • La Maison Hospitality Ltd., and
  • Villa Toscana Hotel.

Furthermore, Mrs Oshodi-Sholola explained that the companies were audited for 2014 to 2016, after which it was discovered that they were yet to remit their taxes for the period. She said that letters of intent to distrain were sent to the management of the companies. While some of them paid up their taxes and an extra N250,000 as the cost of distraint, others did nothing about it; hence the move.

Deal book 300 x 250

“Before LIRS embarks on sealing, it must send two letters to the management of the affected firm, reminding it of tax liabilities. Both the demand notice and letter of intent to distrain were sent to the management of hospitality firms but they failed to act.”

[READ MORE: Get a bank loan in 24hrs, no collateral, no plenty questions]

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Macro-Economic News

BREAKING: CBN retains MPR at 11.5%, holds other parameters constant

The CBN voted unanimously to keep the Monetary Policy Rate (MPR), at 11.5% and other parameters constant.

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CBN forex restrictions on food itemsCBN approves new cheque standard for banks

The Monetary Policy Committee (MPC), of the Central Bank of Nigeria (CBN), has voted unanimously to retain the Monetary Policy Rate (MPR) at 11.5%

This was disclosed by Governor, CBN, Godwin Emefiele while reading the communique at the end of the MPC meeting on Tuesday 26th January 2021.

Other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor remain unchanged.

Highlights of the Committee’s decision

  • MPR retained at 11.50%
  • The asymmetric corridor of +100/-700 basis points around the MPR
  • CRR was retained at 27.5%
  • While Liquid Ratio was also kept at 30%

More details shortly…

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Coronavirus

FG says N10 billion disbursed funds not only for Covid-19 vaccines

FG has clarified that the N10 billion it earlier disbursed was not only for the development of Covid-19 vaccines.

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Nigeria might fall into recession - Budget Office, FG not enjoying dividend of trillions spent on CBN, NPA, other MDAs - Akabueze

The Ministry of Finance, Budget and National Planning has said that the N10 billion it released for vaccine development is not only for the production of Covid-19 vaccines.

This was disclosed by the Director-General of the Budget Office, Mr. Ben Akabueze, representing the Finance Minister during a meeting with the National Assembly Joint Committee on Health on Monday, reported by NTA.

Following the announcement of the disbursement of the sum of N10 billion to the Ministry of Health for the development of Covid-19 vaccine, the Joint Committee scheduled a meeting with the Ministers of Finance and Health for clarifications on the funds.

“The joint committee is invited to note that N10 billion has been released, to the Federal Ministry of Health under the budgetary vote referenced in above,” Akabueze said.

Ibrahim Oloriegbe,  Chairman, Senate Committee on health, said the Committee wanted to know what the use of the funds was for and urged against the implementation of a lockdown.

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“We got to see that what was released was in line with what was already there, for preparing the country for all other vaccines arrangements

“So our economy, we only need to live with covid, we cannot with due respect, contaminate Nigeria with a lockdown, it will badly affect our economy,” Oloriegbe said.

The committee also said the total aim is to see how Nigeria can develop its capacity towards the development of vaccines,

The Joint Committee, therefore, resolved that the Minister of Health who was absent at the meeting should appear before it on Tuesday for a breakdown on the proposed use of the funds.

What you should know: Nairametrics reported last week that the Federal Government, through the Ministry of Finance, announced the sum of N10billion for the production of vaccines in Nigeria, to fight the coronavirus.

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Economy & Politics

Investing in digital economy, infrasture crucial to mitigate impact of COVID-19 pandemic – World Bank

Investing in digital economy will be crucial to mitigate the impact of COVID-19 and foster a sustained recovery in Sub-Saharan Africa.

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World Bank, Focus on lifting people out of poverty - World Bank tells FG , World Bank, IFC to assist in solving Nigeria’s infrastructure deficit , EXCLUSIVE: World Bank tasks developing nations to tap opportunities in GVCs, Warning signs: Nigerians living in extreme poverty might increase by 30 million – World Bank, US, China and UK’s protectionism ambition to affect Nigeria’s export, FDI , Terrorism bane to Nigeria's Agric development - World Bank

The World Bank has asserted that investing in the digital economy and infrastructure will be crucial to mitigate the impact of the COVID-19 pandemic and foster a sustained recovery and foster a sustained recovery in Sub-Saharan Africa.

This is according to the World Bank In Africa report – #AFRICAN CAN.

The report noted that in a time of Covid-19, dominated by lockdowns and social distancing, investing in the digital economy and infrastructure will be crucial to mitigate the impact of the COVID-19 pandemic and foster a sustained recovery.

It argued that the adoption of digital technologies by governments, households and firms in Sub-Saharan Africa still lags behind that of other regions in the world.

The report, therefore, maintains that government intervenes to reduce the cost of devices and services, avoid disconnections for lack of payment, and increase bandwidth will be key, considering that the road to economic recovery is projected to be long and arduous.

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What they are saying

The report states that:

“The road to recovery will be long and arduous and will require policies and investments that focus on connecting people to job opportunities, which can help end extreme poverty, particularly post-COVID-19.”

What you should know

Even though the World Bank did not suggest the form that the policies and investments would take in the report, the Bank, in a separate report — flagship report – Global Economic Prospects – as reported by Nairametrics on the 19th of January, 2021, has argued that productivity-enhancing structural reforms are required for quick economic recovery.

The Bank suggests these productivity-enhancing reforms encompass promoting education, effective public investment, sectoral reallocation, and improved governance. Investment in green infrastructure projects can provide further support to sustainable long-run growth while also contributing to climate change mitigation.

According to the report:

  • Sub-Saharan Africa is home to more than 1 billion people, half of whom will be under 25 years old by 2050.
  • It is a diverse continent offering human and natural resources that have the potential to yield inclusive growth and wipe out poverty in the region, enabling Africans across the continent to live healthier and more prosperous lives.
  • With the world’s largest free trade area and a 1.2 billion-person market, the continent is creating an entirely new development path, harnessing the potential of its resources and people.
  • Knowledge is essential for governments to make better policies and institutions to make more effective decisions, thus, governments should pay attention to research and analysis.

According to World Bank’s Flagship report – Global Economic Prospects.

  • Investment is projected to shrink again this year in more than a quarter of economies – primarily in Sub-Saharan Africa (SSA), where investment gaps were already large prior to the pandemic.
  • Growth in Sub-Saharan Africa is expected to rebound only moderately to 2.7% in 2021 – 0.4% point weaker than previously projected, before firming to 3.3% in 2022.

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