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Six firms face LIRS sanction over non-remittance of N42.68 million Income Tax 

Six firms have been sealed for failure to remit N42.68 million Personal Income Tax of their staff to the Lagos state government.  

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Six firms face LIRS sanction over non-remittance of N42.68 million Income Tax ,LIRS begins crackdown on companies, shutdown 16 companies for evading tax

Six firms have been sealed for failure to remit N42.68 million Personal Income Tax of their staff to the Lagos state government.

This information is according to Seyi Alade, the Director, Legal Services of the Lagos State Internal Revenue Service (LIRS), Nairametrics gathered.

The Legal Director of the state revenue’s service said it was a decision that was long overdue. He disclosed that the affected companies defaulted in the area of tax liabilities since 2014 to 2016 and refused to pay even after an audit was conducted on them and a period of grace was extended to them.

Lagos State Internal Revenue

LIRS Executive Chairman,

He noted that the LIRS had stopped shutting down companies which failed to remit their taxes in order to give room for voluntary compliance. However, a few still flouted the rules and chose not to pay.

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Alade went on to reiterate the commitment of the LIRS in ensuring that taxes were remitted to the state and promised to move in the direction of unyielding companies which failed to remit tax.

[READ MORE: Nigeria to lure foreign investors with attractive tax incentives]

He explained that remittances of Consumption and Personal Income Taxes must be adhered to, noting its importance as key drivers for the development of state and the benefit for the people.

The truth is that these companies are deducting Personal Income Taxes from staff salaries at the end of every month, while customers pay the consumption taxes at the purchase of goods and services.  

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“But it is unfortunate that most firms will rather refuse to remit the payments to the government by illegally converting such monies to their own use,” he said.

Alade promised that the LIRS would deal strongly with firms that had not yet regularized their tax status. He also promised that many firms which failed to remit their taxes would be shut. Also, he advised companies to file tax returns and tax evasion appropriately. Failure to do so, according to him, would attract sanction,s as he noted that the revenue service was prosecuting top individuals as an example to many others guilty of the act.

Some of the sealed companies include BrainBox-Media Ltd., Orchard Creations Enterprises Ltd., and Addeva Electrical Nigeria Ltd.

What you should know: Personal Income Tax is imposed on individuals who are either in employment or are running their own small businesses, under a business name or partnership.

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Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Economy & Politics

Uganda Elections: Museveni re-elected for 6th term with 58.6% of the votes

Uganda’s President Museveni has won a 6th term in office as the opposition alleges wide-scale rigging.

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The President of Uganda, Yoweri Museveni, has been re-elected as President, gathering 5.85 million votes compared to 3.48 million votes by main opposition leader, Robert Kyagulanyi, a.k.a Bobi Wine.

According to Reuters, this victory represents 58.6% of the vote cast while Bobi Wine got 34.8%

Bobi Wine announced that the election results show this is the most fraudulent election in the history of Uganda and urged his followers to reject the result.

What you should know

  • Yoweri Museveni, aged 76, has been President of the East African nation since 1986.
  • Bobi Wine claimed via his official Twitter handle that military men jumped over his fence and took control of his home yesterday.

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Coronavirus

Combined Vaccine Manufacturing capacity to hit 6.8 billion doses in 2021

COVID-19 vaccine manufacturing capacity is expected to hit 6.8 billion doses in 2021.

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Covid-19: First world nations oppose waiving intellectual rights for vaccine development

Meristem Group disclosed that the combined effort in manufacturing COVID-19 vaccines for global use is expected to yield about 6.8 billion doses in 2021.

This was revealed in the Annual Outlook 2021 report presented by Meristem Group, titled Bracing for a different future.”

According to the report, the existing manufacturing capacity will only be sufficient enough to immunize about 44% of the global population, which would create obvious vaccination gap and make the pandemic last longer than necessary.

The report states,

  • The cold temperature requirements for vaccine storage pose major logistics concern particularly in Sub-Saharan Africa and other low-income countries. WHO estimates that about 50% of vaccines are wasted every year, largely due to a lack of temperature control.”

According to the report, the estimated 6.8billion doses are expected to be collaboratively manufactured as follows:  CanSino – 0.2billion, AstraZeneca – 3.0 billion, Gamaleya – 0.3billion, Moderna – 0.4billion, Pfizer-BioNtech – 1.3billion, SinoPharm – 1billion, and SinoVac – 0.6billion.

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What you should know

  • The global population as of 2020 is 7.8billion and 70% is required to achieve herd immunity (otherwise called herd protection)
  • Herd Immunity or herd protection is achieved when you have most of the population immunized against an infectious disease.
  • 2 doses of the vaccines are required for each person for immunity.
  • It is expected that between 11 and 15 billion doses would be required to achieve the desired herd immunity, globally.
  • From all indications, herd immunity may not be achieved until mid or late 2022, with the subsisting 100% vaccine production capacity utilization in 2021 – with neither production nor distribution losses.
  • To achieve regulatory approval, a vaccine must undergo a three-stage clinical development process after the exploratory and pre-clinical stages and the U.S Food and Drug Administration (FDA) sets a phase 3 efficacy benchmark of 50%.

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Coronavirus

Covid-19: Global deaths surpass 2 million

Global casualty record for the Covid-19 pandemic surpassed 2 million deaths on Friday.

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Nigeria blows past 40,000 COVID-19 cases

The Global casualty record for the Covid-19 pandemic surpassed 2 million deaths on Friday, with the United States accounting for 1 in every 5 deaths, as it has recorded over 386,000 casualties so far.

This was disclosed in a report by Reuters in its Covid-19 tally reported on Friday evening.

After the United States, Brazil, Mexico, India and the U.K contribute nearly 50% of the combined casualties.

The report also disclosed that an average of 11,900 casualties are recorded per day in year 2021, despite the fact that it took 9 months for the world to record 1 million casualties.

United Nations Secretary-General, Antonio Guterres, said the 2 million death count was “a heart-wrenching milestone.”

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  • “Behind this staggering number are names and faces: the smile now only a memory, the seat forever empty at the dinner table, the room that echoes with the silence of a loved one,” he added.

The WHO warned that 2021 could be tougher due to the nature of new variants which transmit the disease faster.

  • “We are going into a second year of this. It could even be tougher given the transmission dynamics and some of the issues that we are seeing,” WHO Chief, Mike Ryan, said.

Analysts expect the global death toll to surpass 3 million by April 2021.

What you should know 

  • Nairametrics reported that the total number of covid-19 cases in Nigeria had surpassed the 100,000 mark on Sunday 10th January 2021, according to the Nigeria Centre for Disease Control.
  • The African Union stated that it secured 270 million Covid-19 vaccine doses for the continent from drug manufacturers to supplement the COVAX programme, a step towards the commencement of the complex task of vaccinating over 1.2 billion people with limited financial resources.
  • The Nigeria Centre for Disease Control on Friday 15th January 2021, announced that 1,867 new cases of the covid-19 virus were recorded across 24 states in the country. This represents the highest number of cases recorded in a single day.

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