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Business News

Why rich Nigerians will pay more in new tax regime

The Federal Inland Revenue Service (FIRS) has said that the implementation of the Finance Act would lead to richer Nigerians paying more taxes in the country. 

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FIRS, Nigeria generates N424.71 billion VAT in Q3 2020
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The Federal Inland Revenue Service (FIRS) has said that the implementation of the Finance Act would ensure rich Nigerians pay more taxes in the country. 

According to a statement released by the service, there would be more tax burden on them because they have more earning power. 

The FIRS praised the finance act calling it a new, transparent, accountable and fair tax regime in which those making more from the system would pay a more equitable share of their income as tax. 

Also, included in the FIRS statement was a presentation titled ‘Strategies for implementing the new VAT regime’ by Tax expert, Taiwo Oyedele who said that unlike in the past, now the new 7.5% VAT would not impact negatively on poor Nigerians. 

Speaking further, Oyedele stated that the key to building a fair, equitable tax system was through transparency, accountability, integrity, and objectivity. This, he said will help build confidence in taxpayers.

[READ MORE: FIRS gives tax defaulters a 30-day ultimatum]

Recall that although the new 7.5% VAT is said not to be one to impact negatively on poor Nigerians, the FIRS recently declared plans to tax street traders, artisans and others in the informal sector. The informal sector is mostly filled with poor Nigerians and so taxing them may affect them negatively as it would increase their cost of living and expenses. 

 The Federal Government (FG) had also exempted about 20 basic food items and some other transactions/items from the VAT list because of the same reason; to not let the cost of living of poor Nigerians rise. The list of exempted items includes additives (honey), bread, cereals, cooking oils, culinary herbs, fish, flour and starch, fruits (fresh or dried), live or raw meat and poultry, milk, nuts, pulses, and roots.  

Others are salt, vegetables, water (natural water and table water), locally manufactured sanitary towels, pads or tampons, services rendered by microfinance banks, and tuition fees relating to nursery-university. 

SSKOHN

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Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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    Corporate Press Releases

    N1m up for grabs with Quickteller Business contest

    To join in the contest, entrepreneurs are to post a 1-minute video of themselves explaining how N1 million will boost their businesses.

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    Interswitch has announced a virtual pitch tagged ‘Boost your business with Quickteller’ where one business owner has the opportunity to win N1 million cash. The promo is believed will help businesses signed onto the Quickteller Business platform boost their business further.

    To contest for the prize money, business owners are simply required to complete their account activation on Quickteller Business and they stand a chance of winning.

    To join in the contest, entrepreneurs are to post a 1-minute video of themselves explaining how N1 million will boost their businesses. The videos should be uploaded on Facebook, Instagram, Tiktok or YouTube with the hashtag #boostwithquickteller. To submit an entry, business owners are required to paste their post’s URL in the video URL section of the entry form on the Quickteller Business site, share the entry with friends and family and invite them to vote.

    They must register and activate their businesses on the Quickteller Business platform using the referral code ‘Boost’. Any entry without a referral code will be rendered invalid.

    Speaking about the promo, Cherry Eromosele, Group Chief Marketing and Communications Officer at Interswitch noted that the promo is important to Interswitch as it helps business owners – not only to boost their businesses – but to provide solutions that addresses some of the pain points of business owners. “At Interswitch, we are committed to growing the business community by providing simple and scalable payment solutions because it is critical to their growth and essentially to the national economy at large,” she added.

    The Quickteller Business platform provides seamless payment solutions for businesses and their customers. The platform is an intuitive and robust one that enables businesses of all sizes, small, medium, large, to take their businesses online even if they did not have prior technology infrastructure or website.

    The top 10 entries with the highest votes by 11:59pm on Friday, April 30, 2021 will qualify to participate in the grand finale.

    Apart from the numerous benefits enjoyed on the Quickteller Business platform, such as generating invoices to track sales and payments, customized storefront to display products and brand image, backend access to manage inventory, dispute management options to settle chargebacks and refunds, the platform further exposes its users to a ready market of over five million potential customers from Nigeria, Gambia and Kenya.

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    On the Quickteller Business platform, business owners can get paid by anyone, from anywhere without hassles. From massive corporations to smaller tech-savvy businesses, Quickteller Business makes payment easy for entrepreneurs and their customers.

    SSKOHN

    About Quickteller Business

    Quickteller business provides various payment tools for freelancers and small businesses operating without a website to receive payments easily. The platform seamlessly integrates with your existing website or store to provide various payment options.

    About Interswitch

    Interswitch is a leading technology-driven company focused on the digitisation of payments in Nigeria and other countries in Africa. Interswitch’s vision is to make payments a seamless part of everyday life in Africa, and its mission is to create transaction solutions that enable individuals and communities to prosper across Africa.

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    We began in 2002 as a transaction switching and electronic payments processing business, building and managing payment infrastructure, delivering innovative payments solutions and driving transactions across Nigeria and other African markets. We provide secure solutions and services that facilitate convenience and real value for consumers, businesses, governments and other organizations, helping to reduce costs, improve operational efficiency and drive sustainable revenue growth.

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    Business

    FG launches National Gender Steering Committee for Gender Policy in the agricultural sector

    The policy document is a developmental strategy for poverty reduction and it is expected to empower small scale holder farmers who are predominately women.

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    FG moves to reduce gender inequality in agriculture, De-risking the agricultural sector
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    The Federal Government has announced its inauguration of a National Gender Steering Committee for the Implementation of the Gender Policy in the Agricultural sector, in a bid to offer equal access and gender-sensitive approaches towards food production.

    This was disclosed by Permanent Secretary, Federal Ministry of Agriculture and Rural Development, Dr Ernest Umakhihe, who inaugurated the Committee on Wednesday in Abuja.

    “The initiative will promote and ensure the adoption of gender-sensitive responsive approaches, plans and programmes in such a way that men and women will have equal access and control of productive resources,” he said.

    He added that availability of the policy document was expected to address the vulnerability of women to biases in the Agriculture sector, integrate gender perspectives in National Planning, create more jobs and financial empowerment for women, citing that the National Gender Policy in Agriculture was consistent with the Global 2030 Agenda for Sustainable Development adopted by World Leaders at the United Nations Summit in New York, USA, in September 2015.

    Director, Special Duties in the Ministry, Mrs Fausat Lawal also stated that “Women, small scale holder farmers constitute about 70-80% of the agriculture labour force and they produced the bulk of food for domestic consumption.”

    She added that the policy document is a developmental strategy for poverty reduction and it is expected to empower small scale holder farmers who are predominately women.

    What you should know 

    • Female unemployment rate in Nigeria as of Q4 2020 increased to 35.2% from 31.6% recorded in Q2 2020. This is according to the recent labour force report released by the National Bureau of Statistics (NBS).
    • A total of 61.63 million women were in the working population (15 – 64 years of age) as of Q4 2020 accounting for 50.5% of the total working population. Only 30.15 million of these women were willing and able to work, which represents about 43.3% of the total labour force in the period under review.

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