The Executive Chairman of Federal Inland Revenue Service (FIRS), Muhammed Nami, said his agency might not meet the N8.5 trillion revenue target set by his principal, President Muhammadu Buhari.
Nami said that for such ‘unusual’ target to be visible, it would need the Lagos Inland Revenue Service (LIRS) to share certain information.
According to the FIRS boss, the target set by President Buhari for revenue mobilisation is unusual and a huge task, which needs to be confronted with a partnership between LIRS and FIRS.
He requested that the Lagos State Government share information with the service to make generating the N8.5 trillion target possible. Lagos State generated the biggest Internally Generated Revenue of N205.16 billion in half-year 2019 and this constituted 30% of the IGR generated across states.
During a visit to Governor Babajide Sanwo-Olu, the FIRS boss said without the assistance of Lagos State, FIRS might be unable to meet its target.
“We want to request that the internal revenue in Lagos state share certain information with us so that we can collaborate in not only generating income for the country but also building capacity for the staff of FIRS and IRS, we feel without this collaboration we hardly can generate N8.5trillion that we have been instructed to collect by the president.”
[READ MORE: FIRS to brace up on tax compliance policies)
Companies are evading tax: Nami also disclosed that multinational companies were evading tax payment. According to him, 2011 was the last time some firms declared their profit and debt taxes. He said the companies would conduct business in Nigeria and leave afterwards.
“The last time some of the multinational companies in Nigeria declared their profit and debt taxes goes as far back as 2011. We are of the view that with you being their host, we should be able to map out a strategy on how to tackle these issues.
“These are companies that most of their products are consumed daily in our houses, they will come here, do business, go back to their country and leave us with the huge responsibility of providing security for their businesses and other infrastructure to enhance an atmosphere to operate optimally.”
He added that “We are all aware that the president has given us an unusual target of N8.5trillion to collect to fund the budget, we feel this is a huge task in view of the fact that the tax average to GDP in Africa is as huge as 17%.
“In Nigeria which is the first economy, we have just 6 per cent tax ratio to GDP. It becomes a challenge also that the second-largest economy in Africa has a tax ratio to GDP in the region of 27 to 28 per cent. This becomes an issue because most of the companies that get tax spectrum are all based in Nigeria.”
What will happen if Nami fails to meet the target? With Nami already uncertain about the possibility of meeting the target, he might end up like his predecessor, Babatunde Fowler, who couldn’t retain a second term after failing to meet the target set by President Buhari. Fowler had received a query as a result of his inability to meet the target. Fowler was FIRS boss from 2015 to 2019.
PayPal is buying a Crypto security startup for less than $200 million
PayPal is set to outrightly purchase a crypto-security firm, Curv as part of its campaign in building its crypto ecosystem.
PayPal is set to outrightly purchase a crypto-security firm Curv as part of its campaign in building its crypto ecosystem, the company disclosed today.
According to a report credited to CNBC, the deal is estimated to be worth less than $200 million, it’s expected to close before June this year.
The company’s stock price however recorded some selling pressures at the time of writing amid rising U.S Treasury yields and greenback keeping global investors on their toes.
The crypto startup about to be acquired by PayPal provides companies with Crypto security technology via the cloud. PayPal revealed that the purchase would help its expansion on supporting crypto.
“The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system,” PayPal’s Jose Fernandez da Ponte said in a statement.
In a press statement seen by Nairametrics, Dan Schulman, president, and CEO, PayPal, gave key insights on why the global payment company was going crypto; The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of; financial inclusion and access, efficiency, speed, the resilience of the payments system and the ability for governments to disburse funds to citizens quickly.
“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption, and inter-operability of these new instruments of exchange,” he said.
Furthermore, he said, “We are eager to work with central banks and regulators around the world to offer our support and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”
This offering was made possible through a partnership with Paxos Trust Company, a regulated provider of crypto services and products.
Transcorp Hotels launches Aura, an online marketplace for accommodation and experiences
Nigeria’s largest hospitality brand launches a new platform for booking vacation homes, holiday lets, and experiences.
Africa’s leading hospitality brand Transcorp Hotels Plc. has announced the launch of Aura, a new digital platform through which people can book accommodation, restaurants, and experiences.
The new brand, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.
“It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc., Dupe Olusola said.
“For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.
The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.
Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”
“To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.
Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.”
Working with thousands of partners across Nigeria and different cities in Africa, Transcorp Hotels Plc. is building the continent’s largest platform for people-driven hospitality. While travellers enjoy the right selections at the best prices on Aura, hosts can also earn a lot of money by receiving guests in their unoccupied homes and sharing the local culture with them.
For travellers who would rather stay in hotels, Aura also has a great selection of some of the best hotels in every city.
With the launch of Aura, Transcorp Hotels Plc. has further cemented its leadership in the hospitality industry and reinforced its commitment to innovation and superior guest experience across different demographics.
Guests and hosts can sign up at aura.transcorphotels.com to start booking or hosting. The service is currently available in Nigeria only, but the company said plans are already in place to expand to major cities in Africa.
Transcorp Hotels Plc is one of Africa’s leading hospitality companies, committed to redefining service standards across the continent while remaining truly and authentically African.
Aura by Transcorp
Aura is Africa’s best platform for connecting travellers with great accommodation, good food, and memorable experiences. The platform is also an avenue for people with unoccupied homes, hotels, restaurants, or different skill sets that may interest others can earn an income by becoming hosts.
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