Business News
COVID-19: FIRS grants concessions to taxpayers, outlines other measures
The FIRS, in its response to the impact of COVID-19 in its operations, has launched business continuity plan and measures to ensure the safety of taxpayers.
The coronavirus disease (COVID-19), which has become a global health hazard, has led to shut down of both government and private businesses. The movement restrictions placed by both federal and some state governors to curb the spread of the pandemic have affected a lot of economic activities.
The Federal Inland Revenue Service (FIRS), in its response to the impact of the Coronavirus on its operations, has launched business continuity plan and measures to ensure the safety and well-being of taxpayers and other stakeholders.
Nigeria as a country has a low tax base and will most likely face an unprecedented revenue challenge due to the coronavirus pandemic. In order to cushion the effects, the tax agency introduced some measures, which are designed to relieve taxpayers of the burden of tax compliance at this time while also ensuring the safety of its staff, taxpayers and the general public.
These concessions are:
- Extension of time for filing VAT and withholding tax from the 21st of every month to the last working day of the month, preceding the month of deduction.
- The due date for filing company income tax returns has been extended by one month.
- Taxpayers will be allowed to file returns using unaudited accounts but must subsequently submit audited account within two months after the revised due date of filing.
[READ MORE: COVID-19: Impacts on Nigerian consumer packaged goods)
Further updates on these should be expected as the situation develops.
Meanwhile, before the temporary suspension of movement, the Service had outlined some measures to reduce physical visits to the various tax offices and enhance operational efficiency.
The measures include:
- Extension of the filing deadline of some taxes. Taxpayers were encouraged to use available electronic platforms for filing tax returns, including withholding tax, transfer pricing, company income tax returns and so on electronically.
- The FIRS planned to publish information requests for desk reviews and tax audits on its website and create a portal where such information can be uploaded by taxpayers for online review by the service.
Business
Hyundai and Kia to set up an assembly plants in Ghana by 2022
The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants in Ghana.
Few weeks after Twitter announced its plans to open its first African office in Ghana, Hyundai and Kia have also concluded plans to set up an assembly plants in Ghana by 2022. The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants.
Ghana’s Minister for Trade and Industry, Alan Kyerematen announced this on Twitter.
Pleased to announce that Hyundai & KIA are set to establish assembly plants in Ghana by the end of 2022 to join Toyota-Suzuki, Nissan, Kantanka, Volkswagen & Sinotruck. The Ghana Auto Development programme = 3,600 assembly & 6,600 manufacturing parts jobs in Ghana. #InvestforJobs pic.twitter.com/JMHAmlM5VI
— Alan John Kyerematen (@AlanKyerematen) April 22, 2021
READ: This is the New Tarrif Structure For Importing Tokunbo & Brand New Cars
“Pleased to announce that Hyundai & KIA are set to establish assembly plants in Ghana by the end of 2022 to join Toyota-Suzuki, Nissan, Kantanka, Volkswagen & Sinotruck. The Ghana Auto Development program = 3,600 assemblies & 6,600 manufacturing parts jobs in Ghana.
“The local assembly of vehicles, 3,600 direct and indirect jobs would be created in Ghana, and the addition of components and parts manufacturing will also add about 6,600 direct and indirect jobs.”
READ: Toyota snubs Nigeria as it moves to establish assembly plants in Ghana, Ivory Coast
Why this matters
More foreign companies are shunning Nigeria in favour of Ghana. Recently, Nairametrics reported that Amazon is set to situate its African Headquarters in South Africa, a multi-billion dollar investment that is projected to create over 20,000 jobs both directly and indirectly.
Following its move to Ghana, Twitter CEO, Jack Dorsey cited a number of human rights-related reasons for the choice of Ghana over Nigeria. Added to this are rising insecurity, stifling government regulations and the gapping infrastructural deficit bedevilling Nigeria. Consequently, our nation is steadily losing opportunities to attract foreign companies that could be very instrumental in bridging its unemployment gap which is currently over 30%.
Business
Passports: Backlog of undelievered passports to be fixed before May 31st – Minister
The government also announced the launch of a new passport application system, which would be aided by fast track services nationwide.
