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Business News

FIRS offers tax debtors waivers with a condition

The Federal Internal Revenue Service (FIRS) has assured all taxpayers with outstanding tax debt that interests and penalties will be waived but with a condition.

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FIRS, Nigeria generates N424.71 billion VAT in Q3 2020

The Federal Internal Revenue Service (FIRS) has assured all taxpayers with outstanding tax debt that their interests and penalties will be waived if they complied with its a condition.

The condition, which was disclosed by FIRS via a Public Notice issued by the agency and seen by Nairametrics, is that they must pay their debt in full on or before May 31, 2020.

The notice, which was signed by the Executive Chairman, FIRS, Muhammadu Nami stated, “Following a series of enquiries that my team and I have received on the implications of the palliative measures on tax arrears which arise as a result of desk review, tax audit and investigation, the Service wishes to reassure all taxpayers with outstanding tax debt that interests and penalties will be waived, should they pay their debt in full on or before May 31, 2020.

“The concerned taxpayers are to note that this concession is only valid if full payments are received on or before May 31, 2020. Again, the public is assured that we will continue to provide support to all taxpayers as directed by President Muhammadu Buhari in his lockdown speech.

READ MORE: Nigeria loses over N790bn to smuggling of textile goods – Emefiele

Meanwhile, Nairametrics had reported about a week ago when Nami issued a circular appealing to corporate bodies across sectors to go the extra mile to cooperate with the agency in making special arrangements to pay their taxes.

He said, ‘’I wish to specially make an appeal to corporate bodies in the sectors above to go the extra mile at this time to cooperate with us in making special arrangements to pay their taxes. They may consider, for instance, a situation where they can commence payment of their annual returns earlier than the due date apart from their normal monthly obligations.’’

‘’This has become necessary in order to ease some of the cash flow gaps being experienced by the government at this critical time’’.

SSKOHN

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Coronavirus

Facebook launches social media drive to boost Covid-19 acceptance in Nigeria

This initiative is coming at a time when a good number of Nigerians are yet to accept the Covid-19 vaccine and promised not to take them.

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Facebook set to award $3 million in Community Accelerator program, Facebook to invest $100 million in media houses as coronavirus crashes their revenue, Facebook to expand Coronavirus Information Centre to Nigeria, 16 other African countries

Facebook has announced the launch of a new social media drive allowing people to add frames and graphics to their profiles on Facebook and Instagram, saying they have either had the Covid-19 vaccine or plan to do so.

The American Technology conglomerate is collaborating with the National Primary Health Care Development Agency (NPHCDA) and other key regulatory bodies within the Health Sector in the country in driving this initiative.

According to Punch, this disclosure was made known through a statement issued by Facebook on Friday, saying it would use its scale and speed to reach people faster and help them get credible information, get vaccinated and come back together safely.

This initiative is coming at a time when a good number of Nigerians are yet to accept the Covid-19 vaccine and promised not to take them.

Facebook said that the new range of Facebook frames and Instagram GIPHY stickers allow people to share their support for getting vaccinated with their family and friends, as the access to Covid-19 vaccines intensify across Nigeria.

The frames and stickers include banners that say ‘Let’s Get Vaccinated’ or ‘I Got My Covid-19 Vaccine’ which would appear overlaid on the edge of their profile picture next to a blue bubble that reads ‘We Can Do This.’

Facebook, pointed out that due to the reluctance of millions of people to accept the vaccine, it was launching the profile frames with research showing how social norms could have a major impact on people’s attitude and behaviour when it comes to their health.

Facebook’s Head of Public Policy for Anglophone West Africa, Adaora Ikenze, said, “We’re promoting these unique profile frames and GIFs to all Nigerian Facebook and Instagram users to raise vital vaccine confidence.’’

Hotflex

The new frames and GIPHY stickers let you share your support for COVID-19 vaccines, and see that others you respect and care about are doing the same.”

SSKOHN

On his part, the Executive Director and Chief Executive Officer of the NPHCDA, Faisal Shuaib, said partnerships like the one secured with Facebook demonstrated the resilience of the human spirit to endure, innovate and reemerge with the promise of hope that COVID-19 vaccination offered to everyone.

What you should know

Facebook has in recent times, have been taking aggressive measures to do away with vaccine misinformation across the globe.

A top executive of Facebook had said that the company has fact-checkers in dozens of countries around the world, who are really working round the clock to look at misinformation about vaccines, as it sees it as absolutely imperative to try to get misinformation off the platform and redirect people to accurate information.

Facebook said that it started removing false information about Covid-19 vaccines in December, and expanded the list of offending vaccine-related claims two months later.

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Business News

FG starts the review of emoluments of political office holders, judicial staffs

This is coming at a time when there is a lot of agitation against the huge allowances that political office holders especially the Federal legislators are paid.

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The Federal Government has said that it has started the review of emoluments of political office holders and judicial staff.

This is coming at a time when there is a lot of agitation against the huge allowances that political office holders especially the Federal legislators are paid at the expense of other government workers.

This disclosure was made by the Chairman of Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Chief Elias Mbam, on Saturday, at Amagu community in Ikwo local government area of Ebonyi State, at the 7th Ofala festival and 30th anniversary of the coronation of the traditional ruler, saying the commission had begun reviewing their emoluments.

Mbam told newsmen that a process to review the remuneration of political and judicial office holders was in progress, noting that the commission was saddled with the responsibility, hence it would soon conduct a public hearing on the issue, to allow the citizens to contribute to the process.

What the RMAFC Chairman is saying

Mbam in his statement said, “One of the major responsibilities of our commission is to determine remunerations appropriate for political and judicial officeholders. In doing that, the financial situation of the country, at any giving time, is taken into consideration, including inflation and the country’s Gross Domestic Product (GDP), among others.

The commission being conscious that a lot has happened since the last review, has commenced the process of another review to reflect the changing realities. We have progressed and we believe that before the end of 2021 something concrete will happen,” he said.

While not confirming whether their salaries would be reviewed upwards or downwards, the RMAFC Chairman said, “It is a process and the process at the end determines what it will be; when we go through the process, if it comes out to increase, we increase, if it decreases we do it.’’

Mbam, however, encouraged Nigerians to participate in the review, noting that there would be public hearings and invitations for memoranda from members of the public, including institutions under the three tiers of government.

SSKOHN

The RMAFC boss, who also spoke on the diversification of Nigeria’s economy, noted that the solid minerals sector had been contributing immensely to the economy since his assumption of duty as chairman of the commission following the sensitization and advocacy campaigns to all tiers of government, to encourage revenue diversification.

Bottom line

The review of the emoluments of political office holders and judicial staffs would help address the concerns of Nigerians and various interest groups who feel that these political office holders are overpaid especially in this period of economic and revenue challenges.

It would also address their quest for better remuneration for Judges in line with the volume of work they do and also to discourage corruption in the Judiciary.

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