Economy & Politics
LIRS further extends deadline for filing annual tax returns by one month
“We constantly debated what other measures could be taken as an organization to support individuals and businesses at this time, hence, the additional one-month extension from June 1, to June 30, 2020.” – Ayodele Subair
The Lagos State Internal Revenue Service (LIRS) has again extended the deadline for filing of Annual Tax Returns from May 31 2020 to June 30, 2020.
This is part of the state government’s effort to provide relief to taxpayers in light of the economic impact of the Covid-19 pandemic. With this development, annual returns for individuals, both employees and self-employed persons, can be filed anytime before June 30, 2020.
In a press release signed by Monsurat Amasa, the head of LIRS’ Corporate Communications Department, the agency urged taxpayers to take advantage of the magnanimity of the government and file their returns. The LIRS’ Executive Chairman, Mr. Ayodele Subair, explained the extension thus:
“As the Lagos State Government keeps abreast of global best practices in containing the Covid-19 pandemic and eases the effects of an economic downturn on taxpayers and residents of the State, LIRS had initially extended the deadline for filing annual tax returns for two months, from the statutory March 31st of every fiscal year to May 31, 2020.
“We constantly debated what other measures could be taken as an organization to support individuals and businesses at this time, hence, the additional one-month extension from June 1, to June 30, 2020.”
(READ MORE: COVID-19: Lagos issues new guidelines, considers full reopening of economy)
He further explained that taxpayers can file the annual returns from the comfort of their homes and offices using the LIRS eTax platforms. They can also generate assessment and payment schedule, and other tax administration matters on the same platform. Updates on business operations and alternative payment platforms are to be found on the verified handles, and the LIRS website.
Economy & Politics
Nigeria, now 2nd most corrupt country in West Africa – Transparency International
Nigeria is now the second most corrupt country in W/Africa with Guinea-Bissau the only country more corrupt than Nigeria in the region.
Business
Significant progress made in China-Africa ties within cooperation framework – AUC Chairperson
AUC chairperson has disclosed that significant, sustained progress is being made in China-Africa ties within cooperation framework.
The African Union Commission (AUC) Chairperson, Moussa Faki Mahamat, has said that “significant and sustained” progress has been made in China-Africa ties.
Mahamat asserted this in an analysis of his first-term as the AU Commission chairmanship.
He reiterated the AU Commission’s strong commitment to upholding multilateralism and supporting international partners in halting the trend of unilateralism.
He argued that “International cooperation and solidarity are irreplaceable.”
Mahamat, in his analysis, reiterated that global challenges, national egoism, the decline of multilateralism, the ongoing COVID-19 pandemic, and dwindling resources “have hampered our forward march” during the past four years.
The AU Commissioner for Social Affairs Amira Elfadil recently also hailed China as a strategic partner of Africa.
What they are saying
- Mahamat submitted that: “With China, significant and sustained progress has been made within the framework of the Forum on China-Africa Cooperation (FOCAC).
- “Africa stands with those who fight unilateralism and strongly advocate for a multilateralism of respect, equality and mutual benefit.”
- Amira Elfadil noted that: “We are looking for those who are serious about the future of this continent, and when we say strategic partners and mention strategic partnerships, China comes first and we appreciate this partnership very much.”
What you should know
- The African Union (AU) is a continental body consisting of the 55 member states that make up the countries of the African Continent. It was officially launched in 2002 as a successor to the Organisation of African Unity (OAU, 1963-1999).
- The African Union Commission acts as the executive/administrative branch or secretariat of the AU and consists of a number of Commissioners dealing with different areas of policy.
Economy & Politics
House of Reps Speaker assures that the PIB will be passed in April 2021
Femi Gbajabiamila has revealed that the lower legislative chamber intends to pass the PIB in April 2021.
The Speaker of the House of Representatives, Femi Gbajabiamila, has revealed that the lower legislative chamber intends to pass the Petroleum Industry Bill (PIB) in April 2021.
The assurance by the Speaker follows so many years of delay in the passage of the bill, which is expected to encourage investment into the oil industry, due to political disagreements and objections from International Oil Companies.
This disclosure was made by Gbajabiamila, while speaking at the 2-day public hearing organized by the house Adhoc committee on PIB on Wednesday, January 27, 2021.
The Speaker pointed out that although the timeframe for the passage of the Bill is short, he assured that it will receive the thoroughness it deserves and as well, made a commitment on behalf of the house to pass the legislation in April.
What the Speaker House of Representatives is saying
Gbajabiamila, in his statement, said, ‘’I thank the Chairman and the committee for the dedication and efforts thus far. I have confidence that they will deliver on this critical National Assignment within the time we have set. I look forward to presiding over the consideration of the committee’s report.’’
“We intend to pass this bill by April. That is the commitment we have made. Some may call it a tall order, but we will do it and we will do it with every sense of responsibility without compromising the thoroughness of the work that will be done.’’
‘’A lot of work has gone into the preparation of this bill but it’s not straight-jacketed, the idea of the public hearing is to have interests that may have not been accommodated prior to the introduction to the Bill to lend their voices,’’ he added.
While speaking at the occasion, the Chairman of the Adnoc Committee on PIB, who is also the Chief Whip of the House of Representatives, Mohammed Tahir Monguno, said that as we gather here today, we may differ in opinions and background but the truth is the passage of this Bill is long overdue.
What you should know
- It can be recalled that the Senate President, Ahmad Lawan, had a few days ago while speaking at the 2-day public hearing organized by the senate on the PIB, said the upper legislative chamber is looking at passing the Bill in April or May.
- He noted that the non-passage of the PIB had been a major drag on the industry over the years, significantly limiting its ability to attract both local and foreign capital at a time that when other countries are scrambling to exploit their oil and gas resources.
- The PIB is a Bill that seeks to provide Legal, Governance, Regulatory Fiscal Framework for the Nigerian Petroleum Industry.
- On November 24, 2020, the PIB was debated, it passed the second reading and then referred to the Adhoc, Committee on the Bill.
“I thank the chairman/the committee for the dedication and efforts thus far. I have confidence that they will deliver on this critical National Assignment within the time we have set. I look forward to presiding over the consideration of the committee’s report” ——@femigbaja pic.twitter.com/9ompuZlvbZ
— House of Reps NGR (@HouseNGR) January 27, 2021
