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Ogun State initiates tax relief scheme to cushion effects of COVID-19

Governor Abiodun urged taxpayers in the state to make use of the relief packages.

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Coronavirus: Ogun State bans cinemas, night clubs, restaurants, other businesses from operating, COVID 19: Ogun State launches digital classes for students

The Ogun State Government has announced that its Internal Revenue Service would launch tax relief packages to cushion the economic effects of the COVID-19 pandemic on taxpayers in the state.

This was announced by the State Governor, Prince Dapo Abiodun, on Saturday morning through a statement that was issued via his official Twitter handle.

Governor Abiodun urged taxpayers in the state to make use of the relief packages which include a 6 month extension of the 2019 income tax returns deadline for self-employed residents from March 31, 2020 to September 30, 2020.

He also granted an “8-month extension of filling of 2019 annual PAYE returns by PAYE operators/tax agents from January 31, 2020 to September 30, as well as complete waiver of interest and penalty for late filling for the extension period.”

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Other packages include a total waiver of interest and penalties for late remittances of PAYE for the extended period, and a waiver for late payment of Personal Income Tax, which would run from January 1, 2020 to December 31.

Finally, the state granted a waiver on weekly tax payments by operators of betting and pool businesses from April 1 to June 30, 2020.

The Governor said that the state’s Tax Audit Reconciliation Committee (TARC) would run its operations through video conferencing to “continue ensuring ease of doing business while maintaining physical distancing.

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Business

FEC approves $1.96 billion for Kano-Niger Republic railway

The Federal Government has approved the sum of $1.96billion for the construction of Kano-Maradi railway.

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railway, FEC approves $1.96 billion Kano-Niger Republic, FEC approves N727 billion budget increment

The Federal Executive Council has approved the disbursement of $1.96 billion, for the railway line from Kano in Nigeria to Maradi in Niger Republic. The President will also commission the Warri-Itakpe standard gauge rail line, running through Kogi, Edo and Delta States.

This was announced by the Minister of Transport, Rotimi Amaechi, on Wednesday evening.

Explore the Nairametrics Research Website for Economic and Financial Data

Media aide to the President, Ajuri Ngelale, said, “The rail line will connect 3 states: Kano, Katsina & Jigawa. It moves from Kano to Dambatta, Kazaure, Daura, Mashi, Katsina, terminating in Maradi, Niger Republic. This financially empowers Nigeria as the import/export hub for Niger.”

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READ: NNPC to support alternative energy initiative by deploying CNG plants across the country

READ: Lagos-Ibadan Railway: NRC acquires 24 coaches for operations starting next month

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Nairametrics reported in June, that China is set to approve the sum of $5.3 billion for the construction of the Ibadan-Kano rail line.

“The Chinese government and people have been very helpful to Nigeria. They have released $1.6 billion for Lagos-Ibadan standard gauge railway (SGR). They’ve agreed to approve and we hope that by October, they should be able to approve the $5.3 billion for the Federal Government so that we can commence and complete construction of Ibadan-Kano railway,” Rotimi Amaechi said.

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Business

UK-based group to invest $245 million in 100 Nigerian businesses

A UK based organization is to partner local investment funds to disburse $245 million to 100 Nigerian businesses.

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UK based organization partner local investment funds to disburse $245 million to 100 Nigerian businesses

A UK-based development finance institution, CDC Group, has finalized plans to invest US$425 million as an aid to 100 businesses and 38,000 jobs in Nigeria.

This is sequel to its partnership with 40 investment funds such as Afreximbank, African Capital Alliance and Indoram, NAN reports

In a virtual visit to the country by the board of the organization led by Chief Executive, Nick O’Donohoe and Chairman, Graham Wrigley, the UK Government-funded organization stated that all earnings from its investments are ploughed back to improve the lives of millions of people in Africa and South Asia.

CDC Group noted that it paid a virtual visit to the Vice President of Nigeria, Prof. Yemi Osinbajo, and British High Commissioner to Nigeria, Catriona Laing, to discuss and ascertain the impact of CDC’s aid to its investees through the COVID-19 crisis and understand how to stimulate recovery and growth.

The discussions also focused on CDC’s own response to the pandemic through its preserved, strengthen and rebuild programme, the statement said

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(READ MORE: WHO to secure initial COVID-19 vaccine for 20% of Africans)

Commenting on the rationale of the aid, the Chief Executive of the CDC Group, Nick O’Donohe said that, “Nigeria plays a key part in our strategy of partnership and investment for economic growth in West Africa. “Hosting our 2020 board trip– albeit virtually – in both markets is a testament to our commitment.

“Looking forward, we will continue to prioritise the post-COVID-19 recovery as part of the Build Back Better agenda.

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“We are committed to supporting a deeper and more strategic bilateral partnership between the UK and Nigeria that is based on enhancing economic development, job creation, inclusion, trade and investment,” O’Donohoe further remarked.

In a glowing tribute and commendation to the group, British High Commissioner to Nigeria, Catriona Laing CBE said CDC has been pivotal to creating jobs and supporting the growth of businesses by investing in the poorest countries across Africa, including Nigeria.

“CDC’s commitment to the country signals to other UK investors that investing in Nigeria is possible and should be prioritized in order to help Nigeria and indeed, Africa, mitigate the impact of COVID-19,” the envoy said.

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Business

Nigeria’s manufacturing sector contracts for 5th consecutive month – CBN 

The CBN disclosed in its September PMI report that the manufacturing sector contracted.

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Nigeria’s manufacturing sector contracts for 5th consecutive month – CBN , To test FX market, CBN pumps $50 million, CBN issues guidelines to Finance Institutions on establishment of Subsidiaries and SPVs, CBN injects $2.63 billion to defend naira in one month, CBN’s COVID-19 N50 billion targeted credit facility, CBN’s heterodox policies buoys credit growth, These industries drove business activities in September

The Manufacturing Purchasing Managers’ Index (PMI), in September 2020, has witnessed a contraction for the fifth consecutive month, as it stood at 46.9 index points. 

This was disclosed by the Central Bank of Nigeria (CBN), in its September PMI report released on Wednesday. 

READ: Nigeria’s inflation rate hits 13.22% in August 2020, highest in 29 months

The report stated that, out of the 14 subsectors surveyed, 4 subsectors reported expansion (above 50% threshold) in the review month in the following order: 

  • Electrical equipment 
  • Transportation equipment  
  • Cement, and 
  • Nonmetallic mineral products 

The paper product subsector was stable. 

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READ: Emirates Airlines banned from operating in Nigeria

 

READ: U.S dollar drops, low U.S interest rates expected to persist for long

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While the remaining 9 subsectors reported contraction (below 50% threshold) in the review month in the following order: 

  • Petroleum & coal products 
  • Primary metal 
  • Furniture & related products 
  • Printing & related support activities 
  • Food, beverage & tobacco products 
  • Textile, apparel, leather & footwear 
  • Chemical & pharmaceutical products; 
  • Fabricated metal products and  
  • Plastics & rubber products 

The Non-manufacturing sector PMI stood at 41.9 points in September 2020, indicating contraction in nonmanufacturing PMI, for the sixth consecutive month.  

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