Economy
Agency Boss Warns Against Illegal, Multiple Taxations
Chairman of Cross River Anti-Tax Agency, Bishop Emmah Isong, has warned against illegal and multiple taxation of the poor people by some unscrupulous persons in the state.
Isong made this known on Friday in Calabar during a workshop organised to mark the one year anniversary of the Agency.
Isong said such persons forcefully takes the taxes and use them as empowerment gimmick to residents.
He advised the people to shun such empowerments, as the money was forcefully taken from them.
“They impose illegal and multiple taxes on the poor masses, only to turn around and use the proceeds to purchase sewing machines, dryers, clippers to distribute to the poor in the name of empowerment.
“I advise people not to collect such empowerments because it is evil. They send their thugs to beat up poor people in the name of revenue drive. This is pure exploitation,” Isong said.
He lauded the vision of Gov. Ben Ayade of Cross River for setting up the agency to ensure that the poor in the state were exempted from payment of tax.
“It is a unique experience and the first of its kind in Nigeria; Ayade needs to be commended for this vision.
“The State House of Assembly also needs to be commended for coming out with a legislation to support the governor’s initiative,” he said.
He said that based on its mandate, the Agency has made some achievements since its inauguration a year ago.
According to him, some of the achievements include, encouraging the growth of Small and Medium Scale enterprises in the state by taking the tax burden off them.
It also created an enforcement team known as Anti-Tax Brigade as well as having regular interface with relevant agencies to harmonise and monitor implementation of the tax exemption policies.
He appealed for increased funding for the agency to enable it achieve its mandate.
Similarly, the Administrative Secretary of the Agency, Rev. Fr. Julius Ada, said the agency had chosen representatives in all the 18 local government areas of the state in furtherance of its activities.
“We are moving into the local government areas gradually, apart from having representatives, we are also carrying out sensitisation across the 18 local government areas,” he said.
A petty trader, Miss Majesty Odiong, said she had been a victim of illegal and multiple taxation in Calabar.
“For me, this anti-tax agency has helped me, before I used to pay N800 everyday and my business is not even up to N3000.
“This one will come and say local government levy; another person will say Union levy just like that but since the agency started, they are no longer coming to disturb us,” she said.
Another trader, Mr Joseph Eric said he was once rescued by the agency.
“I was once a victim of this illegal taxes. They came to my little phone accessories shop and packed everything in the shop, demanding that l pay them N2000.
“They claimed to have come from the local government office, so one of my neighbors gave me the phone number of the agency and immediately I called they responded.
“They traced the illegal tax agents and arrested them and returned my goods, so I really appreciate the governor for creating the agency,’’ he said.
Speaking further, the Head of Legal Services of the Agency, Dr Williams Anwan, said that over 40 illegal tax agents were arrested by the agency, adding that they would be prosecuted in line with anti-tax agency law of 2015, as amended.
He blamed the menace of illegal tax in the state to the local government authorities who hide under their power to collect levies and subject the public to untold hardship.
According to him, the law of the state supercedes that of the local government.
It would be recalled that the governor had said during his inaugural speech in 2015, that his administration would ensure that the poor and the vulnerable were exempted from paying any form of tax in the state.
The categories of those exempted from the tax payment included: Okada riders, tricycle operators, taxi drivers, hair salon operators, barbers, hawkers etc. (NAN)
Economy
Investors Gain N183bn on NGX
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
Economy
Yuan Weakens to 7.1870 Against Dollar
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)Economy
Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)