BUSINESS
Nami Tasks FIRS Staff, Business Community On Tax Compliance
By Tony Obiechina, Abuja Executive Chairman, Federal Inland Revenue Service (FIRS), Muhammad Nami, has urged the Kano business community and other taxpayers in the country to continue to take advantage of cutting-edge technologies the Service has deployed recently to pay their taxes as and when due.
Nami also charged members of staff of the FIRS to redouble their efforts in generating tax revenue for the country by expanding the national tax net to include those still outside it.
In a statement by Director of Communications and Liaison Department Dr Abdullahi Ismaila Ahmad on Wednesday, Nami gave the admonitions at a stakeholder meeting involving the Management and Staff of the FIRS and the Kano Business Community.
According to him, “presently, Nigeria’s economy relies on non-oil revenues to discharge its statutory responsibility of paying salaries and providing social amenities to the citizenry. However, despite the prospect which tax revenue holds for the country, the ‘’Tax to GDP’’ ratio for Nigeria is about 6% compared to Egypt at 15%, Ghana and Kenya at 17%, South Africa at 28%. This is a very sad reality that is unacceptable for a country that has the largest economy in Africa.”
Nami continued: “To overcome this challenge, we must recognise and adapt to the changing pattern of the business environment where technology is the driver of business operations. For many years, our revenue generation architecture had been largely manual with limited use of technology. Adopting technology in tax administration is crucial in improving domestic revenue mobilization given dwindling oil prices to avoid falling into a debt crisis. It is against this backdrop that the TaxProMax became the channel for filing Naira-denominated tax returns effective from 7th June 2021.”
The FIRS boss further explained: “The TaxProMax enables seamless registration, filing, payment of taxes and automatic credit of withholding tax as well as other credits to the Taxpayer’s accounts among other features. The TaxProMax platform also provides a single view to Taxpayers for all transactions with the Service.
“It will interest you to know that the Service collected over N650 billion in June 2021. This feat was achieved as a result of the efficiency and effectiveness of the TaxProMax Solution.”
Another groundbreaking development that Nami pointed out which occurred under his administration is the introduction of the court-backed “FIRS Practice Direction”. According to Nami, “this is another innovation introduced to aid revenue generation by cutting down on needless litigation which slows down revenue collection.”
He listed the advantages which the FIRS Practice Direction conferred on tax revenue generation thus: “Cases of FIRS will be given accelerated hearing and priority in the Federal High Court; it enables the FIRS to obtain Order of the Court for forfeiture of immovable property of taxpayers, freezing of bank accounts, access to books, servers, billing systems etc; it fast-tracks the recovery of tax debts by civil action; it increases tax compliance, and increases the collection of revenue to the Government.”
Nami also disclosed that the National Tax Policy Implementation Document had prioritised the assessment and collection of indirect taxes in Nigeria as they are difficult to dodge, easy to pay and easy to administer. He, therefore, charges members of staff at the FIRS to put the document to good use in the tax collection processes.
The Executive Chairman listed challenges of tax collection in the country to include the fact that “when companies collect taxes as an agent of collection, Value-Added Tax (VAT) for instance, they do not remit as and when due. In some cases, they do not remit it at all.”
He, therefore, appealed to defaulting corporate organisations to turn a new leaf by remitting VAT and other taxes as and when due, stressing that the consequences of not doing so under extant tax laws in the country are severe, which corporate executives would not wish to experience.
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)
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)
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)
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