Economy
NEPZA, FIRS agree to Adjust FTZs New Tax Administration Pact
The Nigeria Export Processing Zones Authority (NEPZA) and the Federal Inland Revenue Service (FIRS) have agreed to adjust some sections of the recently signed Memorandum of Understanding (MoU) on effective tax administration, to accommodate some salient concerns.
Newsmen report that the agencies on June 7 signed the tax pact to reconcile grey areas in the administration on issues bordering tax deductions from free zones and enterprises operating in the zones respectively.
The agreement to adjust the MoU was reached on Wednesday during a formal presentation of the document to the stakeholders at a roundtable organised by NEPZA in Lagos.
Newsmen report that the agencies on June 7 signed the tax pact to reconcile grey areas in the administration on issues bordering tax deductions from free zones and enterprises operating in the zones respectively.
A cross section of the stakeholders had raised concerns on some sections of the guidelines that contravene some provisions of the NEPZA Act for operators in the free zones.
Prof. Adesoji Adesugba, Managing Director, NEPZA, explained that the event was to make adjustments where necessary on how the FIRS and NEPZA would treat tax issues relating to business interactions within the free trade zone ecosystem.
He noted that Section 5 of the MoU had given parties the leverage to call for the amendment of the tax guidelines when necessary.
“The Authority’s recent diplomatic advances with sister agencies, especially, the FIRS can only be described as a game changer.
“We have always insisted that the free trade zone scheme must be allowed to succeed as that truly remains a potent economic instrument for widespread growth and development.
“Therefore, we have agreed to adjust the tax pact to capture some of the salient concerns of the stakeholders.
“The authority will not shy away from protecting the scheme and those who have invested billions of dollars in the scheme and we are delighted that the FIRS has become our advocate in this regard.
“We are also happy that the administration of President Muhammadu Buhari has given us the impetus through his favourable policies to deepen the growth of the scheme,” he said.
Alhaji Mohammed Nami, Executive Chairman, FIRS, said concerns of the stakeholders would be evaluated, adding that the document was a flexible guideline on how to administer the MoU.
Nami, represented by Mr Mathew Gbonjubola, Coordinating Director of the Service, noted that not all the concerns raised were genuine, saying that the FIRS was knowledgeable enough on issues around free trade zone tax administration.
Nami explained that the Service would not unduly interrogate tax remittances of enterprises with full status of free trade zones.
He further noted that all other issues raised on the tax pact would be addressed within two months.
On his part, Chief Toyin Elegbede, Executive-Secretary of the Nigeria Economic Zones Association, said that the forum was important to address the concerns of his members on the tax administration pact signed between NEPZA and FIRS.
According to him, the discussions from forum elicited hopes and assurances on the commitment of government to support the in-flow of Foreign Direct Investment (FDI) through the free trade zone scheme.(NAN)
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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