Connect with us

News

Presidential Tax Committee Proposes Exemption Of Manufacturers And Farmers From Withholding Tax

Published

on

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele has stated that the committee has proposed an exemption of manufacturers and farmers from paying withholding tax as a way of reducing the tax burden on businesses.

This was disclosed during a public consultation workshop on the proposed changes to the National Tax policy held in Lagos.

According to him, withholding tax is the most difficult to comply with in Nigeria due to its complexity.

He said, “We set out the objectives of what we want to do with withholding tax regulation. One of them is to simplify the tax. We want to reduce the burden on businesses, promote competitiveness, equity and ease of compliance and tax avoidance, detect tax evasion and reflect what is happening globally”

Advertisement

“We are creating an exemption for withholding tax for small businesses and what we have in mind is N50 million. We have reduced the rate for real businesses to as low as 2%- people producing goods and services because the margins are very small.”

“We have created an exemption for manufacturers- so if you are a manufacturer, don’t worry about withholding tax. If you provide input to manufacturers like farmers, don’t worry about withholding tax”

He explained that the proposal had already been signed and would be made public in a few days.

Furthermore, Mr. Oyedele noted that for businesses not registered with the Corporate Affairs Commission (CAC), tax agents should deduct 200% of the normal tax rate for them for non-registration as a check to make companies and businesses register.

Advertisement

Other regulations proposed by the committee include pegging the customs duties exchange rate with the exchange rate in the 2024 budget which is N800/$.

According to the Chairman of the committee, the frequent changes in the customs duties rate do not favour any form of long-term planning and it’s detrimental to business operations.

He said a fixed exchange rate for customs duties should last the rest of the year.

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

PDP leaders, critical stakeholders endorse Hon. Teejay Yusuf for National Chairman

Published

on

Key political figures and critical stakeholders from the North Central region of the Peoples Democratic Party (PDP) have rallied behind Hon. Tajudeen Yusuf as their preferred candidate for the party’s next National Chairman.

The endorsement comes from the group known as the PDP Conscience Vanguard, who believe Yusuf is the key to uniting and revitalizing the main opposition party

In a statement issued on Thursday in Lokoja, the North Central Coordinator of the group, Isaiah Akoh, emphasized that Hon. Yusuf possesses the experience, leadership qualities, charisma, extensive connections necessary to lead the PDP towards unity and strategic repositioning.

The statement outlined several reasons for their endorsement of Hon. Yusuf, particularly noting that the party’s future success lies in having a chairman from the North Central region.

Advertisement

The group pointed to his extensive political background and ability to bridge gaps within the party, especially in light of the challenges the PDP faces.

“We believe that Hon. Teejay Yusuf is the right candidate at this crucial moment,” the statement reads. “Yusuf is not merely a legislator; he is an experienced statesman with a proven track record. Serving three terms as the representative of Kabba/Bunu/Ijumu Federal Constituency, he has demonstrated exceptional leadership and political acumen.”

Continue Reading

News

Enugu ready to provide evidence against Ekpa, hails arrest

Published

on

Enugu State Government has hailed the Government of the Republic of Finland for the arrest of the Finland-based leader of the criminal gang, Autopilots, Simon Ekpa, describing him as a common criminal, con man, and terrorist, who has no interest of Igbo people at heart.

The government also described Ekpa as a murderer and fraudster, who delights in killing his people and living large off their misery, saying that Enugu State was ready and willing to provide evidence of Ekpa-sponsored atrocities against Ndigbo to aid his trial and conviction, whether in Finland or Nigeria.

This was contained in a statement issued by the Secretary to the State Government, Prof. Chidiebere Onyia, on Friday.

“The Enugu State Government welcomes the arrest of the Finland-based terrorist, Simon Ekpa.

Advertisement

“His arrest and trial will no doubt go a long way in strengthening peace, security, and stability in all parts of the South East.

“This arrest is in line with the demand of Governor Peter Mbah Administration, which has repeatedly made it known that Ekpa is a megalomaniac, common criminal, murderer, and fraudster, who takes joy in feeding fat on the manipulated emotions of Ndigbo and inflicting misery on the South East region.

See also Bauchi: Head teacher bags 11 years jail term for sexually assaulting 6-year-old pupil
“Ekpa has for long, and unfortunately from Finland, made a living by creating a siege climate and mentality in the South East, destroying lives, property, and the Igbo trademark of entrepreneurship and hard work. He thrives on manipulating, exploiting, and extorting the people on the pretext of fighting for their interest and for the restoration of Biafra,” the government said.

Advertisement
Continue Reading

News

“Men Need To Submit Too”, says Pastor Olumide, Quotes Bible Passage To Back His Statement (Video)

Published

on

A pastor has stated that submission in a marriage is not a requirement for women alone.

Pastor Olumide Emmanuel explained that a Christian marriage is not based on “culture” but on the teachings of the kingdom and as a result, men should respect their wives’ opinions and superior judgment and submit when appropriate.

He said: “Men, I will tell you for free, respect a woman’s sensitivity if you want to do well in life.

“Ask any married man that will be honest with you, there are things that if we did not listen to our wife we’d be in trouble by now. And there are times that we didn’t listen, we enter trouble.

Advertisement

“So if you’re a young person now, don’t let Africa kill you. ‘I’m a man of this house, I’m a man of this house, you can’t tell me what to do’. Forget that nonsense.

“Marriage is not an African culture, it’s a kingdom culture and in the kingdom the bible says, submitting yourself one to another. Mutual submission is a kingdom agenda for the marriage.

“So there are times you need to submit to your wife. Submit to your woman.”

Amiloadednews

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News