News

Bill To Establish Commission For National Tax Crimes Pass Second Reading

Published

10 months ago

March 6, 2024

By Gloria Ikibah

The House of Representatives has passed for second reading a bill to Establish a National Tax Crimes and Oversight Commission to address revenue leakages in the payment and understand payment of taxes in the country, sponsored by the Deputy Speaker of the House, Rep. Benjamin Kalu and eight other lawmakers.

When passed into law, the commission will check irregularities in the assessment, reporting, and remittances of taxes, prevent and combat tax-related crimes, and plug all leakages in the tax administration system in the country while protecting the rights of three taxpayers.

Leading the debate, Rep. Felix Uche Nweke noted that the amount of revenue available to any government determines the extent to which such a government may be able to provide public goods and services.

He said: “It is a pointer to how far a nation can ensure her growth and development. While taxation is considered the most important means of generating public revenue, it is worthy of note that nations that strive to develop aim at putting in place a fair, just, efficient, and simplified tax administration system that builds confidence amongst the citizens and as well motivate and encourage citizens to pay their taxes.

“While it is one thing to fix the amount of taxes to be paid, it is another for tax collection authorities and assessors to determine the right amount of taxes to be paid in accordance with the provisions of extant tax laws. Leakages occur when unscrupulous staff and agents of tax authorities collude with citizens to under-assess the tax-payer thereby resulting in underpayment.

“Leakages also occur in the form of tax evasion, especially such that is encouraged and condoned by the tax collector and more especially among multinational corporations operating within the country.

“Leakages also occur where there are non-remittances of collected taxes, that is to say where the government does not get the total amount of taxes collected as a result of revenue diversion by the fraudulent staff of tax authorities, the list is endless.

“On the other hand, some citizens, especially small businesses bear the twin burden of either over-assessment or multiple taxation. This stifles the business environment and it does not allow small businesses, ordinarily considered as the engine of growth, to survive. Not only are our tax laws not very friendly to micro, small, and medium enterprises, but such MSMEs suffer more from the activities of the tax collectors.”

The lawmaker argued that to effectively combat, as well as prevent international tax evasion and other transnational organized crimes and abuses of the nation’s public finance system, there is a need to establish an Independent Tax Crimes and Oversight Commission, which will have the capacity to investigate, audit, prevent and combat tax-related crimes.

“This will contribute to our national security through the prevention of tax-related crimes, the prevention of illicit financial flow derived from tax evasion, international tax schemes, cybercrime, etc”, he added.

Rep. Nweke further stated that the commission will not function as a law court, it will not duplicate the functions of the Tax Appeal Tribunals established by section 59(1) of the Federal Inland Revenue Service (Establishment) Act, 2007 and it will not be saddled with any form of quasi-judicial functions.

“The Commission will primarily focus on the Oversight of the Tax Administration System, Ensuring that the Tax Authorities Discharge their Duties within the ambit of the laws: protecting, promoting and guaranteeing taxpayer’s rights, where necessary ensuring the prosecution of corrupt and fraudulent tax officials, ensuring the complete remittances of all public revenues, ensuring the increase of public Revenue not through introduction or increment of taxes but through friendly and appropriate taxation, among other things.

“The Commission will ultimately ensure that the five basic qualities of a good tax system, which include fairness, adequacy. Simplicity, transparency, and administrative ease are entrenched as part of global best practices.

“Similar independent tax auditing and investigating organizations exist in other countries; such as the Treasury Inspector General} for Tax Administration (TIGTA) of the United States and the Inspector General of Taxation and Ombudsman (IGT/0O) of Australia. Similar Organizations exist in Ghana, Kenya, South Africa, etc)

“There is a need to put in place an effective system which oversights tax administration in Nigeria, a system which can address taxpayers’ grievances and complaints promptly and without hassles, a system which will be so friendly and that can encourage and raise people’s willingness to pay their taxes”, he stated.

News

Nigeria Renews Currency Swap Deal With China

Published

3 hours ago

December 27, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

Nigeria and China have renewed the currency swap agreement between both countries.

The renewal is valid for three years and can be renewed upon mutual consent.

The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, who shared the information on his social media account, said China’s central bank confirmed on Friday that it has renewed a bilateral currency swap agreement with the Central Bank of Nigeria (CBN).

The total value of the agreement is 15 billion yuan (about 2.09 billion U.S. dollars), or 3.28 trillion Nigerian naira, the People’s Bank of China said in a statement on its website.

It said that the renewal of the currency swap arrangement will strengthen financial cooperation between China and Nigeria, expand the use of the two currencies, and promote and facilitate bilateral trade and investment.

Recall back in 2018, the CBN and its Chinese counterpart, signed a currency swap deal after two years of negotiations between the two countries.

The deal, valued at about $2.5bn, is aimed at providing adequate local currency liquidity to Nigerian and Chinese industrialists and other businesses, thereby reducing the difficulties encountered in the search for third currencies.

The move is also aimed at facilitating bilateral trade and investment and promoting the financial stability of both countries.

News

Aiyedatiwa names court complex after Akeredolu

Published

3 hours ago

December 27, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

Governor Lucky Aiyedatiwa of Ondo State has immortalised his predecessor, Rotimi Akeredolu, as he announced that the new High Court complex to be constructed in the state would be named after the departed ex-governor.

Aiyedatiwa disclosed this while speaking during the flag-off of the construction of the new high court complex also called the Judiciary Village in Akure, the state capital, on Friday.

Aiyedatiwa described the project as a historic milestone for the state, adding that it was conceived under the leadership and vision of the late Akeredolu.

He said, “This is a milestone celebration as we flag off the construction of a new high court complex in our dear state.

“Since the creation of Ondo State in 1976, no attempt has been made to provide a modern edifice for the administration of justice.

“Today, we are not only making history but also fulfilling a long-standing dream of the judiciary.

“This development is the actualisation of the dream and vision of our late leader, Arakunrin Oluwarotimi Akeredolu.

“He desired to provide a state-of-the-art high court complex to enhance the workload and welfare of our judiciary.

“Naming this project the Oluwarotimi Odunayo Akeredolu Judiciary Complex is a fitting way to immortalise his legacy.”

Highlighting the importance of embarking on the project, the governor expressed his administration’s commitment to the advancement of justice and the welfare of judicial officers in the state.

“Let me state with all sense of responsibility that we are embarking on this project at this time not because the state is too buoyant financially but because of our commitment to providing a good working environment with modern facilities that will enhance the welfare of our judicial officers, workers and people seeking justice, with the overall aim of speeding up the dispensation of justice in Ondo State.

“This complex will include a ceremonial court, modular courts, a registry, a library, exhibition buildings, a utility building and modern parking facilities.

“It’s designed to create a conducive environment for the administration of justice and to speed up the dispensation of justice in Ondo State,” he stated.

Earlier in his welcome remarks, the state’s Chief Judge, Justice Olusegun Odusola lauded the initiative, describing it as a landmark achievement of the current administration in the state.

News

2024 Globe Soccer Awards, Ronaldo, Vinicius, Bellingham win big(Photos)

Published

3 hours ago

December 27, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

Al Nassr and Portuguese forward, Cristiano Ronaldo was named the best player in the Middle East at the 2024 Globe Soccer Awards ceremony held in Dubai earlier on, December 27.

The organizers of the 2024 Globe Soccer Awards ceremony honoured Real Madrid president Florentino Perez with the career-recognition award tagged “The greatest president of all time”.

Former England and Manchester United defender Rio Ferdinand alongside Alessandro Del Piero, Neymar, and Thibaut Courtois were also given lifetime achievement awards.

It was a night for Real Madrid and members of the team as the club’s coach, Carlo Ancelotti was named Best Coach at the Globe Soccer Awards. His player, Vinicius Junior, was named Best Men’s Player of the Year, while Jude Bellingham won the Best Midfielder award.