News
Just in: Tinubu Alters 1977 Nigeria Tax System, Approves New Tax Policy
By Kayode Sanni-Arewa
President Bola Tinubu has altered the 1977 Nigeria Tax System and approved a new withholding tax policy for the country. This major change was disclosed by Taiwo Ayodele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, on Tuesday.
*1977 Nigeria Tax System.*
The 1977 Nigeria Tax System, which introduced withholding tax as an advance payment of income tax on specified transactions, aimed to provide regular revenue flow for the government and curb tax evasion. However, this system posed several challenges, particularly for farmers and Small and Medium Enterprises (SMEs).
*New Withholding Tax Policy.*
Ayodele highlighted that the new withholding tax policy addresses the heavy burden imposed by the previous system on these groups. Key issues of the old regime included ambiguities about compliance requirements, eligible transactions, applicable rates, timing of remittance obligations, and difficulties in obtaining refunds for excess withholding tax. The structure of the old regime promoted tax inequity and added to the cost of doing business.
*Key Changes in the New Policy.*
The new withholding tax policy, approved by President Tinubu, will be published in the official gazette in the coming days. The key changes include:
*Exemption of Small Businesses* : Small businesses are now exempt from Withholding Tax compliance.
*Reduced Rates:* Businesses with low margins will benefit from reduced withholding tax rates.
*Exemptions for Manufacturers and Producers* : Farmers and other manufacturers are exempt from withholding tax.
*Measures to Curb Evasion:* Enhanced measures to minimize tax avoidance and streamline the process of obtaining credit and utilizing tax deducted at source.
*Reflecting Emerging Issues* : The policy adopts global best practices, addresses emerging issues, and provides clarity on the timing of deductions and definitions of key terms.
These reforms aim to ease the cost of compliance for taxpayers, improve the business environment, and promote tax equity.
The approval of the new withholding tax policy marks a significant step towards a more equitable and efficient tax system in Nigeria. By addressing the shortcomings of the 1977 Nigeria Tax System, the new policy aims to create a more favorable environment for businesses, particularly SMEs and manufacturers.
News
NECO accredits more foreign schools for SSCE, BECE
The National Examinations Council (NECO) has given accreditation to more foreign schools to write the Senior School Certificate Examination (SSCE) and the Basic Education Certificate Examination (BECE).
The Acting Director, Information and Public Relations, Mr. Azeez Sani, disclosed this in a statement.
The newly accredited schools are in Niger Republic and Equatorial Guinea.
“NECO Accreditation Team visited the Schools to assess their readiness to write the SSCE and BECE.
“The Accreditation Team inspected classrooms, laboratories, libraries, computer laboratories, workshops, examination halls and sport facilities to determine their adequacy and suitability for NECO Examinations.
“After a thorough evaluation and comprehensive assessment, the schools were granted full SSCE and full BECE accreditation status,” the statement said.
The statement added that the accreditation of additional foreign schools is a testament to NECO’s commitment to providing quality education and assessment beyond the shores of Nigeria.
“With its expanding global presence, NECO is poised to become a leading examination body in Africa, offering opportunities for students worldwide to benefits from its expertise, thus contributing to the advancement of education in Africa and beyond.”
In another development, the statement disclosed that candidates are participating in the on-going NECO SSCE External in Diffa, Niger Republic.
“The UNHCR School, Diffa, Niger Republic is the first NECO SSCE External Centre outside Nigeria.”
NECO examinations are now written by candidates in Benin Republic, Togo, Cote’ d’Ivoire, Niger Republic, Equatorial Guinea and Saudi Arabia.
News
Guardiola suffers worst defeat of career as Tottenham hammer Man City 4-0
Manchester City manager, Pep Guardiola, suffered the worst defeat of his managerial career as they lost 4-0 to Tottenham Hotspur on Saturday night.
The Premier League champions were already on a run of four consecutive defeats ahead of the visit of the North London side.
James Maddison scored twice in the first half to set Spurs on their way to a sensational win.
Pedro Porro drilled in a third, before Brennan Johnson got on the scoresheet late in the game.
The result leaves City in second place with 23 points. They could go eight points behind Liverpool by the end of this Game Week.
Guardiola takes his men to Anfield next weekend.
News
FUOYE Re-Marks Exam Papers of Student Failed By Lecturer Over Sex-for-Grade Scandal, Secures Justice
The Federal University, Oye Ekiti, Ekiti State, has cleared a female student, Ramota Olahanloye, to graduate following the re-marking of her final-year examination scripts.
Olahanloye had alleged that a lecturer, Dr. Anthony Agbegbedia, demanded sexual favours from her, and when she declined, he deliberately failed her in two final-year courses.
In a statement issued on Friday by the Special Adviser on Media to the Vice-Chancellor, Dr. Wole Balogun, the university confirmed that Olahanloye’s allegations were investigated, and her scripts were re-marked.
“The young lady’s scripts were re-marked, and she performed fairly better than the scores initially awarded by Dr. Anthony Agbegbedia,” the statement read.
According to Balogun, the university management approved Olahanloye’s revised results, which qualified her for graduation.
“The university management has given executive approval for her results to be processed. She has since commenced her final clearance from relevant units of the university,” the statement added.
Balogun also disclosed that Agbegbedia had been sanctioned by the institution for his misconduct.
Olahanloye expressed her joy over the resolution of the case, saying, “I am happy that I have gotten justice, and I really appreciate the university Vice-Chancellor for setting up the committee that investigated the matter.
“I was shown my entire results, including the graduation list with my name on it. I have started my clearance as a graduating student of the university, and I am truly happy.”
Her father, Rasaki Olahanloye, also lauded the university for its commitment to justice.
“I can confirm to the world that FUOYE has served justice to my daughter. I was shown her upgraded results after her scripts were re-marked, and it is clear that she passed.
“The university fulfilled its promise to ensure fairness, and I appreciate the VC, Prof. Sunday Fasina, and the committee members for ensuring my daughter gets justice,” he said.
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