News

Double headache: Barbers, Bricklayers, Car Hairdressers, Others To Start Paying Tax As Individuals

Published

3 months ago

September 13, 2024

By Mario Deepromoter

Despite hunger in Nigeria, the Oyo State House of Assembly passed the State Presumptive Tax Bill, 2023, which provides for the imposition, administration, and collection of presumptive tax on individuals and entities whose income cannot be ascertained due to a lack of financial records.

Specifically, it takes care of those not covered under the Pay-As-You-Earn or direct assessment provisions of the revenue administration law of the state or those whose financial records of the business undertaking are not kept in a manner to enable proper assessment of income tax payable to be readily ascertainable.

Those businesses captured for various presumptive tax rates include artists and sign writers, barbers, bricklayers, carpenters, grinding mills, gas refilling depots, hairdressers, horticulturists, photographers, plank sellers, plumbers, welders, mechanics, block makers, saw millers, book stores, typing studios.

Under the section of the law titled: “Oyo State Negotiated Presumptive Tax Rate,” owners of adult wear (boutique) are liable to pay a minimum of N10,000 yearly and maximum of N50,000; barbers, from N3,000 to N10,000; artists and sign writers from N5,000 to N50,000; bicycle repairers, between N2,000 and N10,000.

Others captured are bookshop/stationary stores to pay a minimum of N10,000 and maximum of N20,000; bricklayers from N10,000 to N30,000; sellers of building materials from N15,000 to N50,000; furniture makers, N25,000 to N40,000; carpenters are to pay between N10,000 and N35,000; gas refilling sellers between N25,000 and N45,000; photographers between N2,000 and N5,000; plumbers between N2,000 and N10,000.

The list of those to pay presumptive tax also include welders, from N5,000 to N20,000; fruit sellers from N1,000 to N5000; sales and repairs of the handset, between N2,500 and N4,000; shoemakers between N500 and N2,000; laundry from N1,000 to N2,500; block makers between N15,000 and N25,000; vulcanizers from N2,500 and N7,500; mechanic/welder/rewire are to pay between N1,500 and N5,000; plank sellers between N2,500 and N10,000.

A taxable person who fails or neglects to make payment of the tax due shall be liable to pay the sum and a penalty equal to 10 per cent per annum while those who maintain up-to-date records and file returns within the stipulated period shall be granted a rebate of two percent of the tax payable.

As contained in the law, persons subject to presumptive tax shall file returns on or before 90 days from the commencement of each year, while upon payment of all tax assessments, the taxable persons shall be issued a Tax Clearance Certificate.

News

Nigeria Congratulates Qatar on National Day

Published

6 hours ago

December 18, 2024

Gloria Ikibah

By Gloria Ikibah

The Federal Government of Nigeria has extended its heartfelt congratulations to the State of Qatar on the occasion of its National Day, celebrated on Wednesday, December 18, 2024.

In a statement signed by the Acting Spokesperson for the Ministry of Foreign Affairs, Kimiebi Imomotimi Ebienfa, Nigeria’s Minister for Foreign Affairs, Ambassador Yusuf Maitama Tuggar, conveyed fraternal greetings to Qatar’s Prime Minister and Minister of Foreign Affairs, His Excellency Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani.

The statement highlighted Qatar’s commitment to promoting global peace and its significant contributions to humanitarian services worldwide.

“The Federal Government of Nigeria commends the commitment and strategic efforts made by the State of Qatar in the promotion of global peace; and more so, the excellent contributions to humanitarian services in different parts of the world,” it read.

Ambassador Tuggar emphasised the strong and growing relations between Nigeria and Qatar, expressing satisfaction with the collaborative efforts to strengthen ties for the mutual benefit of their citizens.

He wished Qatar peace, prosperity, and progress, reaffirming Nigeria’s enduring friendship and support.

This underscores Nigeria’s recognition of its diplomatic relationship with Qatar and its shared commitment to global cooperation and development.

News

Reps Recommends Delisting NECO, UI, Labour Ministry, 21 Others From 2025 Budget

Published

6 hours ago

December 18, 2024

Gloria Ikibah

By Gloria Ikibah

The House of Representatives Public Accounts Committee (PAC) has called for the removal of the National Examination Council (NECO), University of Ibadan (UI), Federal Ministry of Labour and Employment, and 21 other federal Ministries, Departments, and Agencies (MDAs) from the 2025 budget.

This recommendation follows their repeated failure to account for previous allocations and internally generated revenue.

During an extraordinary session on Wednesday, December 18, 2024, the Committee resolved that these MDAs should be excluded from the budget until they comply with its directives.

Chairman of the Committee, Rep. Bamidele Salam, stressed: “The Financial Regulation empowers the National Assembly to exclude any Ministry, Department, or Agency (MDA) that fails to account for their previous appropriations. As such, the listed MDAs should be excluded from the 2025 budget until they appear before this constitutional committee.”

The decision was prompted by the consistent non-compliance of these MDAs despite multiple summons issued by the Committee to scrutinize their financial operations.

Prominent institutions among those recommended for delisting include hospitals, universities, and federal development agencies. Some of the affected MDAs are:

Federal Medical Centre, Bida
Federal Ministry of Labour & Employment
Ahmadu Bello University Teaching Hospital, Zaria
Nigeria Police Force: Department of Information and Communication Technology
Federal College of Education (Technical), Asaba
Federal College of Education, Yola
Federal Polytechnic Ekowe, Bayelsa State
Abubakar Tafawa Balewa University Teaching Hospital, Bauchi
Federal University of Technology, Minna
Cross River Basin Development Authority
Nigeria Office for Trade Negotiation
National Examination Council (NECO)
Nigeria Police Academy, Wudil
Presidential Amnesty Programme
Galaxy Backbone
Senior Special Assistant to the President on Sustainable Development Goals

Others include the National Health Insurance Authority (NHIA), Nigeria Nuclear Regulatory Authority, National Space Research and Development Agency, Federal Cooperative College (Ibadan), Upper Niger River Basin Development Authority, University of Lagos, University of Ibadan, and Federal School of Survey, Oyo State.

The Committee unanimously recommended that the MDAs in question be delisted from the 2025 budget until they comply with the request for documentation and provide necessary financial clarifications.

News

Reps Call for Revival of NAPAC to Boost Transparency, Accountability

Published

7 hours ago

December 18, 2024

Gloria Ikibah

By Gloria Ikibah

The House of Representatives has called for the revitalization and strengthening of the National Association of Public Accounts Committees (NAPAC) to enhance transparency, accountability, and good governance across Nigeria.

Chairman, House Committee on Public Accounts (PAC), Rep. Bamidele Salam, stated this at the joint sitting of Public Accounts Committees of Senate and House and inauguration of an Adhoc Committee for the reconvening of NAPAC at the National Assembly on Tuesday, emphasised the importance of collaboration among Public Accounts Committees at both federal and state levels.

Formed in 2014, NAPAC comprises 38 chapters nationwide, including the Public Accounts Committees of the Senate, House of Representatives, and all 36 State Houses of Assembly, Rep. Salam noted that the Association has been dormant in recent years, necessitating urgent action to restore its relevance.

He stated, “This Association is a pivotal platform for promoting transparency and accountability in governance. However, in recent times, the Association’s activities have been dormant, necessitating the need for a quick revitalization.

“It is in this context that we are inaugurating this Ad-hoc Committee, tasked with the vital responsibility of reconvening the meeting of NAPAC.”

Salam outlined committee’s objectives, including reviving NAPAC’s activities, adopting innovative strategies to combat corruption, and collaborating with anti-corruption agencies, civil society, and the media.

He also stressed the importance of leveraging partnerships with continental and regional associations such as AFROPAC, WAPAC, and SADCOPAC for capacity building and knowledge sharing.

“The task ahead is daunting, but with collective effort, unwavering commitment, and an unshakeable faith in our nation’s potential, I am confident that we shall succeed,” he added.

In an interaction with journalists, thr Committee chairman, stressed plans to engage with the Auditor General of the Federation and Accountant General of the Federation to address delays in submitting reports on Ministries, Departments, and Agencies (MDAs).

“Of course, Nigerians should expect that we’re going to have more productivity, especially in consideration of the report of the Auditor General,” he said.

He noted that only the 2021 Auditor General’s report is currently before the National Assembly, a situation he described as inconsistent with constitutional provisions. Salam expressed the committee’s determination to ensure Nigeria catches up with the 2022 and 2023 reports by next year.

He added, “We’ll also be able to bring more of these agencies of government in line to ensure that all monies appropriated by the National Assembly are spent judiciously, efficiently, and in a lawful manner.”