News

New Tax Bills Not To Merge Govt Agencies, Cause Job Losses – FIRS

Published

1 month ago

October 17, 2024

By Gloria Ikibah

Chairman of the Federal Inland Revenue Service (FIRS), Zack Adedeji, has explained that the four new tax reform bills are meant to combine all scattered tax laws into one, making it easier to manage.

Adedeji who stated this at a meeting with the House of Representatives Committee on Finance, said the bills presented to the National Assembly were not about raising or introducing new taxes, this is even as he also clarified that the reforms will not merge any government agencies or cause job losses.

He said, “We want to harmonize all the tax laws because we have different tax laws scattered in various establishment laws. This leads to multiple taxes because each agency enforces its own tax law.”

The FIRS boss further noted that no agency is more important than another, and each must carry out its duties. This, he said was not good for the economy, which is why President Tinubu wants to combine all the tax laws into one system.

He added, “As we stand today, there is no law regulating or monitoring cryptocurrency. We can’t isolate ourselves from global developments, so one of the goals is to organize the fiscal framework efficiently.”

Adedeji also highlighted that the reform will help government spending. “For example, before the Treasury Single Account (TSA), the government could have money in one bank but still borrow from another. TSA now gives a clear picture of where government funds are”.

He further stressed the need for transparency in revenue collection, and assured that the government is not looking to tax poverty or inflation.

“We want the tax laws to be simple so that people can comply easily.

“The reforms will also update old tax laws to fit current realities. We’re still using a tax integrity test from 1939 when there was no internet or online shopping. These bills aim to align Nigeria with international standards and attract investment.”

“We will never increase the rate or number of taxes. The president believes in harmonizing the taxes we have, with fewer than 20 types of taxes”, he added.

He stated that the proposed Nigeria Tax Act will put all tax laws in one book, reducing the number of taxes, citing the example of the Education Tax Act, which collects a percentage for various funds, and said compliance has been an issue and the new act will make this simpler.

“The Nigeria Tax Administration Act will harmonize the administration of taxes, ensuring a uniform process so people don’t have to navigate different systems”, he noted.

Adedeji also discussed renaming the FIRS to Nigeria Revenue Service to reflect its role in collecting taxes for both the federal and state governments, as well as from international companies like Google and Jumia.

“The final reform is the establishment of a Joint Revenue Board to create a legal framework for resolving conflicts between states and local governments over revenue collection.

“These tax reforms will stimulate the economy and lay a foundation for the type of economy the president envisions”, he concluded.

Chairman of the Committee, James Faleke, earlier in his remarked that the meeting was to give members firsthand information on the necessity of the bills ahead of their second reading.

News

Reps Urge FG To Make Available Reliable Data On Housing Deficit

Published

4 hours ago

November 26, 2024

Gloria Ikibah

By Gloria Ikibah

The House of Representatives has called on the Federal Government to provide scientific, verifiable data on the housing deficit and improve access to affordable housing in the Nigeria.

This resolution was sequel to the adopting of a motion by Rep. Emmanuel Ukpong-Udo, member representing Ikono/Ini Federal Constituency of Akwa Ibom State, on the “Provision of affordable housing in Nigeria,” Tuesday at plenary.

Rep. Ukpong-Udo who noted that data is considered an important factor in the planning and execution of projects across all tiers of government, said the housing sector in Nigeria, with a huge deficit, lacks veritable data for planning and execution of housing policies and strategies.

He stated: “The House is aware that according to the world population review, over 24 million people in Nigeria are homeless, with no appropriate access to proper dwelling with some basic social amenities.

“The House is worried that Nigeria is among the top 10 countries with homeless populations, leading with 24 million, followed by Pakistan, Egypt, Syria, and Congo.”

The House also expressed displeasure that the country relies on the World Bank report for housing data, and that for a nation to grow and enjoy stability, there is the need to have its housing data as well as a market that works efficiently and provides decent shelter for its citizens.

The House unanimously adopted the motion and mandated its Committee on Housing and Habitat to liaise with the Federal Ministry of Housing and Urban Development to address the lack of credible, scientific, and verifiable data on the state of housing in the country and ensure access to decent and affordable housing.

News

Provide Adequate Security For Transmission Towers Across Nigeria – Reps Tell FG

Published

4 hours ago

November 26, 2024

Gloria Ikibah

By Gloria Ikibah

The House of Representatives has charge the Federal Government through the Ministry of Interior, to urgently provide adequate security for Transmission Towers across the country to avoid future occurrences of vandalism.

This was sequel to the adoption of a motion of urgent public importance by Rep Oboku Oforji, lawmaker representing Yenagoa/Kolokoma-Opokuma federal constituency of Bayelsa State on Tuesday at plenary.

In his lead debate, Rep. Oforji noted that on July 29, 2024, residents of Yenagoa and Bayelsa State in general woke up to a total blackout occasioned by the collapse of a Transmission Station between Emezhi and Mbaima in Ahoada East Local Government Area of Rivers State and three others between Igbogene and Nedugo Agbia in Yenagoa Local Government Area of Bayelsa State.

According to him, the Bayelsa State Government in collaboration with the Transmission Company of Nigeria, swiftly swung into action to address the challenges that has culminated in dwindling of socio-economic activities in the state.

He further noted that saddened that on the 19th of November, 2024, just as the work was nearing completion, at Ula-Akpata, in Ahoada East Local Government Area of Rivers State, some hoodlums went and vandalised a section of the lines.

The motion reads in part: “By this development, the woes of the residents of Bayelsa State still subsist for one or two days, because as we speak the people of the State are in total blackout, this has been the situation for over 4 months.

“The efforts of the Bayelsa State Government in mobilizing financial and material resources to support the Transmission Company of Nigeria (TCN) is highly commended. However, proactive measures must be taken to forestall future occurrences of vandalism of these Transmission Towers.

“As a representative of my people this brings to mind the provisions of Chapter II of the 1999 Constitution of Nigeria (as amended) which talks about our economic and social rights as citizens, which I believe should not be taken for granted by the government”.

The House adopted the motion and mandated its Committees on Interior and Power to ensure compliance.

News

JUST IN: Tinubu Heading For France

Published

6 hours ago

November 26, 2024

Naijablitznews

President Bola Ahmed Tinubu will depart Abuja on Wednesday for a state visit to France.

According to Bayo Onanuga, Special Adviser to the President on Information and Strategy, President Emmanuel Macron invited his Nigerian counterpart to the European country.

Onanuga said the three-day visit will focus “on strengthening political, economic, and cultural relations and establishing more opportunities for partnership, particularly in agriculture, security, education, health, youth engagement and employment, innovation among others”.

“President Tinubu who will be traveling with the First Lady Sen. Oluremi Tinubu, will be received on Thursday at the 350-year-old French military museum, Les Invalides and Palais de l’Élysée, by Macron and his spouse, Brigitte, for initial ceremonies that will dovetail into bilateral meetings.”

“During the visit, President Tinubu and President Macron will harmonise positions on stimulating more interest in exchange programmes that focus on skill development for youths and improving their competencies in automation, entrepreneurship, innovation, and leadership.

“Both leaders will participate in political and diplomatic meetings highlighting shared values on finance, solid minerals, trade and investments, and communication. They will also witness a session by the France-Nigeria Business Council, which oversees private sector participation in economic development.

“Brigitte and Nigeria’s First Lady will discuss the latter’s passion for empowering women, children, and the most vulnerable through the Renewed Hope Initiative,” the statement read.

Tinubu and his wife who will be hosted to a state dinner by the French leader before their departure, will be accompanied by top government officials.