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Just in: Tinubu Govt To Tax Yahoo Boys Under New Tax Bill
By Kayode Sanni-Arewa
The Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele has said that illicit funds in Nigeria such as laundered money or proceeds of crimes will also be taxed under the controversial tax reform bill.
Oyedele made the assertion when speaking on an X space hosted by Nairametrics in partnership with Business Day, BudgIT, and CODE
He explained that the government will rely on data and intelligence reports to track illicit funds of Nigerians and tax them before probing the sources of such funds.
He said such tax will be collected through what he tagged a “voluntary disclosure programme”, in which people will declare the source of their funds whether legal or illegal.
“Yes, we have provisions (for illicit funds) in those bills. You have to pay tax regardless of the source of the income, and once we find that you have revenue, including from the international data we’re going to be receiving, and you can’t explain it, you have to pay the tax.
“But for people to be able to do that almost seamlessly, we plan to do a voluntary disclosure programme, where we give the people the opportunity to self-declare before we now come down on them because this time around there is going to be data and everybody will know it is not a joke,” he clarified.
Govt will discover revenue through intelligence
Oyedele further explained that the government will find out the revenue of citizens whether a citizen discloses or not.
“We are going to write you and tell you, “This is how much you have in your account”, the number of bank accounts that you have; how much money you spend on your payment card; the money you have with investment accounts and asset management, stock accounts, how many times you have travelled abroad.
“I don’t want to scare anybody but these are pieces of cake that they have been doing in small, large, developed, underdeveloped countries for years. So we are not even doing anything that is novel, we are just trying to be at par with the rest of the world.”
It will help fight corruption
Oyedele also noted that expanding the tax net to the underworld of crimes will help Nigeria fight corruption.
He said: “We think this will also help us to fight corruption because if we want to do this seriously, this is how to tackle corruption.
“Because I find money that you can’t explain, then I collect the tax fast, then I come back to say “by the way, where did you get the money from?”
He added that the bill makes provision for an Ombudsman to ensure that taxpayers are not cheated and overtaxed. He said the Ombudsman would be legally empowered to function
“The Ombudsman can also bite. And it is not just about protecting the vulnerable person, you come in and just vent. The Ombudsman has the means and resources to intervene immediately. And there are consequences for the revenue authority if they don’t listen to you, including legally.”
What you should know
The tax bill provides relief for low-income earners and small businesses as they would be exempt from income taxes and value-added taxes.
However, it is facing strong resistance from the Northern part of the country, where political stakeholders say it would not benefit the region.
Virtually all governors in the Northern region have opposed the bill.
By Kayode Sanni-Arewa
Gunmen suspected to be kidnappers have abducted Professor John Ebeh, a senior lecturer in the Department of Philosophy at Prince Abubakar Audu University (PAAU), Anyigba, Kogi State.
The assailants are reportedly demanding a N10 million ransom for his release.
Eyewitness accounts revealed that the attackers invaded the professor’s residence in Agbeji, a suburb of Anyigba, in Dekina Local Government Area, at about 7 p.m. on Thursday.
According to a neighbor who identified himself as Akpai, “The hoodlums operated in a commando manner. It was swift. We noticed a car trailing him furiously; we took it as one of his friends or colleagues, not until we started hearing gunshots around his gate.”
A family source disclosed that the professor was abducted just as he was about to enter his compound.
“Professor Ebeh was almost at the gate of his house at Agbeji, on his way from the town when the incident happened.
“He had even given out a signal to his people to open the gate of his house when some people emerged suddenly from their hideout and started shooting sporadically.
“Amidst the confusion, someone drove in furiously and blocked his car.
“Some masked people alighted from the vehicle and whisked him away at gunpoint.
“His abductors called the family on Friday night, demanding N10 million,” the source recounted.
University officials have yet to issue an official statement regarding the incident.
However, one of Professor Ebeh’s colleagues expressed shock at the development, saying, “The kidnapping (of the professor) came to us as a shock. I have just visited his family to sympathize with them.”
By Kayode Sanni-Arewa
The Secretary to the Ondo State Government, Tayo Oluwatuyi, on Saturday died in an auto crash.
The SSG died in the crash which occurred while he was traveling from Akure, Ondo State capital, to Ibadan in Oyo State.
Confirming the incident, Ondo State Commissioner for Information, Wale Akinlosotu, stated that Oluwatuyi was hospitalised before he gave up the ghost.
“Hon. Oluwatuyi was a dedicated public servant whose unwavering commitment to administrative coordination, policy advisory, and implementation had a significant impact on Ondo State.
“Further details regarding memorial arrangements will be shared as they become available,” he added.
By Kayode Sanni-Arewa
Liverpool’s talisman, Mohamed Salah Hamed Mahrous Ghaly, popularly known as Mohamed Salah, has confirmed that the 2024–2025 football season will be his last season donning the shirts of Liverpool.
In an interview with Sky Sports, Mo Salah revealed that he is eager to win this year’s English Premier League title for the Reds to sign off his eight-year stay with the Merseyside based club.
Salah reflected on Liverpool’s previous Premier League triumph in the 2019-2020 season, noting that they were unable to celebrate it as they had hoped. Salah stated that he is determined to help the team win the title this year and celebrate in a manner worthy of their remarkable achievement.
He reflected on Liverpool’s previous Premier League triumph, noting that they were unable to celebrate it as they had hoped. Salah stated that he is determined to help the team win the title this year and celebrate in a manner worthy of their remarkable achievement.
“It’s probably because we didn’t celebrate the one we won in the way we wanted and also, coming back here too, it’s my last year in the club so you want to do something special for the city.
“We waited for that title for 30 years or so. So, to win it and it was the pandemic at that time, we didn’t really have time to celebrate it in the right way. It’s not a nice thing to do, so hopefully we can do it this year.”
“I really want to win the Premier League this season as it’s my last year at the club. I want to give something special to the City.” He said.
Mohamed Salah’s contract with Liverpool is set to expire at the end of the current season. He explained that although his agent, Ramy Abbas, and Liverpool are yet to reach any conclusive decision regarding a contract renewal, he remains focused and is not distracted by the off-field uncertainty.
“We are far away from any progress so we just need to wait and see.
“The thing in my head is ‘OK, if it’s my last six months, or last year, what do you want to see in the future? Do you want to look back and say I was concerned about the contract or I was stressed’ or do you just want to say ‘OK, I had an unbelievable season’.
“That’s in my head now. All the time now. If I feel that kind of distraction, I remind myself ‘You want to look back and you had an unbelievable season’. So that’s what I want to do.” He explained.
He has been in electric form this term, scoring 17 goals in 18 league games, while also registering 13 assists. He has won 9 trophies with Liverpool which includes 1 EPL title, 1 FA Cup, 2 EFL Cups, 1 FA Community Shield, 1 UEFA Champions League title, 1 UEFA Super Cup and 1 FIFA Club World Cup.
Source: Elvisanokyenews.com
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