National
Shehu Sani condemns murder of Kaduna ECWA pastor
Former Senator Shehu Sani, who represented
Kaduna Central in the 8th National Assembly, condemned the brutal killing of Reverend Dauda Bature of the Evangelical Church Winning All on Saturday (ECWA).
EVERY EDUCATIONAL NOLLYWOOD MOVIE ?
Buy & Sell On Oneplaine Marketplace
https://oneplaine.com/
Buhari’s Finance Bill Mandates Tax Number to Open or Continue to Operate Bank Accounts.
By Bada Yusuf Amoo ( Correspondent ) December 9, 2021
ABUJA — The Finance Bill 2021 proposed by President Muhammadu Buhari has made it mandatory for commercial banks to demand Tax Identification Numbers (TIN) from anyone who wishes to open bank account with them.
The bill also empowers the banks to demand TIN from existing customers if they wish to continue to operate their accounts.
This was stated by the Senate Leader, Yahaya Abdullahi, on Wednesday in his lead debate on the bill which was sent by President Buhari on Tuesday.
He said, “Banks will be required to request for Tax Identification Number before opening bank accounts for individuals, while existing account holders must provide their TIN to continue operating their accounts.”
He also said the bill made electronic mails as the only channel that tax authorities would accept as a formal means of correspondence with taxpayers;
He added that the proposed bill prescribes penalty for failure to deduct tax.
He said it would also apply to agents appointed for tax deduction.
He said it would also apply to agents appointed for tax deduction.
Abdullahi said, “This penalty is 10 per cent of the tax not deducted, plus interest at the prevailing monetary policy rate of the Central Bank of Nigeria.
“The conditions attached to tax exemption on gratuities have been removed.
“Therefore gratuities are unconditionally tax exempt.
“The duties currently performed by the Joint Tax Board as relates to administering the Personal Income Tax Act, will now be performed by the Federal Inland Revenue service.
“This seems to be an error in the process of amendments to replace the word “Board” as it appears in Federal Board of Inland Revenue.”
He said penalty for Value Added Tax late filing of returns increased to N50, 000 for the first month and N25, 000 for subsequent months of failure;
He said, “The penalty for failure to register for VAT is reviewed upwards to N 50,000 for the first month of default and N25,000 for each subsequent month of default.
“The penalty for failure to notify FIRS of change in company address to be reviewed upwards to N50,000 for the first month of default and N25,000 for each subsequent month of default.
“This penalty also covers failure to notify FIRS of permanent cessation of trade or business.
“Quite significantly, the Finance Bill seeks to introduce sweeping changes to the tax laws covering seven different tax laws.
“Many of the changes are expected to have positive impacts on investments and ease of paying taxes especially for MSMEs.
“Going forward, we hope that changes to the tax laws will be on an annual basis to ensure that Nigeria’s tax system continues to evolve in line with economic conditions”
On the Personal Income tax Act, the Senate Leader said amendment clarified that pension contributions no longer require the approval of the Joint Tax Board to be tax-deductible;
He said, “On the other hand, the bill seeks to remove the tax exemption on withdrawals from pension schemes except the prescribed conditions are met.
BREAKING!! We may never have a great president like Goodluck Jonathan
APC Senator shames President Buhari
You are praying everyday to leave Nigeria to a country that's not praying nor believe in prayers.
THE REASON WHY YOU ARE STANDING IS WHY I AM STANDING TOO, YOU PUSH ME DOWN AND YOU GO DOWN TOO.
Abuja minister holds event to stop indecent dressing by women
The Federal Capital Territory Administration has said the ongoing Miss Africa Pageant will further unite Africa, discourage indecent dress culture, promote tourism while empowering Africa women.
To this end, over 61 delegates from different African countries have arrived in Nigeria’s capital, Abuja, to participate in Miss Africa Pageant.
Receiving the delegates at the Nnamdi Azikiwe International Airport Abuja, the Secretary of FCT Social Development Secretariat, Mrs Hadiza Kabir, explained that the essence of the pageant was to discourage indecent dressing culture and to promote tourism potentials in the Federal Capital Territory.
Nigeria Police Wahala Ney Dey End
