Business
65%Companies Owe Two Years’ Tax Arrears – Okonjo-Iweala
Minister of Finance and
the Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, has said that 65 per cent of companies had not forwarded their tax returns in the last two years.
Okonjo-Iweala said this in Lagos at the Stakeholders’ Engagement Forum organised by the Federal Inland Revenue Service (FIRS).
She also said that 75 per cent of registered companies, especially Small and Medium Enterprises, were not in the tax net of the FIRS.
“This is a launch of our communications with tax payers to hear their ideas, we are accepting that there are areas we may need to hear and improve, but we also want to tell them what we are doing.
“We have engaged on a process of increasing our non-oil taxes, every Nigerian wants to see us depend less on oil, and more on the other resources of the economy.
“So we want to share with them that we are actually doing that work now, and that we want them to cooperate with us, let them be ambassadors for good tax compliance.
“And we wanted to share with them some of the findings because 65 per cent of companies have not filed their taxes for the past two years from the study that was done.
“A situation whereby 75 per cent of registered companies are not registered in the tax data, we need to step up our efforts.’’
The minister lauded Ogun State government for introducing tax compliance into its Civic Education, in the curricula of the primary and secondary schools.
According to her, the action will help in educating the younger generation about tax payment.
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
PHCCIMA Leadership Hails Rivers Commerce Commissioner for Boosting Business Ties …..Urges Deeper Collaboration to Ignite Economic Growth
