Business
Kaduna Generates N17bn In Nine Months
Kaduna State Internal Revenue Service last Wednesday said it had generated N17 billion of the N50.2 billion targeted for the 2017 fiscal year.
Chairman of the agency,Alhaji Ahmed Murkhtar disclosed this in an interview with newsmen in Kaduna.
Murkhtar said the revenue was generated between January and September 2017, regretting that the amount was far below the agency’s target.
He, however, said that the agency would exceed the N23 billion generated in 2016.
According to him, the agency has set up a committee to recover about N500 million ground rent from 653 defaulters.
He said the agency would generate about N5 billion from ground rent and land use charge before the end of the year.
The chairman appealed to individuals and organisations to remit taxes as and when due to avoid embarrassment by officials of the agency.
He warned business owners against payment of cash to agency’s officials as the state government had abolished cash collections, adding that payments should be done through designated banks or Point of Sale Machines (POS).
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Sugar Tax ‘ll Threaten Manufacturing Sector, Says CPPE
In a statement, the Chief Executive Officer, CPPE, Muda Yusuf, said while public health concerns such as diabetes and cardiovascular diseases deserve attention, imposing an additional sugar-specific tax was economically risky and poorly suited to Nigeria’s current realities of high inflation, weak consumer purchasing power and rising production costs.
According to him, manufacturers in the non-alcoholic beverage segment are already facing heavy fiscal and cost pressures.
“The proposition of a sugar-specific tax is misplaced, economically risky, and weakly supported by empirical evidence, especially when viewed against Nigeria’s prevailing structural and macroeconomic realities.
The CPPE boss noted that retail prices of many non-alcoholic beverages have risen by about 50 per cent over the past two years, even without the introduction of new taxes, further squeezing consumers.
Yusuf further expressed reservation on the effectiveness of sugar taxes in addressing the root causes of non-communicable diseases in Nigeria.
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