The Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) says it will recover an additional N56.6 billion from five states and federal Ministries, Departments and Agencies (MDAs) in the ongoing tax liabilities recovery.
The Acting Chairman, Mr Shettimma Abba-Gana, made the remark in an interview with newsmen in Abuja, Wednesday.
He said the exercise covered between 2005 and 2015 across 30 states of the federation.
He said that the exercise, being carried out by the commission, had already uncovered N115 billion.
Abba-Gana said that monitoring and auditing were an ongoing exercise meant to discover and recover funds, collected and meant for the federation account.
“We always go back to monitor and audit and check if the right tax collected has been remitted.
“So, we find new taxes that have not been remitted or collected, and it’s good that we are doing this, and are finding uncollected and unremitted revenue.
“The exercise also has another benefit because it will serve as a deterrent to the agencies, tax payers or tax collectors, to be aware that sooner or later RMAFC will come.
“So, they might as well make sure they have got their books in order.’’
He added that the exercise was expected to bring about an increase in revenue collection and remittance.
Abba-Gana said there were sanctions for delays in the remittance of the revenues, but that they would only be applied where it was established that those delays were made on purpose.
“It is not going to be fair to say that some of these things are deliberate.
“They may be, but we have to give benefit of the doubt whether something was forgotten or maybe bureaucracy or wrongful applications or some mistakes have been made.
“They could be acts of deliberate attempts to evade or avoid paying the revenues, but it is always better to say there could be mistakes, forgetfulness or misapplication of the rates and things like that.
“So, when issues of deliberate attempts to not remit are found, definitely some agencies like the Economic and Financial Crimes Commission (EFCC) would have to be brought in, and sanctions would follow from there.
“There is a charge for delayed remittances but when a major problem is found, the EFCC will have to be brought in.’’
He also spoke about verification and reconciliation of revenue collections and remittances from collecting banks, on behalf of the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS).
Abba-Gana said that N6.4 billion was recovered between January 2008 and June 30, 2012, while the second phase that covered July 31, 2012 to December 31, 2015 recovered N40 billion.
He, however, said that an uncontested N7.9 billion had been established from the concluded reconciliations with the banks.
The RMAFC was established to monitor accruals into the federation account and the disbursement of revenue from it.
5 important things to know about trading in the stock market
As a person who is interested in the stock market, you probably know that it comes with a risk like any other financial decision.
Trading in the stock market can be a great way to gain financial success and diversify your investment portfolio. You can trade on the market on your own as well as with brokerage companies like HFM, which can become a reliable service provider in your activities.
But before you put down any amount of money, there are 5 key things you should keep in mind.
Let’s explore what is the stock market and what you should know about it together.
What is the stock market?
The stock market is a vibrant and reliable platform that ensures fair trade between buyers and sellers of securities. It allows them to discover the price of shares, serving as an indicator of economic conditions. All transactions are secure, liquid, and transparent thanks to continuous competition in the open market which safeguards fairness while providing great liquidity options.
5 things about trading in the stock market
Let’s take a closer look at some moments that are important for efficient trading in this financial market.
- Buy low, sell high
Despite the short-term downturn in oil prices, most consumers are still benefitting from cheaper fuel costs. However, any market dip is often seen as a sign of an impending bear market. In reality, though, stocks have historically been one of the best long-term investments and will likely continue to rise over time with or without intermittent corrections along the way.
- Think long-term
Trading on short-term earnings reports or data is not the best way to maximize profits as a trader. Instead, opportunities arise when a stock or sector that has been overlooked by the market shows resilience and delivers consistent returns in spite of economic conditions. An example is transportation stocks like airlines and railroads which can offer considerable gains when industry trends shift favorably.
- There is no certain metric
Professional and amateur traders alike all have their preferred methods when it comes to assessing stock values, from price-earnings ratios to dividend yields and profit margins. However, there is no single metric that can definitively distinguish between good stocks versus bad ones.
- Dividends are on your side
Dividend-paying stocks provide a degree of stability in comparison to other types of investments. However, caution must be taken when evaluating offers that seem too good to pass up – they may not hold their value as expected over time.
- Know what you need
The brokerage industry has become increasingly competitive, with firms vying to offer the best trading options. However, for most traders, their basic needs can be met by any provider. When placing an order it’s important to know what type you are entering. A market order will execute immediately at whatever price is available while limit orders only complete when within predetermined parameters.
In conclusion, trading in the stock market can prove to be a great opportunity if you make smart investments. Knowledge is key when it comes to successfully navigating the stock market, so always take the time to do your research and create an investment plan. Make sure that you understand where you want your money to go and how long you are willing to wait for a return on your investments.
NASS Asks CBN To Extend Deadline On Old Naira Notes By Six Months
The two chambers of the National Assembly have asked the Central Bank of Nigeria (CBN) to extend the deadline for acceptance of the old Naira notes.
The House of Representatives and the Senate in separate resolutions on Tuesday asked the CBN to extend the deadline till 31 July.
House of Representatives
The decision of the House to ask for the extension followed a motion of urgent public importance moved by Sada Soli (APC, Katsina) during plenary.
Moving the motion, Mr Soli said banking and other financial institutions are struggling to cope with the rush by citizens to change their old currencies to new notes. He said the shortage of new notes is creating panic.
“Banks and POS outlets are struggling with the shortage of the redesigned new Naira notes ahead of the CBN deadline of January 31, 2023, consequently making it difficult for them to comply with the CBN directives as regards availability of the new notes for customers.
“Despite several concerns and appeals by the National Assembly, the Governors Forum, the Bank Customers Association of Nigeria, and a host of other stakeholders in the country for the CBN to extend the period for the currency swap of the new Naira notes as well as review of the cashless policy, the CBN has remained adamant on the given deadline,” he said.
He stated that the CBN should instead phase out the old currency within a longer period, like a year adding that the policy must get the buy-in of the people for it to work.
He informed his colleagues that traders in Katsina State have started rejecting the old notes.
Speaking in support of the motion, Ahmed Jaha (APC, Borno), said the CBN has been making efforts in Borno State to swap the old notes for new ones, however, the efforts are not enough to meet the deadline.
He stated that the activities of Boko Haram insurgents have shut down banking operations in most parts of Borno State.
“I just came back from my constituency yesterday; I want to use this opportunity to commend the CBN for taking certain steps to address this issue in my constituency. As I am talking to you, CBN staffs have been in my constituency since yesterday. They went there with some amount to swap the little currency with people. It is a very good move but I also realised that the amount taken there is not enough to swap the available old currency.
“For the past 10 years, my constituency is (has been) operating without a single bank branch. People transact in cash,” Mr Jaha said.
FG Rakes In N11.5trn From Company Tax Under Buhari
A data report has revealed that the Federal Government under the present administration of President Muhammadu Buhari has made N11.5trillion from taxes paid by companies and business organizations.
The data from Company Income Tax (CIT) reports, which was published by the National Bureau of Statistics (NBS) between 2015 and 2022, showed CIT collected by the Federal Inland Revenue Service stood at N1.3tn when the President assumed office in 2015.
This amount dipped by 26 per cent in 2016 when the country’s economy went into recession due to a significant drop in oil prices.
It started an upward trajectory between 2017 and 2020, as the government generated a total of N5.3trillion during this period.
Companies Income Tax is a tax on the profits of incorporated entities in Nigeria. It also includes the tax on the profits of non-resident companies carrying on business in Nigeria.
The tax is paid by limited liability companies, inclusive of the public limited liability companies, and is commonly referred to as a corporate tax.
The CIT rate is 30 per cent for large companies (i.e. companies with gross turnover greater than NGN 100m), assessed on a preceding year basis (i.e. tax is charged on profits for the accounting year ending in the year preceding assessment).
According to the data, the highest contributors to the CIT were the manufacturing, Information Communication Technology and financial services sectors.
Also, a critical evaluation of 2022 CIT records showed a significant hike in taxes paid by companies across the board.
From the data, tax from firms in the information and communication sector rose by 158.51 per cent from N51.05bn in the third quarter of 2021 to N131.97bn in the corresponding period in 2022.
In the same vein, manufacturers paid the most taxes during the period in review, as the Federal Government increased the number of taxes collectable by the Federal Inland Revenue Services from 39 to 61 items.
Some of the new taxes as contained in the schedule to the taxes and levies (Approved list for collection) Act (Amendment Order), 2015, include: national information technology development levy, economic development levy, environmental (ecological) fee or levy; inter-state road taxes; mining, milling and quarrying fee; infrastructure maintenance charge; social services contribution tax, and wharf landing fee where applicable.
Others are entertainment tax, produce sales tax, property tax (where applicable); fire service charge; slaughter or abattoir fee, where state finance is involved, among others.
Further checks revealed that CIT paid by manufacturers increased by 52.3 per cent from N91.2bn paid in the third quarter of 2021 to N138.9bn in the corresponding quarter of 2022.
The scenario has created room where it appears the productive sector was being overburdened by taxes because of the government’s inability to widen the tax bracket and capture more taxpayers.
By: Corlins Walter
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