Business
LCCI Decries Directive To Freeze Tax Defaulters’ Accounts
Following the moves by the Federal Inland Revenue Service (FIRS) to freeze tax debtors accounts, the Lagos Chambers of Commerce and Industry (LCCI) has said that such moves will cause damages to the nation’s economy.
Commenting on the directive, while speaking to newsmen in Lagos, Monday, the Director-General of LCCI, Muda Yusuf said the directive is damaging to Nigeria’s economy.
“The attention of LCCI has been drawn to the recent decision of FIRS to appoint banks as collecting agents and subsequent freezing of the accounts of tax payers considered to be in default of tax payment.
“Such an account will be debited to the time of the alleged tax debt. It gives FIRS power to appoint collection agent for the recovery of tax payable by the defaulting tax payer.
“Under the provision, such an agent will be mandated to pay any tax payable by the tax payer from any money held by the agent on behalf of the taxpayer.
“This provision is draconian and can be used as a tool of intimidation, coercion and harassment of taxpayers. It should be invoked with utmost discretion and caution as the case may be,” he said.
The DG also said that the freezing of customers’ account raised concerns on whether the claim of tax liability by the FIRS of the affected investors applies to a final and conclusive assessment.
According to him, it also raises concern on which should be an outcome of an exhaustive engagement between the tax authorities and the taxpayer, among others.
“There is no evidence that this has happened in some of the cases to which this provision has been invoked”, Yusuf said.
He noted that the timing is wrong, as many investors are reeling under the huge burden of the high cost of doing business, and identified other factors as grappling with high energy cost.
Business
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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
