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Firm Sues FIRS Over N127trn Liabilities

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A Swiss-based oil company, Trafigura Beheer B.V, yesterday, urged the Tax Appeal Tribunal, to declare that a company not registered in Nigeria cannot file tax returns to the Federal Inland Revenue Service (FIRS).
The company stated this in its appeal challenging the demand for payment of outstanding Tax liabilities dated Feb. 24, 2014 served on it by FIRS covering years 2010 to 2014 amounting to N127 trillion.
Trafigura an oil company was engaged in oil business transactions with Pipelines and Products Marketing Company (PPMC).
In a copy of the appeal made available to newsmen, yesterday in Abuja, the company alleged that it was not based in Nigeria, therefore, should not be liable to tax.
“The crude Oil Refined Products Exchange Agreements between the company and PPMC was for the exchange of crude oil free on board (FOB) delivered.
“And cleared for export at designated Nigerian port for refined product delivered CIF by the company with transfer of title passed upon delivery to or from the vessels.’’
The company alleged that this was not a permanent structure that would constitute a fixed base of business in Nigeria under the Companies Income Tax Act (CITA).
The appellant also alleged that FIRS misapplied the Companies Income Tax Act (CITA) when it found that the appellant cleared for exports from Nigeria.
“The appellant does not qualify under Nigerian law to file tax returns as it is not a Nigerian company and does not have a fixed base of business in Nigeria.’’
It also claimed that “under Nigerian law, the appellant is not a company to which a deemed income approach can be applied’’.
According to the company, the company does not derive any profit in Nigeria that will result in an obligation to file corresponding tax returns.
However, the FIRS stated in its letter that ‘Trafigura is engaged in oil business transactions with PPMC on regular basis and therefore liable to tax in Nigeria.
“The company is yet to file tax returns with FIRS
“Since the company’s financial statements were not available, deemed income approach has been used to arrive at tax liabilities of the company.
“Deemed tax rate of 6 per cent applied on the value of crude products which is 20 per cent deemed profit at 30 per cent tax rate.
The tribunal will hear the appeal on May 10.

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ECOWAS Parliament adopts $26m 2026 budget, announces 25th anniversary plans

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The ECOWAS Parliament has adopted a budget of 19,636,030 Units of Account (UA) (26 million dollars) for the 2026 fiscal year, and announced plans to commemorate its 25th anniversary in November.

The Speaker of the Parliament, Hadjia Memounatou Ibrahima, who announced this, said the development followed the recent conclusion of its 2025 Second Extraordinary Session in Port Harcourt, Nigeria.

She said the budget was adopted by the Parliament during plenary, stressing that, beyond being a mere accounting act, it was the engine of parliament’s commitment to West Africans.

”It will enable us to carry out our priority missions, including implementing the conclusions of the seminar on AI, while ensuring virtuous and transparent management of public funds entrusted to us.

”This budget represents a five per cent increase compared to the 2025 fiscal year budget, reflecting an upward adjustment of UA 939,233 from last year’s UA 18,996,897.

”Out of the budget of UA 19,636,030 for 2026, the sum of UA19, 368,394 representing 98.64 per cent is expected to be financed through the proceeds from the Community Levy, while UA257,636, equivalent to 1.36 per cent, will accrue from other sources,” Ibrahima said.

The News Agency of Nigeria (NAN) reports that the ECOWAS Community Levy is a mandatory 0.5 per cent tax imposed on goods imported into ECOWAS member states from non-ECOWAS countries.

Member states are under statutory obligation to pay the community levy, which is the main source of funding for ECOWAS institutions and their activities.

Ibrahima, however, expressed dismay that some members of the community were still defaulting on the payment of the levy, and warned that, going forward; such would be met with sanctions.

She also said that the commemoration of its 25th anniversary in November would highlight the ECOWAS Parliament’s achievements in deepening regional democracy, cooperation and growth, amid formidable challenges.

The Speaker described the forthcoming anniversary as “a chance to showcase resilience and chart a more innovative, youth-focused future for the community”.

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NIGERIA AT 65: FUBARA HARPS ON UNITY, PEACE

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The Governor of Rivers State, Sir Siminalayi Fubara, has begun the celebration of Nigeria’s 65th Independence anniversary with a Juma’at service where prayers were offered for the progress of the state and Nigeria.

Governor Fubara, who advocated for peace and unity of Nigeria during the prayers on Friday at the Rivers State Central Mosque, Port Harcourt, indicated that without peace, the accelerated development of Nigeria will remain in a limbo.

Governor Fubara, who was represented by Alhaji Abdurrazaq Diepriye, therefore urged citizens to remain patriotic.

According to him, “Allah has brought us this far. Without peace, we can not have progress and economic development. I call on all citizens irrespective of creed or tribe to remain patriotic.”

He thanked President Bola Tinubu for restoring peace in Rivers State while also using the forum to appreciate security agencies for their relentless effort in upholding the peace and unity of Rivers State and Nigeria.

 

The Chief Imam of Rivers State Central Mosque, Imam Ibrahim Yaloo, admonished Moslem faithful to always speak the truth, adding that those who obey Allah will be directed to good deeds and their sins forgiven.

 

Prayers were offered for Rivers State and Nigeria.

 

Other activities to mark the 65th Independence anniversary in the state include an Inter-denominational Church Thanksgiving Service on Sunday, 28th September and Parade Ceremony on Wednesday, 1st October.

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Shettima departs New York for Germany after UNGA engagement

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Vice-President Kashim Shettima departed New York on Sunday after representing President Bola Tinubu at the 80th session of the United Nations General Assembly.

In a statement released on Sunday by the VP media aide, Stanley Nkwocha, the Vice President is now headed to Germany, where he will hold strategic meetings with officials of Deutsche Bank.

The statement read, “Vice President Kashim Shettima has departed New York, United States, after successfully representing President Bola Ahmed Tinubu, GCFR, at the 80th Session of the United Nations General Assembly.

“During his participation at UNGA 80, VP Shettima secured UN Secretary-General António Guterres’ commendation for Nigeria’s bid for a permanent UN Security Council seat.

“He also showcased Nigeria’s $200 billion energy transition opportunity to global investors and strengthened strategic partnerships with the UK on trade, defence, and migration issues.”

Nkwocha added that the VP delivered Tinubu’s national statement, calling for UN reforms and a permanent seat for Nigeria at the UN Security Council, and “demanded Africa’s control over its $700 billion mineral wealth, and digital inclusion initiatives.”

“He also engaged with the Gates Foundation on healthcare and education expansion, positioning Nigeria as the natural hub for the African Continental Free Trade Area’s $3.4 trillion market.

“VP Shettima was seen off at John F. Kennedy International Airport, New York, by cabinet Ministers who were part of the UNGA 80 delegation and Nigerian Mission officials.”

The aide noted that Shettima will return to Nigeria immediately after his engagements in Germany.

The Tide source recalls that the VP departed Abuja, yesterday.

He led other Nigerian officials at the Assembly.

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