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Multiple Taxation Affecting Ease of Doing Business – ALTON

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  • Multiple Taxation Affecting Ease of Doing Business – ALTON

The Association of Licensed Telecommunications Operators of Nigeria has decried the negative impact of multiple taxation on business operations in the telecommunications industry.

The association said the Amended Taxes and Levies Order, 2015 failed to fix the taxable rates, which had led to the imposition of arbitrary levies and charges on telecom firms by state governments.

Rather than harmonising the taxes and levies, the Chairman, ALTON, Mr. Gbenga Adebayo, said that item 3 (b) of the Amended Schedule to the Taxes and Levies (Approved List for Collection) Act introduced new levies and taxes under items 12 to 25.

Adebayo said, while addressing journalists in Lagos on Tuesday, “ALTON is concerned that the Amended Taxes & Levies Order, 2015 engendered the institution of multiplicity of taxes across different tiers of government. The industry is also burdened with enactment of laws at the state government level to legitimise spurious levies and charges on our members, which negates the ease of doing business in Nigeria.

“It is disturbing that the entire instrument has given the state governments authorisation to coerce and disrupt the operations of our members in order to compel the payment of sundry levies, charges and taxes. Rather than the amended order addressing the issue of multiple taxation, it, on the contrary, increased the tax burden of our members and adversely impacted the ease of doing business in Nigeria.”

The ALTON chairman requested the intervention of the Minister of Finance, Mrs. Kemi Adeosun, to review the Amended Taxes and Levies Order, 2015, which he adjudged to be inimical to the normal operations of telecom operators.

Adebayo also called on the Federal Government to issue an executive order declaring telecom infrastructure as critical national security and economic infrastructure as prescribed in the Cybercrime Act, 2015.

According to him, this is in recognition of the important role the sector plays in socio-economic development and security of the country.

He stated, “Our industry supports many other economic sectors. We are also the first layer of critical infrastructure for socioeconomic development and security. It is pertinent to state that unless telecoms facilities have first level of protection by the government, it will be difficult to provide uninterrupted services to the citizenry.

“We commend the Nigerian Communications Commission for being in the forefront of making sure that the ease of doing business is achieved by all stakeholders in the industry.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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MTN Nigeria, Gameloft Partner to Increase Access to Variety of Exciting Games

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MTN Nigeria announced it has partnered with Gameloft, a leader in the development and publishing of games, to increase access to a variety of fun and exciting games online.

The telecommunications giant in collaboration with its new partner, Gameloft announced the launch of MTN Gameworld, a new gaming platform for its subscribers.

According to MTN, the new platform will allow the Nigerian growing gaming community access to a lot of unique games online through an extensive premium catalogue from Gameloft and other renowned publishers.

Commenting on the partnership, Srinivas Rao, the Chief Digital Officer, MTN Nigeria, said, “We are constantly seeking to deliver innovative products that support the aspirations of our customers, whilst delivering superior user experience. This partnership allows us to provide our customers with access to a variety of exhilarating games from Gameloft and other leading publishers at an affordable rate.”

MTN Gameworld will allow subscribed customers access to a variety of games, which they can play at subsidised data rates through the MTN Gameworld app. Android, iOS and Windows phone users can subscribe via SMS, app, web, USSD menu (*447#), 131 USSD menu and any other MTN customer channel.

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President Buhari Commissions 5,000bpd Modular Refinery Built in Imo State

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President Muhammadu Buhari on Tuesday commissioned the 5,000 barrels per day modular refinery built by Waltersmith Group in Imo State.

President Buhari, who commissioned the new modular refinery virtually, said the refinery will enable Nigeria to export petroleum products to neighbouring countries and other markets.

The 5,000 barrels per day Waltersmith Modular Refinery is the first phase of 50,000 barrels per day combined capacity plant planned for Imo State, according to the Group.

Buhari commended Waltersmith Group, an indigenous oil firm, and the Nigerian Content Development and Monitoring Board for the collaboration that led to the actualisation of the modular refinery.

President Buhari, therefore, directed the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation, the Department of Petroleum Resources and all other relevant government agencies to provide Waltersmith all the necessary support in terms of access to crude oil and condensate feedstock.

Buhari said, “We rolled out our refining roadmap in 2018, to address challenges in the downstream sector. After many years of government giving out modular refining licences without any coming on-stream, we are today seeing a commissioning within two years.

“The plan to commence the expansion of this refinery to 50,000bpd capacity, to refine crude oil and condensate, is a demonstration of the economic reform Nigeria is undergoing.

“The realisation of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products, not only to our neighbouring countries but to other wide markets,” he said.

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Elon Musk Net Worth Jumps by $100 Billion this Year to Topple Bill Gates, Mark Zuckerberg, Others 

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Elon Musk, the Chief Executive Officer and founder of Tesla, is now the world’s second-richest person following another surge in the price of Tesla share.

Musk total net worth jumped by $7.6 billion to $110 billion between November 16 and 17 to dethrone Facebook founder, Mark Zuckerberg, from the third position.

Since then, Tesla stock has been on a bullish run and in the last 24 hours added $7.24 billion to Elon Musk’s total net worth, according to Bloomberg Billionaire Index. Bringing the billionaire’s total net worth to $128 billion.

Elon Musk’s net worth rose from just $28 billion in January 2020 to $128 billion on November 24, 2020, representing an increase of $100 billion, the highest by any billionaire.

Musk has finally toppled Bill Gates as the second richest person and for the first time, Bill Gates is the third richest man in the world. This is the first time in almost 40 years that Gates will be in the third position.

Billionaires listed on Bloomberg Index have collectively gained $1.3 trillion this year.

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