Connect with us

Economy

LIRS Shuts 34 Corporations and 23 Hotels for Tax Noncompliance

Published

on

tax relief

The Lagos State Internal Revenue Service (LIRS) has taken stern action against tax noncompliance, announcing the closure of 34 corporate organizations and 23 hotels for failing to remit Personal Income Taxes (PIT) of their employees and consumption taxes.

This move comes as part of a state-wide tax law enforcement exercise conducted by LIRS.

Monsurat Amasa-Oyelude, the head of corporate communications at LIRS, disclosed the shutdown in a statement.

Seyi Alade, LIRS’s director of legal services, made it clear that the tax liabilities of these establishments surpassed N356.12 million, emphasizing the significant revenue loss this noncompliance has caused the state.

While LIRS had previously reduced its enforcement activities to encourage voluntary taxpayer compliance, Alade revealed that certain companies and hotels chose tax evasion over cooperation.

Consequently, the renewed enforcement activities target these entities, including companies, restaurants, hotels, and event centers.

Alade pointed out, “These companies deduct PIT from their employees’ salaries at the end of each month and charge consumption taxes on goods and services purchased by customers. Unfortunately, some unpatriotic firms choose to withhold these payments, illegally converting the funds for their own use.”

In line with the statement, Alade stressed that failing to file tax returns or engaging in tax evasion are considered criminal offenses, which may lead to financial penalties and, in some instances, custodial sentences upon conviction.

Alade issued a stern warning that the enforcement exercise would be continuous, and all noncompliant companies, hotels, restaurants, and individuals in the state would be visited if they failed to rectify their tax positions promptly or comply with existing tax laws in Lagos.

This action reinforces the government’s commitment to upholding tax regulations and ensuring a fair and robust revenue system.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Economy

NLNG Boosts Cooking Gas Production to 1.5 Million Metric Tonnes Annually

Published

on

cooking gas cylinder

Nigeria Liquefied Natural Gas Limited (NLNG) has announced a significant milestone in its operations, boosting its annual production of liquefied petroleum gas (LPG), commonly known as cooking gas, to over 1.5 million metric tonnes.

This surge in production underscores NLNG’s commitment to meeting the rising demand for clean cooking energy in Nigeria.

The entirety of NLNG’s 1.5 million tonnes production is now being sold domestically within Nigeria.

Moreover, the company has initiated a landmark shift by starting to supply LPG in naira, moving away from the traditional practice of trading in United States dollars.

This move aligns with calls from stakeholders in the oil and power sectors advocating for naira transactions, especially amidst the challenges posed by currency fluctuations.

During a panel session at the 7th Nigeria International Energy Summit in Abuja, NLNG’s General Manager of Finance, Fatima Adanan, highlighted the company’s dedication to enhancing LPG penetration across the country.

Adanan emphasized NLNG’s vision to make Nigeria a better place by promoting the use of cleaner energy sources like gas.

While NLNG’s production surge is commendable, Adanan acknowledged that Nigeria’s LPG requirements surpass the current output, necessitating imports to bridge the gap.

However, NLNG remains committed to expanding its production capacity to meet the nation’s energy needs and drive increased adoption of LPG as a cleaner cooking fuel.

Continue Reading

Economy

CBN Raises Benchmark Interest Rate by 400 Basis Points to 22.75%

Published

on

Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has raised the benchmark interest rate by 400 basis points to a record 22.75%.

The decision made by the Monetary Policy Committee (MPC) comes amidst rising inflationary pressures and growing uncertainty in Africa’s largest economy.

Nigeria’s inflation rate rose to 29.90% in January 2024, the highest in over two decades while the nation’s unemployment rate quickened to 5% in the third quarter of 2023. Suggesting that the rising costs have continued to drag on both new job creation and the existing ones.

This coupled with a series of policy adjustments implemented by President Bola Ahmed Tinubu has plunged economic productivity and eroded consumer spending as citizens grapple with high fuel prices, electricity tariffs, a record-high foreign exchange rate, and insecurities.

Therefore, it is surprising that the Monetary Policy Committee (MPC) led by the CBN will further increase borrowing costs by 400 basis points at a time when job creation is paramount.

While the economy reportedly grew by 3.46% in the fourth quarter (Q4) of 2023 on the back of robust performance of the services sector, this growth is yet to crystalise as businesses and citizens have taken to the street protest against the harsh economic situation.

Economic experts have started questioning the data from the National Bureau of Statistics (NBS) given its lack of correlation between the data and economic reality.

 

Continue Reading

Economy

President Tinubu Unveils Geometric Power Plant in Aba After 20-Year Wait

Published

on

Geometric Power Plant

After two decades of anticipation, President Bola Tinubu, through his representative Vice President Kashim Shettima, inaugurated the long-awaited Geometric Power Plant in Aba, a significant milestone in the city’s quest for reliable electricity supply.

The event, which also saw the commissioning of three rehabilitated roads by Abia State Governor Alex Otti, symbolizes the culmination of years of perseverance and determination to transform Aba’s power landscape.

Addressing the audience, Vice President Shettima hailed the project as a testament to the power of visionary leadership and unwavering commitment to progress.

He said the Geometric Power Plant exemplifies the transformative impact of strategic infrastructure investments on local communities.

Governor Otti echoed similar sentiments, emphasizing the importance of the power project in positioning Aba as a hub for national and international business ventures.

He commended the efforts of Geometric Power Limited while urging them to uphold transparency and avoid exploiting consumers.

The inauguration of the Geometric Power Plant comes amidst growing concerns over Nigeria’s power infrastructure and the need for sustainable solutions to address electricity shortages.

The project, with a capacity of 188MW, holds promise for significant improvements in power supply across Abia State, benefitting nine out of seventeen local government areas.

The Managing Director of Geometric Power Limited, Ben Caven, underscored the scale of investment involved, totaling $800 million.

He highlighted the comprehensive nature of the project, which includes the installation of new power substations and a 27km natural gas pipeline, signaling a comprehensive approach to enhancing Aba’s energy infrastructure.

In conclusion, the inauguration of the Geometric Power Plant represents a transformative moment for Aba, offering renewed hope for economic growth and prosperity powered by reliable electricity supply.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending