- FIRS Threatens to Sell Properties of Defaulting Tax Payers
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has said the federal government is processing court documents that will allow it sell properties of companies which have been evading taxes.
Speaking last Wednesday night on The Core, a Channels Television programme hosted by Kadaria Ahmed, Fowler said the N20 billion realised from the Voluntary Assets and Income Declaration Scheme (VAIDS) was paid by 262 people.
“We have identified properties worth N2 trillion that belong to corporate organisations that have never filed any tax and now we are in the process of getting a court order to start selling those properties if the owners do not come and pay the taxes,” the former Executive Chairman of Lagos Inland Revenue Service (LIRS) said.
He added: “And this is a programme we are going to roll out across the country and we’ve concluded in Kaduna and in Lagos, and we are going to other states.
“On the federal level, people have declared and paid N20 billion; and one thing I will let you know is that based on the experiences of other countries, usually, people wait till the last minute.
“In terms of applications received at the federal level, about 262 applications have been received. So far paid is N20 billion and people are still in the process of putting together their facts and in the next two or three weeks, the figures will be different.”
VAIDS offers a grace period of nine months from July 1, 2017, to March 31, 2018, for defaulters to voluntarily pay their taxes.
The government promises to waive penalties that should have been levied and the interest that should have been paid on overdue taxes.
Those who declare their tax obligations honestly will not be subjected to any investigation or tax audit after the grace period.
The programme also featured the Minister of Finance, Kemi Adeosun and other panelists.
Adeosun lamented the low tax compliance in the state, adding that there is no political undertone to the VAIDS programme.
She said an efficient tax system would ensure more revenue for the government.
Oil Prices News: Oil Gains Following Drops in US Crude Inventories
Oil Prices Gain Following Drops in US Crude Inventories and OPEC High Compliance Level
Global oil prices extended their 2 percent gains on Thursday after data showed U.S crude oil inventories declined last week.
The price of Brent crude oil, against which Nigerian oil is measured, gained 0.2 percent or 7 cents to $43.39 a barrel as at 12:10 pm Nigerian time. While the U.S. West Texas Intermediate (WTI) crude appreciated by 8 cent or 0.2 percent to $41.12 barrels.
Oil prices extended their three days gain after the American Petroleum Institute said the U.S crude inventories declined by 5.4 million barrels in the week ended October 9.
The report released after the market closed on Wednesday revealed that distillate stockpiles, which include diesel and heating oil, declined by 3.9 million barrels. Those stated drawdowns almost double analysts’ projections for the week.
“Much of the fall is due to the effects of Hurricane Delta shuttering U.S. production in the Gulf of Mexico, and as such, will be a transitory effect,” said Jeffrey Halley, senior market analyst, Asia Pacific at OANDA.
“Therefore, I am not getting too excited that a turn of direction is upon markets, although both contracts are approaching important technical resistance regions.”
Also, the report that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, referred to as OPEC+ attained 102 percent compliance level with their oil production cuts agreements bolstered global oil outlook. Suggesting that demands for the commodity are likely not growing and could drag down prices in few weeks, especially when one factor in the reopening of Libya’s Sharara oil field, workers returning to operation in Norway and the Gulf of Mexico.
Oil Prices Gain on Tuesday Despite Expected Surge in Global Oil Supplies
Oil Prices Rise Despite Expected Surge in Global Oil Supplies
Oil prices gained on Tuesday despite Libya opening Sharara oil field for production, labour in Norway reaching an agreement with oil firms to return back to work and oil workers in the U.S returning to the Gulf of Mexico region after the Hurrican Delta.
Brent crude oil, against which Nigerian oil price is measured, gained 1.77 percent to $42.46 per barrel as at 11:15 am Nigerian time on Tuesday.
While the US West Texas Intermediate (WTI) crude oil gained 2 percent to close at $40.22 per barrel.
The improvement in prices was after oil prices plunged as much as 3 percent on Monday following a resolution reached by Libyan rebels and government to commence oil production at the nation’s largest oil field, Sharara Oil Field.
This coupled with labour agreement with oil firms in Norway was expected to boost global oil supplies and eventually weighed on prices and disrupt OPEC+ production cuts strategy.
However, prices surged after Nancy Pelosi said she would commence talks on $1.8 trillion stimulus package following President Trump’s return to the White House after he was rushed to hospital following a positive COVID-19 test.
Joe Biden Win Could Boost Oil Prices, Says Goldman Sachs
Oil Prices to Surge Once Joe Biden Wins -Goldman Sachs
Goldman Sachs, one of the world’s largest investment banks, has said Joe Biden win could boost global oil prices despite weak global economic outlook and COVID-19 negative impacts on the world’s growth.
The investment bank, however, remains bullish on both oil and gas prices regardless of the election outcome in November.
The bank sees oil and gas demand rising enough in 2021 to supersede election results but explained that Biden win could bolster prices by making production more expensive and more regulated for producers in the U.S.
In a note written by the bank’s commodities team on Sunday, it said “We do not expect the upcoming U.S. elections to derail our bullish forecasts for oil and gas prices, with a Blue Wave likely to be in fact a positive catalyst.”
“Headwinds to U.S. oil and gas production would rise further under a Joe Biden administration, even if the candidate has struck a centrist tone.”
Goldman Sachs explained that if incumbent, Trump, is re-elected with pro-oil and gas policies in place that “its impact would likely remain modest at best,” Goldman’s analysts wrote, “given the more powerful shift in investor focus to incorporate ESG metrics and the associated corporate capex re-allocation away from fossil fuels.”
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