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Nigeria To Implement AEOI By 2020 – FIRS Boss

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  • Nigeria To Implement AEOI By 2020 – FIRS Boss

The Executive Chairman, Federal Inland Revenue Service, Mr. Tunde Fowler has disclosed that Nigeria will implement the first Automatic Exchange of Information (AEOI) standard by September 2020.

Fowler, who stated this on Wednesday during a meeting with tax experts across the globe, revealed that the nation loses about $15 billion to tax evasion annually.

The AEOI is the exchange of information between countries without having to request it. AEOI exists to reduce global tax evasion.

The meeting focused on ways to combat offshore tax evasion through the exchange of information regime.

According to him, the present administration is committed to improving transparency in tax administration, increased tax revenue collection, enhanced effectiveness and efficiency in service delivery.

He noted that there was a direct connection between tax compliance, domestic tax investigation, tax audit, information-gathering framework and the international infrastructure for the exchange of information among tax authorities.

“Nigeria had demonstrated her commitment to improve transparency around tax matters when she signed a declaration and joined the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information on August 17, 2017.

“Furthermore, to facilitate the process of implementing the Automatic Exchange of Financial Account Information under the Common Reporting Standard (CRS), Nigeria published the AEOI regulations in the official gazette of the federation,” Fowler said.

The FIRS boss stated that Nigeria has finalised and issued CRS guidelines, constructed and finished a dedicated building for the operation of the AEOI and put in place the necessary Information and Communication Technology (ICT) infrastructure to operationalise the AEOI processes.

“Nigeria has done all these to enable us to conduct the first exchange of information under the automatic exchange of information regime by September 2020.”

He advised ECOWAS sub-region on the implementation of the AEOI to tackle challenges of international tax avoidance, tax evasion, illicit financial flows, money laundering and other harmful tax practices, urging them to take “necessary steps to do so, especially as the automatic exchange of information portend huge benefits for domestic resource mobilisation.”

Finance

Banks’ Credit to Economy Hits N19.33 Trillion in August

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Godwin Emefile

Deposit Money Banks Credit to Economy Rose to N19.33 Trillion in August

The total credit facility to the economy rose to N19.33 trillion in the month of August.

The Central Bank of Nigeria-led monetary committee disclosed on Tuesday after the nation’s monetary policy committee meeting.

The committee attributed the improvement to the 65 percent loan-to-deposit ratio policy implemented to compel the nation’s deposit money banks to join central bank efforts at growing the real sector of the economy.

Godwin Emefiele, the Governor of the Central Bank of Nigeria, who spoke during the meeting said “The bank’s policy on Loan to Deposit ratio also resulted in a significant growth in credit to various sectors from N15.57tn to N19.33tn between end-May 2019 and end-August 2020, an increase of N3.77tn.

“This growth in credit was mainly to manufacturing (N866.27bn), consumer credit (N527.65bn), oil and gas (N477.65bn), agriculture (N287.11bn) and construction (N270.97bn).”

On monetary aggregates, broad money supply (M3) rose to 6.93 per cent (year-to-date) in August 2020 from 5.23 per cent in July 2020, reflecting the increase in both Net Foreign Assets and Net Domestic Assets.

He said total domestic credit grew by 6.94 percent in August 2020, lower than the 9.43 percent recorded in July 2020.

The committee reduced the nation’s benchmark interest rate by 100 basis points to 11.5 percent, down from the previous 12.5 percent.

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Emerging Cities Take on Established Hubs for Graduates Seeking a Career in Finance

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youth

Graduates Seeking a Career in Finance Prefer Dubai to Start Their Career

Dubai is the number one global destination for graduates who successfully complete the flagship graduate programme at one of the world’s largest independent financial advisory organisations.

On passing the intensive scheme, deVere Group routinely asks graduates in which location within the Group’s global network of offices they would like to start their international financial services career. This year, 36% have responded with Dubai.

The second most popular is London (25%); Hong Kong is third (14 %); Mexico City is fourth (13%) and Moscow is fifth (6%).

The remaining 6% is made up of other destinations including Shanghai, Geneva, Paris, and Abu Dhabi.

deVere Group CEO and founder Nigel Green comments: “This survey highlights that the next generation of financial services professionals are open to look beyond the traditional and more established global financial hubs.

“The order of the top destinations changes with each group of grads we take on, but Dubai, London, and Hong Kong are typically in the top five somewhere.

“This is because, quite understandably, these global hubs of finance, commerce and technology represent centres of enormous possibilities for ambitious individuals about to embark on careers as international wealth-advisory and fintech professionals.

“There are some common traits amongst these cities, including that English is commonly spoken, they are politically and economically stable, there is a high level of internationally-minded high net worth individuals, and by relocating to these places one can usually expect comparatively high financial rewards.”

He continues: “What is different this year is that for the first time emerging financial hub cities are making the top five. Mexico City and Moscow are now actively competing for top talent with well-established international financial centres like Shanghai, Geneva and Tokyo.

“All these global destinations are unique and differ from each other in terms of the lifestyle they offer and in terms of clients’ expectations, economic environments and regulatory conditions.

“With each of the top five cities offering unique opportunities and challenges, each one attracts grads who have often quite markedly different strengths and weaknesses, skill sets and aspirations,” notes Mr Green.

“The results of this survey suggest that despite the pandemic, talented young people seeking a rewarding career are keen to look for opportunities internationally.”

The deVere CEO concludes: “With a globally-focused outlook from the wealth advisers and fintech professionals of the future, we can expect this trend of emerging hub cities to take on stalwart destinations to continue for the foreseeable future.”

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Adesina, Godwin Emefiele, Others to Deliver Keynote Address at ASA 2020

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Akinwumi Adesina

Adesina and Godwin Emefiele to Deliver Keynote Speech at Agriculture Summit Africa (ASA) 2020

The President of the African Development Bank (AfDB), President Dr. Akinwunmi Adesina, is expected to deliver the keynote address at the 2020 Agriculture Summit Africa (ASA) holding this week.

The yearly summit organised by Sterling Bank is titled ‘Fast forward agriculture: Exploiting the Next Revolution’ this year.

According to the organisers, participants were expected to log in online while a few others would be in Lagos and Abuja studios.

In a statement released on Tuesday, Yemi Odubiyi, the Executive Director of Corporate and Investment Banking, Sterling Bank said other dignitaries were expected to deliver goodwill messages at the summit.

Some of the names mentioned were the governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele; Minister of Agriculture and Rural Development, Alhaji Muhammad Sabo Nanono; Cross River State Governor, Prof. Ben Ayade; his Kebbi counterpart, Senator Atiku Bagudu; and the Oniru of Iru Kingdom, Oba Abdulwasiu Omogbolahan Lawal.

Director, Advocacy and Country Alignment Function (ACAF), Director-General’s Office, International Institute of Tropical Agriculture (IITA), Dr. Kwasi Attah-Krah, is expected to deliver another keynote address on the second day.

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