- TCN Workers Vow to Resist Power Transmission Shutdown
Workers at the Transmission Company of Nigeria on Wednesday vowed to maintain stiff resistance against the move by the Trade Union Congress to shutdown the electricity transmission arm of the country’s power sector.
It was observed on Wednesday at the headquarters of the TCN in Abuja that employees of the transmission company had been on the alert since Monday after members of the TUC stormed the various offices of the TCN in many parts of the country to halt operations at the firms.
The Chairman, Senior Staff Association of Electricity and Allied Companies, TCN Branch, Abidemi Dairo, told our correspondent that although he and some other employees of TCN sustained injury during the picketing of their office by TUC members, workers at the transmission company would not be deterred in resisting plans to halt power transmission.
“Yes, I was injured when they (TUC) came to picket our headquarters as well as other stations on Monday. But what I want you to know is that we will continue to mount stiff resistance to such actions that aim to shutdown our operations,” he said.
The National President of TUC, Bobboi Kagama, had led members of the union to picket the transmission company in Abuja on Monday.
Kagama stated that the labour union decided to shut down the country’s transmission company because for some time now, workers of the firm had been subjected to inhumane treatment by their management.
He stated that despite the interventions of labour, the TCN management had continued to disregard the Nigerian workers at the firm, adding that the TUC would not accept such unwholesome acts against staff by the transmission company.
The TUC alleged that the Managing Director of TCN, Usman Mohammed, was an agent of foreign donors and on a mission to wind down the transmission company’s operation as a government-owned firm by planning to downgrade and reduce the number of regions of the company.
“He (Mohammed) started by seeking to compromise union leaders in the sector that have opposed his rascality and refused his offers,” Kagama stated.
He said it was on that note that the TUC directed its members to solidarise with the workers and ensure a total shutdown of electricity transmission across the federation through the picketing of TCN offices nationwide on Monday.
On Monday that the TUC asked Nigerians to look for alternative power source beginning from Tuesday, following the union’s plan to shut down the electricity transmission arm of the power sector.
But Dairo refuted the claims of the TUC president and stated that “all the allegations against TCN management, as made by the TUC, are false.”
He added, “It is unfortunate that the TUC president is being fed with wrong information about the happenings here in TCN and we have approached him several times to try and make him understand that there is no disharmony in the transmission company and, as such, there is no need to shut down the company.”
Also, the TCN described the protest and planned shutdown of its operations by the TUC as ill-motivated, stressing that it was wrong for the labour union to claim that there was industrial disharmony in the transmission company.
The General Manager, Public Affairs, TCN, Ndidi Mbah, told our correspondent that there was no iota of truth in the statement credited to the labour union that there was industrial unrest in the company.
The transmission company stated that “TUC was ill-informed by Chris Okonkwo, the current president of the Senior Staff Association of Electricity and Allied Companies, having lost the support of TCN staff in his bid to use the association to advance his selfish interest.”
It added, “TCN management believes that the TUC, unknown to the union, is being used by unpatriotic elements. The TUC, as a law-abiding organisation, is expected to find out why Okonkwo could not secure the support of TCN staff, the NUEE (National Union of Electricity Employees) or SSAEAC TCN Branch before accepting to lead the picketing of TCN.”
TCN stated that it was unfortunate that the union picketed the transmission company despite being served an order from the Industrial Court of Nigeria in suit No. NICN/ABJ/121/2019, which restrained the TUC “from picketing or any industrial action, or further industrial action against the claimant pending the hearing and determination of the Motion on Notice.”
The Highest Corporation Taxes Around the World and the Main Drivers Behind them
Taxes Pay by Corporation Around the World and the Main Drivers Behind them
While corporation tax rates are influenced by the country’s definition, there’s clearly a pattern with developing countries and emerging economies paying higher rates to sustain the country.
The top five richest countries in the world’s corporation tax are relatively varied, with Luxemburg standing at 27.08%, Norway at 22%, Iceland at 20%, Switzerland at 18% and Ireland at 12.5%. It would appear that some countries’ cultures factor into how much tax they pay. For example, Scandinavian countries are proud to pay higher taxes to contribute to social welfare.
On average, Africa has the highest corporation tax rate throughout the world’s continents at 28.45% and South America, the second highest with an average rate of 27.63%. However, Europe stands at the lowest rate of 20.27%. Does this contradict the claim that developed countries pay higher tax?
OECD explained that corporation tax plays a key part in government revenue. This is particularly true in developing countries, despite the global trend of falling rates since the 1980s. Let’s take a closer look at two continents, South America and Africa, paying the highest corporation tax rates in the world.
South America has most countries in highest corporation tax top 10
According to data analysed, Brazil and Venezuela have the highest corporation tax at 34%, followed closely by Colombia at 33%, and Argentina at 30%, making South America the continent with the most countries in the top 10 who pay the highest corporation tax.
It is unclear whether South America, as an emerging continent, is charging higher taxes in order to raise government revenue or to benefit from businesses that are looking to expand internationally and enter new markets. According to research, South America is becoming a popular choice for business to enter, with strong trade links and an advantageous geographic location. Indeed, South America is a large continent where some countries are business friendly and others are harder to penetrate.
Africa: the continent with the highest average corporation tax
Being the poorest continent in the world, Africa unsurprisingly has the highest average corporation tax at 28.45%. With the highest in this data being Zambia at 35% and the lowest being Libya and Madagascar at 20%, South Africa stands roughly in the middle at 28%, slightly above average for Africa overall. Does this mean that South Africa is the safest bet for business?
South Africa is one of Africa’s largest economies, with 54 diverse countries in terms of political stability, development, growth, and population. As South Africa has been a relatively slow growth area over the years, corporation tax dropped from 34.55% in 2012 to the current rate — but was this effective? GDP in South Africa has fluctuated quite dramatically since the 1960s. Business favours countries with political stability, which is something South Africa doesn’t currently have. Furthermore, South Africa’s government debt to GDP sits roughly in the middle of the continent’s countries — is this influencing their corporate tax rate?
|Puerto Rico||North America||37.5|
|Sri Lanka||Asia Pacific||28|
|New Zealand||Asia Pacific||28|
|South Korea||Asia Pacific||25|
|United States||North America||21|
|Saudi Arabia||Middle East||20|
|Hong Kong||Asia Pacific||16.5|
Lucy Desai is a content writer at QuickBooks, a global company offering the world’s leading accountancy software.
Nigeria’s Crude Oil Production Declined to 1.31mbpd in September
Nigeria’s Crude Oil Output Declined from 1.37mbpd in August to 1.31mbpd in September
The Organisation of the Petroleum Exporting Countries (OPEC) reported that Nigeria’s crude oil production declined by 58,000 barrels per day in the Month of September when compared to the nation’s oil production of August.
In its latest oil market report, the cartel said Nigeria produced 1.37 million barrels per day in the month of August but that number declined by 58,000 to 1.31 million barrels per day in September. Bringing the total decline for the 30 days of september to 1.74 million barrels.
On oil price movement in September, the organisation said prices settled lower in the month under review after four consecutive months of gains.
OPEC Reference Basket declined by 8.1 percent or $3.65 in September to $41.54 per barrel, while it moderated to $40.62 per barrel from the year-to-date.
Commenting on the recent changed in Nigeria’s monetary policy rate, the oil cartel said “the recent cut is a part of the policy to continue supporting the economy that plunged 6.1 per cent in the second quarter hit by the global pandemic.
“Nevertheless, Nigeria’s annual inflation rate surged to the highest rate since March 2018 in August 2020, as it rose to 13.22 per cent year-on-year from 12.82 per in in July.”
Oil prices sustained bullish trend on Thursday after data showed U.S oil inventories declined last week.
Global Economy to Lose $28 Trillion in Five Years -IMF
International Monetary Fund Says Global Economy May Lose $28 Trillion in the Next Five Years to COVID-19
The International Monetary Fund (IMF) has said the world’s economy may lose as much as $28 trillion to COVID-19 in the next five years.
The Fund’s Managing Director, Kristalina Georgieva, disclosed this during her opening remarks at the annual general meeting conference held on Wednesday.
She said “The picture over the last few months has become less dire, yet we continue to project the worst global recession since the great depression.
“Growth is expected to fall to -4.4 per cent this year. And over the next five years, the crisis could cost an estimated $28tn in output losses.
“At the same time, we can see stars shining above us. We see unprecedented efforts in vaccine development and treatment.
“We see extraordinary and coordinated fiscal and monetary measures putting a floor under the world economy. And the world is starting to learn how to live with the virus.
“While there is tremendous uncertainty around our forecast, we project a partial and uneven recovery in 2021, with growth expected at 5.2 per cent.”
“As I said in my curtain raiser speech, all countries now face a “long ascent”—a journey that will be difficult, uneven, uncertain, and prone to setbacks.
“Think of how the virus is resurging in a number of countries.”
She also made recommendations, the managing director explained that an unusual crisis requires an unusual approach and solution.
Georgieva said, “In our Global Policy Agenda, which we are releasing today, we outline the measures we believe are needed to overcome the crisis and build a brighter future. Let me highlight three priorities:
“First—continue with essential measures to protect lives and livelihoods.
“A durable economic recovery is only possible if we beat the pandemic everywhere. Stepping up vital health measures is imperative.
“As is fiscal and monetary support to households and firms. These lifelines—such as credit guarantees and wage subsidies—are likely to remain critical for some time, to ensure economic and financial stability.
“Pull the plug too early, and you risk serious, self-inflicted harm.”
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