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Published 31 January 2021
The Vice-Chairman, Senate Committee on Customs and Excise, who is also a retired Deputy Comptroller General of the Nigerian Customs Service, Senator Francis Fadahunsi, tells SUNDAY ABORISADE why the National Assembly must stop the planned concession of the agency, among other issues
T
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Nigerian Customs Service is a major revenue-generating agency in the country but you always complain that it is not generating enough revenue. What really is the problem?
If the Nigerian government wants the Nigerian Customs Service to generate N4trn every year, it is possible but the agency must be adequately funded. There must be proper monitoring of its activities and operations. Also, the government has to change the leadership of the NCS. Government should look for a well-trained professional who would be able to deliver. A soldier cannot do the job at all. No soldier can deliver the task of generating revenue at the NCS.
PHCN Privatization: How FG lost N387m tax to Canadian company Senate
On
By Henry Umoru
THE Senate has uncovered how the Federal government lost N387 million, withholding Tax to Canadian Company , CPCS Transcom Limited, during the privatization of defunct Power Holding Company of Nigeria (PHCN).
The Senator Urhoghide led Committee is relying on the query raised by the Office of the Auditor General of the Federation in the 2015 report and brought before it for probe and subsequent presentation to the Senate at Plenary.
According to OAUGF, CPCS Transcom Limited was appointed as sole consultant Privatization Advisory Services of the Distribution and General Company created out of PHCN in December, 2010 at the cost of 1% of the proceeds of the sale of minimum of 51% of FGN’s equity holding in the successor companies (SCs).
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Summary
On 31st December, 2020, President Muhammadu Buhari signed the
Finance Bill, 2020 (now Finance Act) into law. The Finance Act,
2020 (the Act), which has a commencement date of 1st January 2021,
was signed into law alongside the 2021 Appropriation Bill (now
Appropriation Act). The Act introduces significant changes to a
number of tax and regulatory laws in Nigeria including the
introduction of COVID-19 incentives alongside other changes.
Details
In December 2020, President Muhammadu Buhari transmitted the
Finance Bill, 2020 to the National Assembly for consideration and passage
into law in support of the 2021 Appropriation Bill. Subsequently,
New Finance Act Exempts Nigerians Paid N30,000/Month From Personal Income Tax
The Act also addresses other economic and financial activities, including operation of companies in free trade zones, import and export duties and agricultural production.
by SaharaReporters, New York
Jan 07, 2021
Nigerians receiving N30,000 per month as salary or income have been exempted from paying personal income tax, according to the new Finance Act 2020.
The latest Finance Act also stipulates that airline passengers using commercial flights will have their tickets exonerated from Value Added Tax.
A tax expert, Taiwo Oyedele, tweeted about the new development on finances and tax on Wednesday.