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The House of Representatives Public Accounts Committee (PAC) has given the management of the 17 subsidiaries of the Nigeria National Petroleum Corporation (NNPC) a 7-day ultimatum within which to appear before it over the non-rendition of the financial accounts of the affected agencies over the years to the office of the Accountant General of the Federation.
The Chairman of the Committee, Hon Busayo Oluwole Oke, (PDP-OSUN) who gave the order on Friday following the absence of the Managements of the Agencies at the resumed investigative hearing on the queries raised against the Ministries, Departments and Agencies (MDAs) of the Federal Government on non-rendition of their financial accounts, declared that failure to appear before the Committee would lead to the issuance of bench warrant of arrest against them.
Auditor-General Indicts MDAs for Improper Spending of N105 66bn thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.
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Finance Act (2020): Fallacies in FIRS’ new powers over SMEs
On
By Innocent Okwuosa
IT is no longer news that the Finance Act (2020), which was signed into law on December 31, 2020 by President Muhammadu Buhari, came into effect on January 1, 2021. What is trending news now, is the realisation that the Act may have introduced about 80 changes to 14 different laws that will affect Nigerians in their different economic endeavours.
These changes, according to commentators, will affect individuals when it comes to the tax they pay, be it income tax or VAT on purchases. The changes will affect big companies as well as small companies. Being an accountant, I am interested in FIRS and the prescription of alternative accounts for small and medium entreprises, SMEs.
Sometime ago, I published
Musings I). Originally published in my Taxspectives column in Why
Government Must Acquire a Business Mindset. ), it is
also available as a
LeLaw Thought Leadership Insights
piece amongst others at: www.lelawlegal.com. Subsequently, the
Nigerian Immigration Act, No. 8 of 2015
(IA), was enacted, repealing its predecessor,
IA,
The
Immigration Regulations 2017 issued pursuant to the
IA followed; and most recently, the
Ministry of Interior (MoI) s
Citizenship and Business
Department issued the
Handbook on Expatriate
Quota Administration (Revised 2020) (the
Handbook).
This sequel takes up my argument in
Musings
I that the requirement of Business Permit (BP)
inter alia:
“The services currently available are:
2.1 Grant of [BP]: This is a certificate issued on the authority of the Minister of Interior to wholly foreign owned
or joint venture companies intending to do business in Nigeria to enable them operate legally. The certificate remains valid as long as the company’s operations does not infringe upon the law of the land which may lead to its revocation.
2.2 Amendment of [BP]: This is a facility in which a certificate is issued to reflect changes in a Company’s details/information.”
Its
“[BP] is granted to
N10 million
Para 4.0
(Specific Requirements) sets out that