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FG to tax cryptocurrency, other digital assets in 2022 finance bill, says Zainab Ahmed

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Zainab Ahmed, minister of finance, budget and national planning, says there is a provision to tax cryptocurrency and other digital assets in the 2022 finance bill.

According to a statement released by Laolu Akande, spokesperson to Vice-President Yemi Osinbajo, Ahmed updated the national economic council (NEC) on the main features of the bill at an extraordinary virtual meeting on Thursday.

The minister said the proposed bill is anchored on five fundamental policy drivers.

She listed the drivers as tax equity, climate change, job creation/ economic growth, tax incentives’ reform and revenue generation/tax administration.

She said that the bill sought to amend relevant taxes, excises and duty statutes in line with the macroeconomic policy reforms of the federal government.

According to Ahmed, the bill also aims to amend and make further provisions in specific laws in connection with the public financial management of the federation.

She said other aspects of the finance bill include chargeable assets; exclusion of losses and replacement of business assets.

“For instance, under the Tax Equity pillar, all sectors of the economy would be brought into the tax net including Capital Gains Tax from digital assets, cable undertakings, lottery and gaming business,” the statement quoted Ahmed as saying.

“Similarly, under the Climate Change and Green Growth pillar of the bill, there would be incentives for the natural gas sector and discouragement of gas flaring.

“Under the pillar of Tax Incentives’ Reforms, there would be new deductions for Research and Development, and Investment Tax Credits; Reconstruction Investment Allowance; Rural Investment Allowance; Incomes in Convertible Currencies to be exempt, among others.

“Also the bill contains an amendment under Chargeable Assets stating that “subject to any exceptions provided by this Act”, all forms of property shall be assets for this Act, whether situated in Nigeria or not, including options, debts, digital assets and incorporeal property generally.”

The minister said the proposed bill clarified the taxation of cryptocurrency and other digital assets in line with the government’s policy thrust of enhancing cross-border and international taxation of growing e-commerce with emerging markets.

She said that by doing so, Nigeria would join the league of jurisdictions currently taxing digital assets, including the UK, the US, Australia, India, Kenya and South Africa.

After Ahmed’s presentation, the governors of Sokoto, Borno, Kaduna, Kebbi and Ogun states, among others, commented on the bill.

Following their comments, the NEC resolved to update the draft finance bill with additional inputs from state governors as the bill goes ahead to the federal executive council (FEC) before the president sends it to the national assembly.

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Helen Ukpabio demands N200bn damages in defamation suit against Bloody Civilian

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Helen Ukpabio, the founder of Liberty Gospel Church, has demanded N200 billion in damages from the singer Bloody Civilian after the latter alleged that she encourages child lynching.

Earlier on Friday, Bloody Civilian, born Emoseh Khamofu, had alleged that Ukpabio “literally made people burn their children alive”.

Khamofu commented on a post celebrating the cleric’s 60th birthday.

She also posted a YouTube documentary wherein Ukpabio’s methods and ideology were criticised.

Reacting to her tweet, Imabong, Ukpabio’s daughter, threatened to take legal action against Khamofu if she didn’t delete the post.

“I give you the next five hours to take this down, or I will educate you in court!” Imabong wrote.

But in a letter from her legal representative, Ukpabio described the allegations as “reckless, satanic, and libellous”.

She demanded that the singer issue a retraction and public apology on all social media platforms and ten national and international dailies within 72 hours.

The cleric also requested that the singer pay N200 billion as “damages for distress, trauma, pain and anguish”.

The letter added that the demands must be met in 72 hours.

She claimed the allegations had been investigated by the police and have been concluded to be “grossly false”.

“Our client’s attention has been drawn to your reckless, satanic, and libellous posts on X (formerly Twitter), one of the world’s largest social media platforms,” the letter reads in part.

Responding to the letter, Blood Civilian made light of it by teasing that she is offering other services like comedy to afford the damages.

“This December I will be adding the following to my services: weddings, standup comedy and settling disputes,” she wrote.

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Plantashun Boiz attempted reunions failed because I wasn’t invited, says Blackface

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Blackface, the Nigerian dancehall singer, says Plantashun Boiz, a defunct music group, multiple attempts to reunite failed because he was not included.

Formed in 2000 with 2Baba and Faze, Plantashun Boiz disbanded in 2004 but briefly reunited in 2007 for an album.

In a recent episode of the ‘Curiosity Made Me Ask’ podcast, the host asked Blackface if there was any chance that the group might come back together.

The singer disclosed that his colleagues had attempted to reunite without him but were unsuccessful.

“Without me, they have tried and they have failed. Many times. You saw them in all those shows that they were going,” he said.

“They tried but they failed. But what I must say is I’m the plantation. So let it be known. Forget the fake memo that they spread before.”

In September, Blackface called for the reunion of the defunct music group.

He urged fans to join the mission, emphasising that “unity is strength, not division”.

“My people oya make una talk put mouth for this matter! We are on a mission for world peace and it’s not a small-time thing,” he said in pidgin English.

Since 2015, Blackface constantly tackled 2Baba for recording 2004 hit ‘African Queen’ which he claimed he wrote.

In 2017, he argued that 2Baba “sabotaged” his career in the music industry.

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Despite feud, Peter Okoye celebrates Paul on 43rd birthday

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Peter ‘Mr P’ Okoye, the Nigerian singer, has celebrated Paul ‘Rudeboy’ Okoye, his twin brother, on their 43rd birthday amid their ongoing feud.

The twin brothers have been in the public eyes since their second fallout in August.

They had their first rift in 2017 which led to the dissolution of Psquare, their music brand. Though they reunited in November 2021, their reconciliation was short-lived.

Paul recently revealed another fallout, accusing Peter of orchestrating his arrest by the Economic and Financial Crimes Commission (EFCC).

Peter, however, denied the allegations and accused Jude Okoye, their older brother, of diverting millions of dollars from their joint account into a secret company.

Responding to the accusations, Jude said he had done everything possible, even “sacrificing himself,” to mend the rift between his brothers.

In an Instagram post on Monday, Peter shared several photos showcasing their growth over the years.

He also celebrated their birthday while wishing himself as well as his twin brother more wins.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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