Business

FIRS and Lagos state government sign MoU to establish joint tax audit system

Published

2 years ago

February 7, 2023 8:21 am

BodexNG

The Federal Inland Revenue Service (FIRS) has signed a memorandum of understanding (MoU) with Lagos to establish a joint tax audit system.

Speaking on Monday during the signing of the MoU, Babajide Sanwo-Olu, Lagos governor, said the initiative would address duplication of efforts and facilitate exchange of data that are relevant to enforcement of extant tax laws.

Sanwo-Olu described the collaboration as “epoch-making”, saying the conversation for the harmonisation of the two agencies’ mandates started about a year ago.

In 2021, the federal government and Lagos clashed over the collection of value-added tax (VAT) in the state.

Sanwo-Olu signed into law a bill seeking to empower the state to collect value-added tax (VAT) — following the Rivers state’s VAT law.

The bill sought to empower the Lagos government to collect VAT in the state instead of (FIRS), an agent of the federal government.

Further commenting on the latest development, Sanwo-Olu said there is a need to forge a common front in widening the tax net to raise the country’s tax to gross domestic product (GDP) ratio.

He said Nigeria had maintained an unimpressive tax to GDP ratio of between 6 to 8 percent, despite the yearly record-breaking turnovers by both FIRS and the Lagos Internal Revenue Service (LIRS).

This, the politician said, has mounted pressure on the nation’s resources and created an imbalance in government’s expenditure.

“Studies have shown that there would be better service delivery to the citizens and improvement in efficiency of tax collection when the two agencies work together,” Sanwo-Olu said.

“The cost of tax collection would be reduced, we would see better customer satisfaction and more resources would be generated for the government to deliver more dividends of democracy.

“For us as a state, we are humbled by this collaborative effort and we believe our citizens will be the ultimate beneficiaries of this initiative.

“The MoU is in the best interest of the public, as it affirms the reason why we need to come together and strengthen the cordial working relationship between the two agencies.”

Also speaking, Muhammad Nami, FIRS chairman, said the MoU would help both agencies to build capacity in respective areas of specialisation.

Business

Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

Published

19 hours ago

November 25, 2024 1:29 pm

BodexNG

The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

Business

Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers

Published

22 hours ago

November 25, 2024 11:01 am

BodexNG

The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.

This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.

The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.

Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.

“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

Business

Allegation of missing fund untrue, says Access Bank

Published

23 hours ago

November 25, 2024 9:16 am

BodexNG

Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.

The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.

“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.

“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.

“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.

“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.

“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.

“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.

“We remain committed to serving our customers.”

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