Business

Offshore Tax Havens No Longer Offer Protection – Adeosun

Published

7 years ago

November 7, 2017

…Ministry to Crosscheck Tax Declarations By Nigerian Users of Offshore Tax Havens

The Honourable Minister of Finance, Mrs. Kemi Adeosun, advised Nigerians to review any existing tax planning schemes, including those in offshore tax havens, in order to take advantage of the Voluntary Assets and Income Declaration Scheme (VAIDS) to regularise their tax status where necessary.

The Minister gave this advice during an interactive session with the media on Tuesday in Abuja, while responding to a question about the legality of the use of offshore tax shelters.

She stated that whilst the use of tax avoidance schemes was legal, tax evasion was not.

She said, “The critical question to be asked of all Nigerian tax payers using offshore tax shelters will be whether all applicable taxes have been paid prior to the transfer of funds or assets to a tax shelter.

“If all taxes had been paid, then there will be no additional liability except tax payable on further income earned on those funds. However, if taxes had not been paid, then the use of such schemes is illegal.”

Adeosun counselled users of such structures to seek professional advice, explaining further that the Federal Ministry of Finance was offering free training to professional advisers on the VAIDS to enable them support their clients.

She urged users of offshore tax shelters to promptly embrace the VAIDS scheme to regularize their tax status, adding that Nigeria’s low tax revenues were at variance with the lifestyles of a large number of its people and with the value of assets known to be owned by Nigerians resident around the world.

“VAIDS ushers in an opportunity to increase the nation’s general tax awareness and compliance. It is a time-limited opportunity for taxpayers to regularise their tax status relating to previous tax periods.

“In exchange for fully and honestly declaring previously undisclosed assets and income, taxpayers will benefit from forgiveness of overdue interest and penalties, and with further assurance that they will not face criminal prosecution for tax offences or be subject to tax investigations,” stated Nigeria’s Finance Minister.

Adeosun, who also responded to further questions from the media practitioners, explained that with the increasing global focus on illicit financial flows and tax evasion, offshore tax shelters no longer offer robust protection against tax authorities.

She, therefore, added that the continued use of such schemes poses enormous risks for the users.

On questions relating to the recent leaks by Panana Papers and Paradise Papers, the Minister remarked that the leaks were just the beginning of what is likely to be a systematic unravelling of the offshore tax haven system.

According to her, the Federal Ministry of Finance’s data mining project would use data provided on Nigerians from such leaks to crosscheck tax declarations.

She urged Nigerians to cooperate with the Government by paying the right taxes to both the Federal and State Governments in order to provide the much needed funds that will improve the lives of Nigerians.

The Minister maintained that sanctions await defaulters who refuse the Federal Government’s offer of tax amnesty, including the full payment of outstanding tax liability and criminal prosecution.

She said further that businesses, which untruthfully comply, would be liable as whatever was paid on the declared liabilities may be considered as part-payment of the outstanding sum later discovered by the authorities.

On impetuous defaulters who fail to utilise the VAIDS window, Adeosun said such offenders would face criminal prosecution by the Federal Government.

VAIDS was established on 29th June, 2017 via an Executive Order signed by Vice President Yemi Osinbajo (the then Acting President) as a broad-spectrum solution to virtually all the defects in the country’s tax system, including negativity towards taxation.

The first phase of VAIDS runs from 1st July, 2017 while the second phase ends on 31st March, 2018.

Job creation is one of the spin-offs of the VAIDS initiative, with the scheme expected to create a total of 7,500 opportunities for Nigerians as Community Tax Liaison Officers (CTLOs) through the N-Power scheme of the Federal Government.

Business

NIHOTOUR Calls on Hospitality, Tourism, Travel, Allied Sector Professionals for Mandated Registration

Published

48 minutes ago

December 24, 2024

Sahara Weekly

NIHOTOUR Calls on Hospitality, Tourism, Travel, Allied Sector Professionals for Mandated Registration

The National Institute for Hospitality and Tourism (NIHOTOUR), the regulatory and standardization authority in the sector, has invited professionals in the hospitality, tourism,travel and allied sectors to register as mandated by the National Institute for Hospitality and Tourism (Establishment) Act 2022.

A statement signed by Aare (Dr.) Abisoye Fagade, FIMC, Director-General/CEO
The National Institute for Hospitality and Tourism reads:

“Enjoy FREE registration from December 1, 2024, to January 15, 2025! This is your chance to register as a professional or practitioner at no cost.

“Don’t miss this opportunity to solidify your presence in Nigeria’s thriving tourism industry. Visit www.nihotour.gov.ng now!

“Hurry—free registration closes on January 15, 2025. Take the first step toward advancing your career in tourism today!”

Business

EGC Homes Unveils Goodness and Mercy Estate, Brand Ambassador

Published

4 hours ago

December 24, 2024

Sahara Weekly

EGC Homes Unveils Goodness and Mercy Estate, Brand Ambassador

EGC Homes, a notable player in the real estate and property development sector, has made waves in the Nigerian market with its recent announcement of the launch of Goodness and Mercy Estate in Ogun, alongside other strategic initiatives.

The company emphasized its commitment to collaborating with the government to alleviate the housing deficit in Nigeria while prioritizing the well-being of residents.

In an interview with THECONSCIENCE NG, Oladapo Jimoh, the Managing Director of EGC Homes and Properties, expressed the brand’s long-term vision to bridge the housing gap and simplify the journey to homeownership.

He stated, “Current data estimates Nigeria’s housing deficit to be around 28 million units by 2024. This figure is among the largest globally and poses significant challenges, contributing to homelessness and various social issues.”

“National statistics indicate that our country faces a pressing need for approximately 700,000 new homes each year to address this deficit. As urbanization continues, these challenges are particularly evident in major cities, where affordable housing becomes increasingly scarce, forcing many into slums and informal settlements.”

The World Bank projects that Nigeria’s urban population could exceed 200 million by 2050, highlighting a potential social crisis as the lack of affordable housing leads to the rise of slums, especially in urban areas.

“As a forward-thinking and solutions-oriented company, we are dedicated to addressing these critical housing issues in partnership with the government.”

Following its successful launch in Lagos, EGC Homes has rapidly expanded its operations, acquiring a significant land bank across the southwestern region of Nigeria and enhancing its marketing strategies to effectively connect with customers.

The firm is committed to providing Nigerians with exceptional value, peace of mind, and simplifying the processes of land acquisition and homeownership.

“Our mission is to make life easier for Nigerians while assisting the government in tackling the housing deficit.”

Recently, the company introduced its premier property, the Goodness and Mercy Estate, located in Arepo and Sagamu Interchange in Ogun State, with more projects on the horizon. Its flexible payment plans and affordable property prices aim to cater to a wide audience.

Additionally, EGC Homes has appointed Titilayo Adebayo-Omotosho as its social media brand ambassador to promote the unique offerings of EGC Homes and Properties Limited to Nigerians both at home and abroad.

In her remarks, she highlighted her commitment to the vision of EGC Homes, stating, “I believe every Nigerian deserves a decent roof over their head. This aligns perfectly with the mission of EGC Homes and Properties, which is why I chose to represent the brand, promoting its exceptional estates and home packages to Nigerians and those aspiring to own homes here.”

Business

Optiva Capital Partners and Loft & Keys LCC Forge Strategic Partnership to Drive $500m Investments in Nigeria

Published

7 hours ago

December 24, 2024

Sahara Weekly

L-R Dr. Jane Kimemia, CEO, Optiva Capital Partners and Chief Austin Ugochukwu Albert, Chairman, Loft & Keys LLC during the partnership agreement signing between Optiva Capital partners and Loft & keys LLC at Optiva's headquarters in Lagos

Optiva Capital Partners and Loft & Keys LCC Forge Strategic Partnership to Drive $500m Investments in Nigeria

Optiva Capital Partners, Africa’s leading wealth management and retention company, has announced a groundbreaking partnership with Loft & Keys LLC, a renowned real estate and investment company with dominant presence in Nigeria and the Middle East.

The ceremony which took place over the weekend at Optiva Capital’s Corporate Headquarters, aims to boost investment in Nigeria’s hospitality and healthcare sectors on the one hand, as well as provide Nigerian investors with opportunities to invest in real estate in the UAE, particularly in Dubai.
Speaking at the signing ceremony, Dr. Jane Kimemia, CEO, Optiva Capital Partners, emphasized the transformative potential of this partnership, “With Loft & Keys’ deep understanding of the Nigerian market and established networks in the Middle East, we are poised to bring $500 million in investments into Nigeria’s hospitality and healthcare industries. These funds will be strategically spread across Lagos, Abuja (FCT), Delta, and Enugu.”

The investment in hospitality will serve as a catalyst for economic growth in Nigeria. Beyond creating employment opportunities, it will spur infrastructure development, enhance regional tourism appeal, and foster business ecosystems in Lagos, the Federal Capital Territory, Enugu, and Delta. Similarly, the healthcare focus will address critical gaps in medical infrastructure, improve access to quality care, and promote health innovation—key pillars for national development.

The partnership According to Dr Kimemia also extends to Nigerian investors seeking opportunities in the UAE. With Loft & Keys’ expertise and extensive networks in Dubai and other Middle Eastern hubs, the collaboration will unlock access to one of the world’s most dynamic real estate markets.
Speaking about the partnership, Chief Austin Ugochukwu Albert, Chairman, Loft & Keys LLC, said “Optiva Capital Partners stands as Africa’s leading wealth retention company, a position that is firmly established and without question. This partnership with Loft & Keys will further solidify their dominance and create even greater opportunities for growth. As Dr. Jane Kimemia has rightly emphasized, Loft & Keys, with our extensive expertise in the Middle East, is a trusted and experienced partner”. We have a strong presence in the UAE and are actively expanding into Saudi Arabia and Qatar in the near future. Together with Optiva Capital Partners, we are committed to capturing significant market opportunities in these regions. I am confident that this partnership will foster substantial growth that will be mutually rewarding for both parties.

Dubai, a city widely known for its opulence and rapid development, is reportedly operating at only 30% of its projected capacity, presenting a significant growth opportunity for investors. According to industry experts, this untapped potential creates a unique window for investors to capitalize on the city’s future expansion and development.
The partnership aligns with the United Nations Sustainable Development Goal 17 as two formidable brands, Optiva Capital Partners and Loft & Keys are committed to leveraging their collective strengths to drive impactful investments that benefit clients and communities alike.

About Optiva Capital Partners
Optiva Capital Partners is a premier wealth management and retention firm offering bespoke solutions in four areas of specialization – investment immigration, investment advisory, insurance, and international real estate.
About Loft & Keys LLC
Loft & Keys is an internationally recognized real estate and investment company with a robust presence in Nigeria and the UAE. The firm is dedicated to connecting investors with high-value opportunities in dynamic markets.