Business

Veteran Nollywood actor, Bob Manuel becomes an orphan, loses father

Published

8 years ago

November 23, 2016

It’s definitely one of the worst time for Veteran Nollywood actor, Bob Manuel Udokwu as he became an orphan Yesterday, November 22, 2016. He lost his aged father, Pa Geoffrey Nwafor Udokwu(Ononenyi) after losing his mother in 2013.

It was gathered that he died in his home town in Nkwelle Ogidi, Anambra state. Tributes and condolences have been pouring his for the deceased and the veteran actor.

Burial arrangement will be announced by the deceased family later. The Gulder Ultimate Search anchor is now a complete orphan as he lost his mother on July 20, 2013. She died at age 78.

Business

MTN Contributes N200bn Monthly in VAT, Driving Tax Reform Debate

Published

11 hours ago

December 18, 2024

Sahara Weekly

MTN Contributes N200bn Monthly in VAT, Driving Tax Reform Debate

MTN Nigeria, the nation’s largest telecom company, pays over N200 billion in Value Added Tax (VAT) monthly, making it the single biggest contributor to the country’s VAT revenue, according to Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee.

Speaking at Channels Television’s Town Hall on Tax Reforms, Oyedele highlighted significant disparities in the current VAT allocation system, revealing that all VAT paid by MTN is credited solely to Lagos State, where the company’s headquarters is located, despite the fact that services generating this revenue are consumed nationwide.

“MTN is the largest contributor to VAT in Nigeria,” Oyedele stated. “They pay over N200bn every month, and the gap between them and the second-largest contributor is massive. However, all this VAT is currently allocated to Lagos, even as calls are made across states like Kano, the FCT, Ekiti, Edo, and Kebbi.”

As part of the ongoing tax reform efforts, the committee has proposed a new framework to ensure equitable distribution of VAT revenues based on consumption rather than the corporate headquarters’ location.

Under the proposed redistribution model, Lagos State, which now retains the full N200bn from MTN, would see its share reduced to around 20 per cent. The remaining revenue would be distributed more fairly among other states where the services are consumed.

“This adjustment ensures states where VAT is generated get their fair share,” Oyedele explained. “While Lagos State’s share decreases slightly, every other state stands to gain under the new system.”

The tax reform bill, designed to address inefficiencies and promote fairness in Nigeria’s fiscal policies, has sparked debate among stakeholders. Critics have accused the committee of advancing policies that may negatively impact certain regions.

Oyedele, however, dismissed these claims, arguing that the current system is flawed and in need of urgent correction. “If something is being done wrongly, how can Lagos State or anyone oppose reforms aimed at fixing it?” he questioned.

The proposed reforms, which include provisions for revenue redistribution and efficiency improvements, are seen as pivotal to ensuring fairness and sustainability in Nigeria’s tax system.

Business

Foreign Digital Giants Boost FG Revenue with N3.8tn Tax Payment in 2024

Published

11 hours ago

December 18, 2024

Sahara Weekly

Foreign Digital Giants Boost FG Revenue with N3.8tn Tax Payment in 2024

Google, Netflix, Facebook, and other foreign companies operating in Nigeria contributed N3.85tn in taxes to the Federal Government in the first nine months of 2024. This represents a 68.12 per cent increase compared to the N2.29tn collected in the same period of 2023.

The tax revenue includes payments from Company Income Tax (CIT) and Value Added Tax (VAT), as reported by the National Bureau of Statistics on Tuesday. The report highlighted a progressive increase, with collections rising from N1.03tn in the first quarter to N1.52tn in the second quarter and N1.30tn in the third quarter.

An analysis of the data shows a significant boost in tax remittance, with N2.57tn collected as CIT between January and September 2024—a 43.65 per cent rise from N1.789tn during the same period in 2023. VAT collections also surged by 157.03 per cent, reaching N1.28tn, up from N498.34bn in 2023. This growth underscores the Federal Inland Revenue Service’s (FIRS) improved collection efforts.

CIT is a 30 per cent tax on corporate profits, while VAT, set at 7.5 per cent, is levied on goods and services and ultimately paid by the final consumer.

Quarterly analysis reveals that CIT revenue climbed from N598.13bn in Q1 to N1.12tn in Q2, before slightly dipping to N852.29bn in Q3. VAT collections rose from N435.73bn in Q1 to N448.85bn in Q3, reflecting a 3.01 per cent increase.

The Federal Government’s efforts to tax foreign digital service providers have further bolstered revenues. These companies, including Netflix, Facebook, and Amazon, earn income in naira without physical offices in Nigeria. Digital tax policies require these entities to remit taxes for services like video streaming, social media advertising, and e-commerce.

Compliance among foreign platforms remains uneven, with Google, LinkedIn, and Meta adhering to regulations outlined in the “Code of Practice for Interactive Computer Service Platforms and Internet Intermediaries.” Meanwhile, TikTok and X (formerly Twitter) are yet to fulfill tax obligations.

The former Accountant-General of the Federation, Oluwatoyin Madein, noted earlier this year that tax revenue has become Nigeria’s highest income source. She emphasized its importance in supporting government activities across federal, state, and local levels, describing it as a critical contributor to the nation’s economic stability.

With the Federal Government’s tax revenue target set at N19.4tn for 2024, these gains bring Nigeria closer to its fiscal goals.

Business

BUA Launches Nigeria’s Largest 2,400 Tons/Day Gypsum Plaster Plant

Published

18 hours ago

December 17, 2024

Sahara Weekly

BUA Launches Nigeria’s Largest 2,400 Tons/Day Gypsum Plaster Plant
Announces Exclusive Introductory Price of ₦8,000 Per Bag for Early Distributor Registrations

Lagos, Nigeria – December 17, 2024
BUA Gypsum Plaster Ltd., a subsidiary of the renowned BUA Group, has commenced production at its state-of-the-art Plaster of Paris (P.O.P) and plasterboard manufacturing facility in Port Harcourt, Nigeria. With a capacity of 2,400 tons per day, the plant is now the largest gypsum powder production facility in the country, designed to meet rising local demand while reducing dependence on imports.

Meeting Regional Demand with Local Innovation
Abdul Samad Rabiu, Chairman of BUA Group, described this milestone as part of BUA’s ongoing mission to strengthen value chains and support infrastructure development in Nigeria and West Africa. “This plant will not only serve the housing and construction industries but also significantly reduce reliance on imported gypsum plaster products,” he stated.

Exclusive Distributor Opportunities
To celebrate the launch, BUA Gypsum Plaster Ltd. is inviting interested distributors to register for exclusive product access by December 31, 2024. Registered distributors will benefit from an introductory price of ₦8,000 per bag (ex-factory) during the promotional period. This pricing aims to empower distributors to embrace local manufacturing while offering competitive value to their customers.

Contact Details for Registration and Inquiries
Companies interested in distribution or more details are encouraged to contact BUA’s plaster sales team at [email protected].

About BUA Group
Founded in 1988, BUA Group is one of Africa’s leading conglomerates with investments spanning cement manufacturing, construction, mining, real estate, and food processing. Headquartered in Lagos, Nigeria, BUA is committed to driving industrial growth and infrastructure development across the continent.