Economy

FIRS Gives 7-Day Ultimatum to Tax Defaulters

Published

5 years ago

18/12/2019

By Adedapo Adesanya

The Federal Inland Revenue Service (FIRS) has issued a 7-day notice to tax defaulters to fulfill their tax obligations starting today, Wednesday, December 18, 2019, saying it would soon begin a nationwide tax enforcement to bring tax evaders to book.

Acting Executive Chairman of FIRS, Mr Abiodun Aina, stated this in a statement issued by the Head of Communications and Servicom Department of the agency, Mr Wahab Gbadamosi, in Abuja on Tuesday.

Mr Aina said after the ultimatum elapses, the tax agency will begin tax enforcement against defaulters, who fail to fulfill their tax obligations.

The acting FIRS boss also used the notice to appeal to taxpayers to settle their tax liabilities within 7 days of the publication of the notice to avoid any inconveniences or interruptions in their operations.

“The FIRS hereby informs all taxpayers (individuals, partnerships, Enterprises, Corporate organisations, Ministries, Departments and Agencies) who are in default of payment of taxes arising from self-assessment, tax audit, tax investigation, transfer pricing audit, demand notices and any other liabilities, that the Service will commence a NATIONWIDE TAX ENFORCEMENT EXERCISE from 18th December, 2019 with a view to prosecuting defaulters and recovering all outstanding tax liabilities,” the notice said.

Mr Aina stated further that the enforcement was in line with provisions of Section 8, 26 (2), 33 and 35 of the Federal Inland Revenue Service (Establishment Act, 2007).

“The taxes referred to are as follows: 1. Petroleum Profits Tax; 2. Companies Income Tax; 3. Value Added Tax; 4. Withholding Tax; 5. Tertiary Education Tax; 6. NITDA Levy; 7. Stamp Duty; 8. Capital Gains Tax,” the notice also read.

“All taxpayers are therefore strongly advised to settle their tax liabilities within 7 days of this publication to avoid any inconveniences or interruptions in your operations,” Mr Aina added.

Economy

Naira Stable at Official Market, NAFEM, Appreciates at Black Market

Published

23 minutes ago

15/02/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira was relatively stable against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, February 14, though it shed 10 Kobo or 0.01 per cent to sell at at N1,510.10/$1 compared with the previous day’s value of N1,510.00/$1.

However, it depreciated against the Pound Sterling in the official market during the trading day by N7.32 to quote at N1,879.42/£1 versus the N1,872.42/£1 it was sold at the previous session and lost N6.27 against the Euro to settle at N1,566.23/€1, in contrast to Thursday’s closing rate of N1,559.96/€1.

At the parallel market, the Nigerian Naira improved its value against the US Dollar yesterday by N5 to finish at N1565/$1 compared with the preceding session’s value of N1,570/$1.

As for the cryptocurrency market, it was positive on Friday after investors overlooked recent data that frustrated the landscape.

This week, the US data released showed increment in the Consumer Price Index (CPI). This shows the US Federal Reserve will likely wait till June before making changes to the current interest rate levels.

Over the last two weeks, the US Securities and Exchange Commission (SEC) has also acknowledged applications for Litecoin and Solana exchange traded funds (ETFs) — indicating that the SEC’s leadership under the Donald Trump administration has changed its tact to crypto-related listings.

Ethereum (ETH) expanded its value by 5.4 per cent to sell at $3,394.79, Solana (SOL) recorded a 4.4 per cent appreciation to end at $260.86, Cardano (ADA) jumped by 2.9 per cent to trade at $1.00, and Litecoin (LTC) saw a 2.6 per cent surge to quote at $116.78.

In addition, Bitcoin (BTC) appreciated by 2.1 per cent to settle at $1o4,978.31, Ripple (XRP) rose 0.7 per cent to $3.16, Dogecoin (DOGE) increased by 0.6 per cent to finish at $0.3572, and Binance Coin (BNB) gained 1.6 per cent to sell for $710.31, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

Economy

Stock Investors Suffer Valentine’s Day Heartbreak After N697bn Loss

Published

2 hours ago

15/02/2025

Dipo Olowookere

Dipo Olowookere

It was a sad Valentine’s Day for local stock investors as the Nigerian Exchange (NGX) Limited depreciated on Friday by 1.02 per cent as a result of profit-taking.

This dragged the market capitalisation below N68 trillion because its value went down by N697 billion to N67.419 trillion from the N68.116 it closed on Thursday.

In the same vein, the All-Share Index (ASI) decreased by 1,118.09 points to 108,053.95 points from the 109,172.04 points recorded a day earlier.

The market bled yesterday as a result of the selling pressure across the key segments of the bourse except the industrial goods space, which closed higher by 0.78 per cent.

The consumer goods counter weakened by 5.01 per cent, the energy sector lost 2.34 per cent, the banking industry slumped by 0.75 per cent, and the insurance index depreciated by 0.15 per cent.

However, investor sentiment remained strong during the session. This was because the exchange ended with 38 price gainers and 28 price losers, implying a positive market breadth index.

BUA Foods slipped by 10.00 per cent to N373.50, DAAR Communications went down by 9.09 per cent to 70 Kobo, Aradel Holdings shed 6.90 per cent to trade at N530.00, Livestock Feeds tumbled by 6.09 per cent to N6.01, and Beta Glass plunged by 5.74 per cent to N95.20.

Conversely, Royal Exchange gained 10.00 per cent to sell for 99 Kobo, UPDC improved by 9.88 per cent to N3.78, The Initiates advanced by 9.76 per cent to N4.05, Red Star Express surged by 9.09 per cent to N6.00, and CWG increased by 7.41 per cent to N8.70.

A total of 478.8 million equities worth N13.9 billion exchanged hands in 15,613 deals on Friday versus the 427.1 million equities valued at N9.2 billion traded in 16,342 deals on Thursday, representing a fall in the number of deals by 4.46 per cent, and a growth in the trading volume and value by 12.11 per cent and 51.09 per cent apiece.

Leading the activity chart was Sterling Holdings with 88.6 million stocks valued at N531.8 million, Access Holdings transacted 29.7 million equities worth N835.1 million, Veritas Kapital traded 21.6 million shares for N26.0 million, AIICO Insurance exchanged 20.1 million stocks worth N34.6 million, and Honeywell Flour traded 18.4 million equities valued at N267.7 million.

Economy

Oil Prices Dip on Ease in Global Supply Disruptions Fear

Published

2 hours ago

15/02/2025

Adedapo Adesanya

By Adedapo Adesanya

Oil prices went down on Friday following ease in global supply disruptions with Brent crude declining by 28 cents or 0.37 per cent to settle at $74.74 a barrel and the US West Texas Intermediate (WTI) losing 55 cents or 0.77 per cent to quote at $70.74 a barrel.

For the week, it ended mixed with Brent gaining 0.11 per cent and the WTI depreciating by about 0.37 per cent.

Prices reacted to the prospects for a peace deal between Russia and Ukraine that could ease global supply disruptions by ending sanctions against the Vladimir Putin-led country.

President Donald Trump ordered US officials this week to begin talks on ending the war in Ukraine after Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy expressed a desire for peace in separate phone calls with him.

Market analysts noted that lifting sanctions on Russia in the event of a peace deal should boost global energy supplies.

Already, the International Energy Agency (IEA) said in its latest oil market report that Russian oil exports could be sustained if workarounds to the latest US sanctions package are found.

The US Treasury Secretary, Mr Scott Bessent, also said in an interview that the US could apply maximum economic pressure on Iran, a move that was reminiscent of Mr Trump’s first term which had driven Iran’s oil exports to near zero.

However, the losses were limited by a delay in US immediate reciprocal tariffs, which could be instituted back in April.Analysts from JPMorgan said global oil demand has surged to 103.4 million barrels per day, up by 1.4 million barrels per day from the prior year.

“Initially sluggish demand for mobility and heating fuels picked up in the second week of February, suggesting the gap between actual and projected demand will soon narrow,” the bank said on Friday.

US energy firms this week added oil and natural gas rigs for a third week in a row for the first time since December 2023, according to energy services firm Baker Hughes.

The oil and gas rig count, an early indicator of future output, rose by two to 588 in the week to February 14.