Economy
VAIDS: Avoid Last Minute Rush—FIRS Boss Begs Nigerians
By Dipo Olowookere
Executive Chairman of Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, has urged Nigerians to quickly regularise their tax payment before the tax amnesty period closes on Saturday, June 30, 2018.
On July 1, 2017, the federal government opened a grace period for citizens to voluntarily regularise their tax payment without punishment.
It called the programme Voluntary Assets Income Declaration Scheme (VAIDS) and it initially ended March 31, 2018. However, many Nigerians pleaded with the government for an extension and the government obliged, pushing the deadline further to June 30, 2018.
At the unveiling of VAIDS Certificate for previously undeclared assets, which coincided with a one-day workshop for tax authorities on the scheme, Mr Fowler said the scheme has so far recovered almost N30 billion.
He explained that of the amount, FIRS collected 90 per cent while states have been responsible for collecting 10 per cent but that the actual amount collected would not be known immediately after the June 30 expiration of VAIDS but after three years when every taxpayer would have finished paying their assessment under the scheme.
At the workshop held on Wednesday in Abuja, the FIRS chief advised states boards of inland revenue to brace up for last minute rush as the deadline for the scheme draws near, saying that since people generally don’t like to pay tax, most of them would wait until the last minute before rushing to tax offices to file their returns.
According to him, the benefit of VAIDS goes beyond just taking advantage of immediate gains as incidences of illicit financial flows, aggressive tax avoidance and outright tax evasion have come into the front burner.
“One of the outcomes of the scheme whether directly or indirectly is the growth of the national taxpayer database from under 14 million pre-2016 numbers to over 19 million in 2018, and we are confident that these numbers will translate into a positive growth in the country tax revenue to GDP ratio when the official percentage for 2017 has been released.
“VAIDS as a project ties in with the Unexplained Wealth Orders (UWO) of the United Kingdom and in m more ways than one shares similar underlying principles with the Multilateral Convention on Mutual Administrative Assistance on Tax Matters (MCMAATM) which facilitates international tax cooperation and provides for all possible forms of administrative co-operation between states in the assessment and collection of taxes, in particular with a view to combating tax avoidance and evasion,” he said.
He enumerated the cooperation to include the exchange of information on request, automatically and spontaneously, to assistance in the recovery of foreign tax claims.
In line with the convention, Mr Fowler said efforts were being made towards ensuring that Nigeria commences the Automatic Exchange of Information (AEOI) with treaty partners in 2019.
As part of efforts to preach voluntary tax compliance to the grassroots, Fowler, who is also Chairman of Joint Tax Board said a partnership has been forged among FIRS, JTB and SMEDAN as a way of bringing operators of small and medium scale enterprises into the tax bracket.
From June 14, the staff of JTB and Federal Ministry of Finance will participate in every Thursday sensitisation exercises in states until June end while “the National Tax Policy Implementation Committee is proposing National Tax Day” to be set aside every year for awareness and sensitisation on tax and tax-related matters.
While cautioning that VAIDS certificate is not an equivalent of tax clearance certificate, Mr Fowler disclosed that some hidden features have been engraved to make it fake and counterfeit-proof.
By Adedapo Adesanya
The OPEC Fund for International Development has pledged to provide more than $1 billion in funding to Africa and developing countries elsewhere as part of a broader $2 billion pledge by Arab nations over the next five years.
The fund, founded by the Organisation of the Petroleum Exporting Countries (OPEC) to fund projects in non-OPEC member states, also laid out a new trade finance initiative to help countries secure imports and liquidity during periods of turmoil.
It comes as the United States and a number of European countries reduce the amount of bilateral aid they provide to poorer countries around the world.
The Vienna-based OPEC Fund announced on Wednesday around $720 million in new financing to support development efforts across Africa, Asia, Latin America and the Caribbean, and the signing of $362 million in new loan agreements.
The agreements included a $300 million plan for Rwanda over the next three years as well as programmes worth $65 million and $40 million, respectively, in Ivory Coast and for the Uganda-based East African Development Bank.
The OPEC Fund also announced a new Trade Finance Initiative to boost trade resilience in partner countries by facilitating access to essential imports, closing liquidity gaps, and strengthening resilience to external shocks in vulnerable economies.
There was also a cooperation agreement with the Central American Bank for Economic Integration for infrastructure, energy and human development projects and the formalisation of a tie up with the Islamic Organization for Food Security on climate-resilient agriculture.
The OPEC Fund hosted the annual meeting of the heads of institutions of the Arab Coordination Group (ACG) this week.
The roundtable resulted in an ACG joint pledge of $2 billion financing over the next five years. A dedicated Arab Donors Roundtable on the Sahel also discussed greater support for the region’s urgent challenges such as drought.
The OPEC Fund also disclosed that a cooperation agreement with the International Anti-Corruption Academy (IACA) will support training programs to promote institutional transparency and anti-corruption capacity building in partner countries.
By Dipo Olowookere
A subsidiary of United Capital, United Capital Asset Management West Africa Limited (UCAMWAL), has finally commenced operations, introducing two new mutual funds targeted at investors throughout Francophone West Africa.
The new firm, headquartered in Cote d’Ivoire, will deliver sophisticated yet accessible wealth management solutions to residents of the region, especially in Benin Republic, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.
United Capital recently made an in-road to the French-speaking country as part of its strategic pan-African expansion. It obtained a license from the Financial Markets Authority of the West African Economic and Monetary Union (AMF-UMOA).
Business Post reports that UCAMWAL has launched two CFA franc-denominated mutual funds known as the UCAMWAL Bond Fund and the UCAMWAL Diversified Fund.
These products have been carefully designed to meet the diverse needs of both individual and institutional investors, offering tailored support to long-term wealth creation while addressing varying risk appetites.
The UCAMWAL Bond Fund is a low-risk, open-ended fund that focuses on fixed-income and money market instruments, making it ideal for steady capital preservation and long-term wealth building, while the UCAMWAL Diversified Fund offers moderate risk exposure through a balanced mix of fixed income, money market assets, and equities – perfect for investors seeking both growth and income diversification.
“These funds are tailored to meet the distinct needs of our investors, blending global standards with local market insight. We recognize that every investor’s journey is unique, which is why our solutions are built to support diverse goals across different life and business stages,” the Managing Director of UCAMWAL, Labas Bamba, explained.
“This product launch signals the kick-off of the expansion of our pan-African footprint, starting with the WAEMU region. We are here to make a difference, and we are bringing our proven investment expertise into this market, to support cross-border investment, and support Africa-driven prosperity,” the chief executive of United Capital, Mr Peter Ashade, said.
The Director for Africa Operations at United Capital, Mr Ejikeme Okoli, said, “Our strategy is not exploitative but collaborative, and will harness local insights to create shared value. We aim to deliver tailored financial solutions, manage risk effectively, and drive inclusive growth across the region.”
By Adedapo Adesanya
The Governors of the 36 states of Nigeria have agreed to dismantle multiple taxes across the country in line with the tax bills awaiting assent by President Bola Tinubu.
They made the resolution after a meeting of the Nigeria Governors’ Forum (NGF) in Abuja which ended early Thursday, adding that they will also eliminate illegal road blocks under their jurisdiction as part of efforts to facilitate easy movement of goods.
The Governor of Lagos State, Mr Babajide Sanwo-Olu, who read the communique at the end of the meeting, said the governors resolved to dismantle illegal road blocks and multiple taxes which they agreed were responsible for food inflation in the country.
The communique was signed by NGF Chairman and Governor of Kwara State, Mr AbdulRahman AbdulRazaq.
“The forum received a briefing from the National Security Adviser (NSA), accompanied by the Ministers of Defence, Agriculture, Livestock Development, and Transportation, on the rising cost of food and livestock transportation across the country.
“The presentation revealed that the proliferation of checkpoints, illegal taxation, and poor infrastructure are key contributors to price inflation and inefficiencies in the food supply chain.
“The NSA noted that a high-level inter-ministerial committee has been established to address these concerns and has submitted its recommendations for the endorsement of the Forum.
“Governors acknowledged the urgency of the matter and expressed commitment to collaborate with federal authorities to streamline levies, dismantle unauthorized checkpoints, and improve the movement of goods across states,” the Lagos State Governor said.
The emergency session came at a time of heightened insecurity in several parts of the country, with increasing calls for both federal and state authorities to take coordinated action to help the economy.
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