Business
Tertiary Education Tax Will be Increased to Three Percent says FG
The Federal Government of Nigeria has increased the tertiary education tax from 2.5 percent to 3 percent for the second time in two years, after it was increased from 2 percent in the Finance Act 2021 to 2.5 percent and has gone up to 3 percent in the backdated 2023 Finance Act.
Recall that the former President Muhammadu Buhari signed the Finance Act 2023 on May 28, 2023 and backdated the commencement date of the Act to 1 May, 2023 and imposed on every company at the rate approved by the President of the assessable profit for each year of assessment.
The funds are disbursed for the general improvement of education in federal and state tertiary institutions, specifically for the provision or maintenance of: Essential physical Infrastructure for teaching and learning; instructional material and equipment; research and publications.
Also contained in this year’s Finance Act is the reintroduction of the payment of taxes for purchasing life insurance policy for an individual or a couple.
According to the Act: “Tax deduction is restored for premium paid in respect of insurance on own life and spouse”.
Other changes made to the old Finance Act include: taxation of gains on the disposal of digital assets including cryptocurrency at the rate of 10 percent; deduction of capital losses on assets for capital gains tax purposes. This may be carried forward for a maximum of 5 years.
There is now the rollover relief on sale of shares. This is however subject to reinvestment of the proceeds within the same year of assessment. There is now the deletion of investment allowance on plant and equipment.
Government has imposed a 0.5 percent levy on goods imported into Nigeria from outside Africa.
All services including telecommunication services are liable to excise tax at rates to be prescribed by the President.
Buhari in his last minute assent to the 2023 Finance Act retained the contentious sharing formula of Electronic Money Transfer (EMT) levy at 15 percent to the federal government, 50 percent to state governments and 35 percent to local governments.
EMT is a singular and one-off levy of N50 on the recipient of any electronic receipts or transfers of N10,000 or above.
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Business
NPA initiate trucks movement code to ease traffic at Lagos ports
The initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.
The Nigerian Ports Authority (NPA) has introduced a movement code to streamline the movement of empty containers into seaport terminals and reduce traffic congestion caused by container trucks along the Apapa and Tin Can Island port corridors.
The Guardian reported that under the new policy, the movement code will serve as a unique identifier generated by a holding bay for every empty container uploaded to the Electronic Call-Up (ETO) platform.
The code must correspond with the details captured on the ETO system before trucks are granted access to port terminals.
In a notice issued to stakeholders, the NPA said the movement code has become a mandatory requirement for completing the truck-container matching process.
Truck drivers are required to obtain the code from designated holding bays before proceeding to the ports.
According to the authority, the initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.
Business
Okonjo-Iweala lauds Cardoso for stabilising Nigeria’s monetary environment
Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”
The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has commended the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, for stabilising Nigeria’s monetary environment.
Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”
Speaking at the forum, Okonjo-Iweala commended Cardoso on the work that he and his team have done on currency and monetary policy stabilisation.
However, she emphasised that Nigeria must sustain broader macroeconomic reforms.
“Nigerians have to feel the dividends of reform in the real economy,” she added.
The forum brought together policymakers, business leaders and development partners to discuss strategies for strengthening Africa’s resilience amid growing global economic uncertainty.
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