Business
FG Pruning Mutiple Taxes To 10 From 52
The Federal Inland Revenue Service (FIRS)and the states revenue service boards are meeting today to harmonise multiple taxes from the current 52 to ten as well as renaming of the FIRS to Nigeria Revenue Service.
Muhammad Nami, the Chairman of the Joint Tax Board (JTB) / CEO of FIRS, said that multiple taxations have been one of the major challenges of revenue collection in Nigeria, a situation which the federal government is tackling head on to boost collections.
“The economy has been battling with multiple taxations and the meeting today, which has all the 36 states revenue service boards and the FIRS, is targeted at brainstorming and finalizing the harmonisation of these multiple taxes, whether you call it informal or black market taxes, in order to encourage investments and raise adequate revenue.
“The irony of these many taxes is that it doesn’t allow us to collect more revenue. Therefore, we have resolved to have lesser taxes because the lesser taxes, the more revenue as people will be encouraged to pay.
You recall that government announced the constitution of a tax committee recently to achieve this purpose and we have consulted with the NEC and the state governors for their support that they have given us.
“We are confident that with the inauguration of the committee by Mr. President, we will immediately resolve all these issues,” Nami stated.
Speaking on the partnership with the informal sector to bring them to the tax net, the JTB chairman said petty traders and businesses with less than N25 million turnover will be excluded from paying companies income tax (CIT) in line with the Finance Act.
In his presentation, a tax expert and chairman of the Presidential Fiscal Policy and Tax Reform Committee, Mr Taiwo Oyedele, said Nigeria must as a matter of urgency streamline its many taxes.
“The more we impose taxes, the lesser revenue we collect and the lesser taxes, the more revenue which is what we are targeting.
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
