ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
Home Business

Luxury tax, mega merger to shape 2019

1st January 2019
in Business
0
TAX
6
SHARES
311
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT

Omodele Adigun

As today ushers in a new year, we serve you the events that will likely shape this 2019 in the banking /finance terrain.

The much-anticipated luxury tax is expected to take off any moment from now if hints from the Chairman of the Federal Inland Revenue Service (FIRS) , Mr. Babatunde Fowler, is anything to go by.

According to the FIRS boss , the Federal Government will implement the tax laws on special luxury items like private jets, yatchs, and the likes.

“We shall implement the special luxury items. The law is there but not yet implemented. It has been approved,” he said recently in Abuja.

In the banking sector, the mega merger between Diamond Bank Plc and Access Bank is expected to be consummated in March.

The transaction is to be concluded via Scheme of Merger following the two banks’ court ordered meetings. This is , however, subject to the approvals of shareholders, Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), National Pension Commission (PENCOM) and the Federal High Court (FHC) expected before the end of first half of the year.

Credit

Te real sector of the economy, Small and Medium Enterprises (SMEs) and the agriculural sector is expected to witness an uptick in availability of funds this year.

According to CBN Governor, Godwin Emefiele, CBN “will explore the possibility of leveraging technology to enhance credit to critical sectors of the economy, especially, agriculture and manufacturing.

Our recently announced policy to refund portions of CRR to banks that are financing new projects (or expanding existing ones) in agriculture and manufacturing sectors will be intensified and enriched in the coming years. This, we believe, will bolster job creation while supporting our agenda to correct Nigeria’s imbalances and vulnerabilities.”

READ ALSO Bank fines, Adeosun’s scandal rocked financial sector in 2018

Exchange rate

The apex bank has also expressed its determination to maintain its stable exchange policy stance this new year, given the relatively high level of reserves. “Gross stability is projected in the forex market given increased oil-related inflows and contained import bill. I will like to make it categorically clear that ‘sustaining a stable exchange rate is of overriding importance to us even as we continue to put measures in place to shore up reserves”, said Emefiele.

Inflation

Inflation expected to shoot up this year.In fact, inflation rate is projected to rise to about 11.4 per cent due to political spendings this year..

GDP

With favourable oil price developments and continued efforts at driving indigenous production in high-
impact real sector activities, especially agriculture and manufacturing, the Gross Domestic Product (GDP) is expected to pick-up this year.

Although the incumbent Finance Minister, Mrs Zainab Ahmed, said that global economy is generally expected to slow down in 2019 with a modest growth of about 2.7 per cent.

Big data

The use of big data to trace the assets of tax dodgers may spike this year.

According to Mrs ahmed, this will help provide intelligence to the tax authority on eligible taxpayers and their real taxable incomes and assets.

Hear her: “We have implemented several initiatives targeted at recovery, including: Whistleblower unit that recovered over N8.5 billion and $465 million among others from the 1,051 investigations conducted from tip offs received.

Efficiency unit that has been charged with reviewing Federal Government’s overhead expenditures, Voluntary Assets and Income Declaration Scheme (VAIDS) under which over N35 billion was recovered with a significant recorded increase to our tax base. Asset tracing team that discovered assets that were not reported in the books of accounts of the Federation.

Going forward, we plan to launch Project Lighthouse that seeks to use of big data analytics to provide intelligence to the tax authority on eligible taxpayers and their real taxable incomes and assets.”

Revenue drive

The Federal Government is expected to embark on aggressive revenue drive in 2019.

According to the Finance minister, this will be done through collaboration.

“On taxes for example, we have recorded an increase in number of registered taxpayers from 10 million in 2015 to about 19 million in 2018 under the Joint Tax Board (JTB). We have also fostered better comprehension of reported revenues between FAAC members and revenue generating entities as a result of the improved reporting template that we recently introduced.

“To take advantage of innovative technologies, we plan to leverage data, technological tools & platforms to foster collaboration, grow the revenue base and improve collections. Given the span of stakeholders that form our port community and for the sake of improving ease of doing business, we plan to deploy a national single window/trade platform that we expect to enhance customs collections to about 90 per cent.”

“The tax initiatives spearheaded by FIRS also include the automation VAT collection at source in some key sectors. Under my tenure as the Finance Minister, I intend to continue championing such digitalizatio, transformation initiatives that have proven to be a good way forward for our revenue generation drive.”

We will also improve collaboration between our revenue collection agencies including the Nigerian Customs Services (NCS), Federal Inland Revenue Service (FIRS) and other trade partners to share information and intelligence that will help improve revenue and make collections more efficient.

By automating many of our revenue collection processes such as the deployment of healthpay in the health sector, edupay in education and e-Collections by our Revenue Authorities, we have seen revenue shore up to record high levels. More specifically, FIRS deployed the e-Services platform that has automated the end to end tax process from registration to collection of Tax Clearance Certificate (TCC).

The tax initiatives spearheaded by FIRS also include the automation VAT collection at source in some key sectors. Under my tenure as the Finance Minister, I intend to continue championing such digitalization transformation initiatives that have proven to be a good way forward for our revenue generation drive.

Tags: babtunde fowlercbnFIRSgodwin emefielepencomzainab ahmed
Omotayo Edubi

Omotayo Edubi

Related Posts

Business

N2bn fraud: How Maina used sister’s name to run secret bank account- Witness

30th November 2019
How new VAT law’ll affect cost of building materials
Business

How new VAT law’ll affect cost of building materials

29th November 2019
Business

Estate focus: Troy Court Surulere, Lagos

29th November 2019
Next Post
MBAKA

Expect unimaginable hardship in 2019, Fr. Mbaka tells Nigerians

BUHARI

2019 elections’ll be free and fair, Buhari assures in New Year message

No PDP governor is secretly working for Buhari – Ologbodiyan

No PDP governor is secretly working for Buhari – Ologbodiyan

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result

Highlights

2021 Guber: APGA’ll maintain zoning in Anambra – Okogbuo, Deputy National Chairman

Social media bill will be exercise in futility – Segun Osoba

Oyo election: Judiciary should not set Nigeria on fire – Adeniran

Hate speech bill: No retreat, no surrender – Senator Abdullahi

Power of Forgiveness by Evang Edim

Human trafficking has reached alarming rate in Nigeria – Ex Education Minister, Obaji

Trending

Sustain my free education programme, Okorocha urges Ihedioha
Cover

40th Ahiajoku Festival: Ihedioha tackles Okorocha

1st December 2019
0

George Onyejiuwa, Owerri Imo State governor, Emeka Ihedioha has said that the immediate past governor, Owelle Rochas...

Ibrahim, ex-ADP Chairman, to ACF: One North died with Sardauna

Ibrahim, ex-ADP Chairman, to ACF: One North died with Sardauna

1st December 2019

2023: Southeast needs to work hard to get presidency – Senator Nwaka 

1st December 2019
2021 Guber: APGA’ll maintain zoning in Anambra – Okogbuo, Deputy National Chairman

2021 Guber: APGA’ll maintain zoning in Anambra – Okogbuo, Deputy National Chairman

1st December 2019
Social media bill will be exercise in futility – Segun Osoba

Social media bill will be exercise in futility – Segun Osoba

1st December 2019
The Sun Nigeria

Follow us on social media:

Categories

  • Abuja Metro (785)
  • Arts (150)
  • Broken Tongues (139)
  • Business (12,931)
  • Business Week (90)
  • Cartoons (69)
  • Citizen Joe (28)
  • Columns (7,258)
  • Cover (24,571)
  • Culture (39)
  • Duro Onabule (144)
  • Editorial (1,647)
  • Education Review (1,201)
  • Effect (377)
  • Elections (2,739)
  • Entertainment (2,315)
  • Events (102)
  • Features (3,594)
  • Femi Adesina (4)
  • Food & Drinks (143)
  • Frank Talk (99)
  • Funke Egbemode (108)
  • Gallery (7)
  • Health (1,675)
  • Insights (150)
  • Kalu Leadership Series (47)
  • Kunle Solaja (3)
  • Kunle Solaja (23)
  • Letters (148)
  • Lifeline (1,770)
  • Lifestyle (240)
  • Literary Review (655)
  • Marketing Matters (47)
  • Muiz Banire (2)
  • National (56,206)
  • News (1,650)
  • Offside Musings (46)
  • Opinion (4,077)
  • oriental news (782)
  • Politics (10,595)
  • Press Release (4)
  • PressClips (185)
  • Public Sphere (136)
  • Ralph Egbu (161)
  • Shola Oshunkeye (23)
  • Sideview (1)
  • South-west Magazine (816)
  • Sponsored Post (1)
  • Sporting Sun (5,550)
  • Sports (10,365)
  • Sun Girl (1,038)
  • Tea Time (27)
  • The Flipside – Eric Osagie (73)
  • The Sun Awards Live (67)
  • The Sun TV (103)
  • Thoughts & Talks (30)
  • Time Out (167)
  • Today's cover (176)
  • Tola Adeniyi (63)
  • Travel (78)
  • Travel & Tourism (153)
  • Trending (82)
  • TSWeekend (1,321)
  • Turf Game (133)
  • Uncategorized (9)
  • Updates (106)
  • Views from Abroad (56)
  • Voices (131)
  • World (16)
  • World News (6,446)
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.