ADVERTISEMENT
The Sun Nigeria
  • 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
  • The Sun Foundation
No Result
View All Result
  • 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
  • The Sun Foundation
No Result
View All Result
The Sun Nigeria
No Result
View All Result
ADVERTISEMENT
Home Business

Luxury tax, mega merger to shape 2019

1st January 2019
in Business
0
TAX
Share on FacebookShare on Twitter

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

Nigeria, India trade volume hit $14.95b
Business

Nigeria, India trade volume hit $14.95b

26th January 2023
New Naira: Gbajabiamila threatens arrest warrant against Emefiele, bank MDs
Business

New Naira: Gbajabiamila threatens arrest warrant against Emefiele, bank MDs

26th January 2023
Business

We’ve disbursed over N740bn to 680 agro projects –CBN

26th January 2023
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 *

Highlights

Soldiers kill 157, terrorists, bandits, destroy 38 illegal refineries, arrest 40 oil thieves in 2 weeks – DHQ

Nigeria, India trade volume hit $14.95b

Obasanjo knocks politicians trying to “reinvent Nigeria”

Nigeria Decides 2023: DHQ assures crisis-free polls

Insecurity has impoverished Esan communities in Edo -Egbiki

Anambra North youths endorse Oduah for Senate

Trending

From Tony Osauzo, Benin Youths protesting fuel price hike and scarcity of the product in Edo State, yesterday, blocked the Lagos-Benin Expressway at Oluku Junction, forcing commuters to be stranded for hours. Commuters who were on their way to Lagos and those hoping to do business in the area were stranded for long hours. Transporters, travellers and those who have businesses in the area lamented the blockade and expressed dissatisfaction over the incident. One of them, Grace Emmanuel, a trader who was taking her goods to Ekiadolor, said it was pertinent for her to take her perishable goods to where she would sell them so that she doesn't incur losses. "It is unfortunate that this protest is taking place because it will add to the existing problem. If I don't get my goods to where I will sell them, some might get bad and I will incur losses which I don't want at this time. "They are protesting for the right reasons. The fuel situation is hitting hard on everybody but blocking the roads will lead to losses to individuals who are going to do business," she stated. Similarly, a driver who gave his name as Osahon, said the protest has left most people stranded in the axis. He, therefore, called on the government to address cause of the fuel crisis in the country.
National

Protesters block Lagos-Benin road over fuel price hike, scarcity

26th January 2023
0

From Tony Osauzo, Benin Youths protesting fuel price hikes and scarcity of the product in Edo State...

"No longer game as usual," Aregbesola talks tough on prison breaks

“No longer game as usual,” Aregbesola talks tough on prison breaks

26th January 2023
Extend deadline for old Naira notes, COSEYL tells CBN

Extend deadline for old Naira notes, COSEYL tells CBN

26th January 2023
Soldiers kill 157, terrorists, bandits, destroy 38 illegal refineries, arrest 40 oil thieves in 2 weeks – DHQ

Soldiers kill 157, terrorists, bandits, destroy 38 illegal refineries, arrest 40 oil thieves in 2 weeks – DHQ

26th January 2023
Nigeria, India trade volume hit $14.95b

Nigeria, India trade volume hit $14.95b

26th January 2023
ADVERTISEMENT

Follow us on social media:

Latest News

  • Protesters block Lagos-Benin road over fuel price hike, scarcity
  • “No longer game as usual,” Aregbesola talks tough on prison breaks
  • Extend deadline for old Naira notes, COSEYL tells CBN
  • Soldiers kill 157, terrorists, bandits, destroy 38 illegal refineries, arrest 40 oil thieves in 2 weeks – DHQ
  • Nigeria, India trade volume hit $14.95b
  • Obasanjo knocks politicians trying to “reinvent Nigeria”
  • Nigeria Decides 2023: DHQ assures crisis-free polls
  • Insecurity has impoverished Esan communities in Edo -Egbiki
  • Anambra North youths endorse Oduah for Senate
  • Gombe: Student group protests tuition fees, says hike leads to mass dropout
  • Osun: Adeleke inaugurates women group for Atiku campaign
  • Anambra community youths drill political party candidates
  • Umana Umana’s home ward rubbishes purported suspension
  • New Naira: Gbajabiamila threatens arrest warrant against Emefiele, bank MDs
  • Anambra records 15 suspected cases of Lassa fever, one death
  • Election : Ad hoc staff “ll be taken through nitty gritty of BVAS – INEC
  • Kano govt promotes 117 senior civil servants
  • Imo declares two-day holiday for civil servants to collect PVCs
  • No casualty in Balogun Market, Lagos fire outbreak – LASEMA
  • Rights organisation tackles Tinubu over outburst 

Categories

  • Abuja Metro
  • Anambra Watch
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • Change of Name
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • 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
  • The Sun Foundation

© 2019 The Sun Nigeria - Managed by Netsera.