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Marlhyk
No Tax Identification Number (TIN), No Bank Account - Finance Bill
~2.3 mins read
It also empowers banks to demand TIN from existing customers if they wish to continue to operate their accounts.
The Leader of the Senate, Yahaya Abdullahi, stated this on Wednesday in his lead debate on the bill, sent to the National Assembly by the President, Major General Muhammadu Buhari (retd.), on Tuesday.
He said, “Banks will be required to request for Tax Identification Number before opening bank accounts for individuals, while existing account holders must provide their TIN to continue operating their accounts.”
He also said the bill made electronic mails as the only channel that tax authorities would accept as a formal means of correspondence with taxpayers;
He added that proposed bill prescribes penalty for failure to deduct tax.
He said it would also apply to agents appointed for tax deduction.
Abdullahi said, “This penalty is 10 per cent of the tax not deducted, plus interest at the prevailing monetary policy rate of the Central Bank of Nigeria.
“The conditions attached to tax exemption on gratuities have been removed.
“Therefore gratuities are unconditionally tax exempt.
“The duties currently performed by the Joint Tax Board as relates to administering the Personal Income Tax Act, will now be performed by the Federal Inland Revenue service.
“This seems to be an error in the process of amendments to replace the word “Board” as it appears in Federal Board of Inland Revenue.”
He said penalty for Value Added Tax late filing of returns increased to N50, 000 for the first month and N25, 000 for subsequent months of failure;
He said, “The penalty for failure to register for VAT is reviewed upwards to N 50,000 for the first month of default and N25,000 for each subsequent month of default.
“The penalty for failure to notify FIRS of change in company address to be reviewed upwards to N50,000 for the first month of default and N25,000 for each subsequent month of default.
“This penalty also covers failure to notify FIRS of permanent cessation of trade or business.
“Quite significantly, the Finance Bill seeks to introduce sweeping changes to the tax laws covering seven different tax laws.
“Many of the changes are expected to have positive impacts on investments and ease of paying taxes especially for MSMEs.
“Going forward, we hope that changes to the tax laws will be on an annual basis to ensure that Nigeria’s tax system continues to evolve in line with economic conditions”
On the Personal Income tax Act, the Senate Leader said amendment clarified that pension contributions no longer require the approval of the Joint Tax Board to be tax-deductible;
He said, “On the other hand, the bill seeks to remove the tax exemption on withdrawals from pension schemes except the prescribed conditions are met.
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Marlhyk
FG Begging For Strike ASUU, Nsukka Zone
~1.5 mins read
The Academic Staff Union of Universities, Nsukka zone (ASUU – Nsukka zone) has declared that the Federal Government (FG) is begging for nationwide strike action by the way it was handling the Memorandum of Action (MOA) entered into with the Union in December, 2020.
While ASUU stated that the MoA has suffered a setback because some persons were benefiting from the non-implementation of the action plan, he called on well-meaning Nigerians to prevail on the FG to implement the agreements it entered into with ASUU a year ago.
The Zonal Coordinator, ASUU-Nsukka zone, Raphael Amokaha who disclosed this at a press conference held at the Benue State University (BSU), Makurdi on Thursday observed that if the situation was not properly handled, it may lead to another ASUU strike.
He explained that although the zone does not wish to preempt the National Executive Council (NEC) meeting of the association that will hold next week, he would not rule out the possibility of a strike action any moment from now.
Amokaha who was worried that one year down the line the FG was yet to implement 20 percent of the MoA, warned that the Union would no longer tolerate the piece meal implementation of the MoA by the government.
The Zonal Coordinator also appealed to the FG to take advantage of the window of dialogue the Union has presented it and resolve the issues before it snowballs into full-blown strike action.
He said, “It seems it is the intention of government that we should threaten and/or go on strike for the implementation of every item in the MoA.
“It is imperative that government should have been honourable in ensuring that it adhered to the road map for industrial harmony as captured in the MoA of 23rd December 2020, but we will rather focus on our efforts at dialogue to resolve the contending issues in the desire that academic activities are not disrupted in our universities.https://independent.ng/fg-begging-for-strike-ASUU-nsukka-zone/
While ASUU stated that the MoA has suffered a setback because some persons were benefiting from the non-implementation of the action plan, he called on well-meaning Nigerians to prevail on the FG to implement the agreements it entered into with ASUU a year ago.
The Zonal Coordinator, ASUU-Nsukka zone, Raphael Amokaha who disclosed this at a press conference held at the Benue State University (BSU), Makurdi on Thursday observed that if the situation was not properly handled, it may lead to another ASUU strike.
He explained that although the zone does not wish to preempt the National Executive Council (NEC) meeting of the association that will hold next week, he would not rule out the possibility of a strike action any moment from now.
Amokaha who was worried that one year down the line the FG was yet to implement 20 percent of the MoA, warned that the Union would no longer tolerate the piece meal implementation of the MoA by the government.
The Zonal Coordinator also appealed to the FG to take advantage of the window of dialogue the Union has presented it and resolve the issues before it snowballs into full-blown strike action.
He said, “It seems it is the intention of government that we should threaten and/or go on strike for the implementation of every item in the MoA.
“It is imperative that government should have been honourable in ensuring that it adhered to the road map for industrial harmony as captured in the MoA of 23rd December 2020, but we will rather focus on our efforts at dialogue to resolve the contending issues in the desire that academic activities are not disrupted in our universities.
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