N330bn mobile money revenue target under threat
A global management consulting firm, the Boston Consulting Group, has projected that Nigeria stands to generate $1.5bn (about N330bn) from mobile money services by 2019. But financial experts say the heartwarming projection may remain a dream unless urgent steps are taken to institute a model regulatory framework for mobile money services. According to them, a collaborative effort between...
CITN advises FG on tax waivers
The Chartered Institute of Taxation of Nigeria has advised the Federal Government to consider a more transparent tax waiver regime in which “beneficiaries are tracked for utilisation and performance with respect to the impact of the waivers and concessions.” The institute also described the recently introduced luxury tax as narrow in scope, adding that the tax would contribute only...
Naira: Terminal operators lament decline in revenue
Terminal operators under the aegis of Seaport Terminal Operators Association of Nigeria (STOAN) have lamented the drop in their revenue generation due to the continuous depreciation of the naira, coupled with low import volume. The association claimed that the total income of its members has been significantly eroded by 58 per cent. STOAN Chairman, Princess (Dr.) Vicky Haastrup said...
CITN asks FG to come clean on subsidy payments
The Chartered Institute of Taxation of Nigeria (CITN) has described as fraudulent any subsidy paid on premium motor spirit (PMS) on the current price of N87 per litre following the fall of crude oil prices to less than $60 per barrel. The CITN also tasked the Federal Government, the ministry of finance and Petroleum Product Pricing and Regulatory Agency...
FG reviews policy on tax holiday
LAGOS The Federal Government has revised its policy on tax holiday for investors in the economy granted under the Pioneer Status Incentive (PSI) Scheme. The tax relief would now be for three years instead of five years. The Nigerian Investment Promotion Council, NIPC, the federal agency in-charge of the policy, has already started writing to the companies who are hitherto...
IFRS demand hampers brokers’ ability to submit returns
THE 2012 compliant accounts of the International Financial Reporting Standards (IFRS) set by government for insurance and brokerage entities, may have hit hard on the ability of insurance brokers to submit their audited financial statements for 2013. As a result, the National Insurance Commission (NAICOM) has warned defaulting insurance brokerage firms that any intermediary that has not received approval for...
Kogi Budget 2015: The Challenge Of IGR And Poor Fiscal Policy
EXPERTS have expressed worry over Kogi State Government’s plan for alternative sources of revenue, in the face of dwindling revenue accruing to states from the Federation Account. The state has the potential to increase its stake in oil and gas as oil, since the discovery of oil in Ibaji local government area of the state. Also, the state has...
CITN scores govt’s tax plans low, seeks review of budget proposals
THE Federal Government’s acclaimed tax strategies to boost revenue may have been assessed low, even as zero-based budgeting was recommended to help scrutinize the contents of the current fiscal proposal. Besides, the Chartered Institute of Taxation of Nigeria (CITN)- the sole body charged by the Constitution to train and regulate tax practices in the country, which made the observation during...