Connect with us

Uncategorized

Reps summon FRSC chair over tax clearance to P&G

Published

on

The Public Accounts Committee of the House of Representatives has summoned Chairman of the Federal Inland Revenue Service, Muhammad Nami, to explain the alleged issuance of tax clearance certificate to Procter and Gamble (P&G) without payment of tax due to the government.

This followed a motion by a member of the committee, Zakari Dauda Nyampa, at an investigative hearing in Abuja.

The investigation was based on a query raised by the Office of the Auditor-General of the Federation on revenue remittances by the company between 2016 and 2018.

Nyampa said P&G had the turnover of P&G was N42bn, N41bn and N48bn respectively, but posted no profit.

“And FIRS went ahead to give them tax clearance, I want to move a motion that we invite FIRS to authenticate these certificates.”

The Chairman of the committee, Wole Oke, said, “Taxpayers could be issued tax clearance certificates on several bases; it could also be tentative tax clearance certificate; may be there is a business to pursue and they need tax clearance urgently to do so, they can be obliged.

“But once the financial year has come to an end, all the filing oath to be done; my worry is that, even though we have other options of assessing tax payer even when your operation resulted in a loss, we have other options.

“We can look at turnover basis, we can look at net current assets and all that; I am shocked that those options were not applied and yet your tax assessment read zero.

“Those are the issues; we cannot shave the FIRS (head) in their absence, they need to come here and tell us their own side of the story why we have this kind of situation,” he said.

He said the committee needed to look into the P&G import duty documents of equipment worth N6.4bn in 2017.

“If you look at the acceptance given to you dated March 6, 2017, your foreign content was N6.4bn for value of foreign content, machinery and equipment.”

Financial Director, P&G, Ogunbodele Emiola, told the committee that the company paid education tax in the years in which profits were made.

“We’ve made significant investment, we’ve built a factory, the biggest and highest investment by any US company in our industry in Nigeria and that was done during the period under assessment,” she said.

Continue Reading

Uncategorized

NURTW moves against highway crime, adopts vehicle e-tracking

Published

on

The National Union of Road Transport Workers says it will track members’ vehicles electronically as a way to address the spate of kidnapping and insecurity on expressways.

The union, during the National Executive Council meeting in Osogbo, Osun State capital, said it was imperative for them to use electronic tracking device in curbing the menace of kidnapping and insecurity on expressways in the country.

President of the union, Alhaji Tajudeen Baruwa, said the NURTW had lost many members to banditry while many were kidnapped.

He said, “We have resolved to use tracking to monitor our members’ vehicles. This will help us to alert our members of impending dangers.

“We admonish our members to be security conscious; the issue of insecurity in the country is worrisome. Many times our members are been kidnapped across the country, we have lost many members as a result of insecurity and there is no compensation from the government. So we really need to be careful and vigilant when we are on the steering. E-tracking will help passengers and our members after we put it to use”.

Baruwa thanked members for their support and confidence in his administration.

He said the administration was faced with serious financial challenges and the emergence of the COVID19 affected their revenue, adding that it was a miracle to have survived the devastating effects of the lockdown.

 

Continue Reading

Uncategorized

EFCC arrests, grills ex-Imo governor, Okorocha

Published

on

The Economic and Financial Crimes Commission has arrested former Imo State governor, Rochas Okorocha.

He was arrested in Abuja and was later questioned by the EFCC over issues bothering on alleged corruption.

Okorocha, currently representing Imo West at the Senate, was grilled at the EFCC Abuja office on Tuesday.

EFCC spokesman, Wilson Uwujaren, confirmed the development but did not give further details.

 “It is true, he was arrested today in Abuja but we are not giving details,” he said.

Okorocha had been accused by the Imo government of looting the state’s treasury through various malpractices.

He was in February arrested by police from the Imo State Command for allegedly unsealing Spring Palm Estate linked to his wife, Nkechi.

Okorocha was later released but about 14 of his loyalists are being tried.

The Imo State Government had sealed the Spring Palm Estate and other properties claimed to have been “diverted” by Okorocha and his family members.

But the Senator said the properties were legitimately by him and his family members.

Continue Reading

Uncategorized

NBS: Used vehicles, motorbikes, PMS top Nigeria’s imports

Published

on

Used vehicles, motorcycles, premium motor spirit, popularly called petrol, and antibiotics were the major products imported by Nigerians from India, Spain, the Netherlands, United States and China in the fourth quarter of 2020, the National Bureau of Statistics has said.

The bureau stated this in its just released Commodity Price Indices and Terms of Trade Q4 2020, according to a Punch report.

It also stated that the major commodities exported from Nigeria to the five nations were crude oil and natural gas.

The NBS said, “The major export and import market of Nigeria in Q4 2020 were India, Spain, the Netherlands, United States and China.

“The major exports to these countries were crude petroleum and natural gas. The major imports from the countries were petroleum motor spirit, used vehicles, motorcycles and antibiotics.”

The bureau stated that the all-commodity group import index increased by 0.13 per cent between October and December 2020.

“This was driven mainly by an increase in the prices of base metals and articles of base metals (one per cent), boilers, machinery and appliances; parts thereof (1.03 per cent), and products of the chemical and allied industries (0.75 per cent),” it stated.

According to worldstopexports.com, Nigeria imported about half (49.6 per cent) of its imported goods by value from Asia in 2019; another 30 per cent from suppliers in Europe with 11.2 per cent arriving from North America.

Smaller percentages were said to come from fellow African nations (6.5 per cent), Latin America (2.3 per cent) excluding Mexico but including the Caribbean, then Oceania (0.3 per cent) led by New Zealand and Australia.

Given Nigeria’s population of 201 million people, its total $47.4 billion in 2019 imports translated to about $240 in yearly product demand from every person in the West African region country.

Continue Reading

Trending