Uncategorized
‘Tax evasion’: Tribunal okays Multichoice’s N8bn deposit, fixes date to hear appeal against FIRS
The tax appeal tribunal (TAT) has ruled that Multichoice Nigeria Limited met the conditions necessary to prosecute an appeal against the N1.8 trillion tax levied on it by the Federal Inland Revenue Service (FIRS).
Multichoice is the owner of the satellite televisions, DStv and Gotv – popular subscription-based platforms in Nigeria.
At the hearing in Lagos on Wednesday, the administrative court said it was satisfied that MultiChoice had complied with the directive by depositing N8 billion — as instructed on the provision of the FIRS Act.
Paragraph 15(7)(c) of the fifth schedule of the FIRS Act, 2007 requires an appellant to pay 50 percent of the tax paid the previous year plus 10 percent mark-up as security before prosecuting an appeal.
At the last hearing in September, the FIRS had asked the tribunal to discontinue the hearing of MultiChoice’s appeal and enter judgment against the appellant for failure to pay 50 percent of the disputed N1.8 trillion sum under assessment — about N900 billion.
But Multichoice Nigeria Limited said it had complied with the directives of the tax tribunal by depositing an amount required by the law with the FIRS, which according to the company, is N8 billion.
Both parties had expressed diverse views on the amount expected to pay as security for prosecuting an appeal before the TAT — as stakeholders, including PricewaterhouseCoopers (PwC), faulted loopholes in the FIRS Act.
Reading the ruling, AB Ahmad, the tribunal chairman, dismissed the contention of the FIRS that the deposit made by MultiChoice amounted to non-compliance with Paragraph 15(7) of the FIRS Act.
He said the appellant has shown respect to and complied with the tribunal’s directive.
The tribunal also dismissed the argument of the FIRS that the security deposit MultiChoice was required to make should cover 10 consecutive financial years — not just that of the preceding financial year, which is 2019.
The tribunal agreed with the position of MultiChoice that the relevant provision of the FIRS Act stated the preceding year and not years — as the FIRS had argued.
The tribunal then fixed November 17, 2021, for the commencement of the hearing of the appeal.
Uncategorized
Lagos-Calabar coastal road: Train track work begins 2025, says minister
Lagos-Calabar coastal road: Train track work begins 2025, says minister
The Federal Government plans to begin constructing train tracks on Section I of the Lagos-Calabar Coastal Highway in 2025.
The Minister of Works, David Umahi, made this announcement during an inspection of Sections I and II of the project, which are located within Lagos and being handled by Hitech Construction Company Ltd, on Friday, December 20, 2024.
The details of the announcement were published in a statement on the ministry’s official website on Saturday.
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“The President has given very serious attention to road infrastructure. Don’t forget that this Coastal Highway and, of course, the four Legacy Projects all have the train track incorporated. The construction of the train track for this section I is going to take off in 2025,” Umahi stated.
The Works Minister outlined plans to enhance the Lagos-Calabar Highway in Sections I and II of Phase 1, including solar-powered CCTV cameras, lay-bys every 5-15 kilometers, and security posts for improved safety and monitoring.
He announced that 20 kilometers of Section 1 are scheduled for commissioning by May 2025. The Federal Controller of Works, Engr. Olukorede Kashia, noted challenges such as large refuse dumps and unsuitable soil conditions requiring extensive remediation during the project.
Lagos-Calabar coastal road: Train track work begins 2025, says minister
Entertainment
Copyright: Court orders Adele’s song removed from platforms
Copyright: Court orders Adele’s song removed from platforms
A Brazilian court has ordered the removal of Adele’s 2015 song Million Years Ago from radio and streaming platforms worldwide following a copyright lawsuit filed by local composer Toninho Geraes.
The ruling, delivered by Judge Victor Torres, comes after Geraes accused the British singer of copying his 1996 classic Mulheres, originally performed by Brazilian artist Martinho da Vila.
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Geraes claims the track from Adele’s album 25 closely mirrors his 1995 composition, demanding recognition and compensation for the alleged infringement.
In the lawsuit, Geraes is seeking $160,000 in moral damages, lost royalties, and a songwriting credit on Adele’s track.
The court has also imposed a fine of $8,000 per act of non-compliance on the Brazilian subsidiaries of Sony Music and Universal Music Group.
Copyright: Court orders Adele’s song removed from platforms
Uncategorized
Marketers react after NNPCL slashes petrol price to N899 per litre
Marketers react after NNPCL slashes petrol price to N899 per litre
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has praised Dangote Refinery’s management for bringing the price of its gasoline down to N899.50K per litre.
PETROAN spokesperson Joseph Obele said in a statement on Thursday that the action is a huge relief for drivers and Nigerians in general.
“This price reduction, a decrease of N71 per litre from the initial price of N970, is a significant relief for motorists and Nigerians at large, especially during the holiday season,” PETROAN stated.
According to PETROAN president, Billy Gillis-Harry, Dangote Refinery’s price cut would lessen Nigerians’ suffering and lower living expenses over the holiday season.
“The price reduction will alleviate the suffering of Nigerians and reduce the cost of living and transportation during this festive period,” he said.
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Anthony Chiejina, a company representative, stated that the price cut is intended to reduce transportation expenses during the holiday season. Additionally, the refinery stated that customers could purchase an extra litre of fuel on credit for every litre of fuel purchased with cash.
In November, the privately held refinery reduced the price of its gasoline to N970 per litre. “To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.
“Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank,” said Chiejina.
News Direct earlier reported that oil marketers have continued to rely on imports to deliver gasoline across the country, even though two significant refineries in Nigeria started producing the fuel within the last three months.
According to data gathered last week, marketers imported 2.3 billion litres of gasoline between September 11 and December 5, 2024. This ongoing importation runs counter to previous declarations made by certain marketers who stated their intention to cease importing and instead concentrate on locally produced goods.
Marketers react after NNPCL slashes petrol price to N899 per litre
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