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No TIN Requirement For Nigerians To Operate Bank Accounts In Finance Bill 2022 —–Presidency

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The Presidency said on Sunday that there is no provision in the Finance Bill (2022) that states that banks will be required to request for Tax Identification Number before opening bank accounts for individuals and existing account holders must provide their TIN to continue operating their accounts.

A top Presidency said this in a statement titled ‘No TIN requirement for Nigerians to operate bank accounts in Finance Bill 2022, says Presidency”.

According to the source, there are no provisions in the Finance Bill 2022, now before the National Assembly, forcing Nigerians to have a Tax ID number in order to operate a bank account.

The presidency highlighted the main changes proposed under the bill, which it said would be further defended this week at both the Senate and the House of Representatives.

It said, “Capital gains tax at the rate of five percent to be applicable on disposal of shares in a Nigerian company worth N500m or more in any 12 consecutive months except where the proceed is reinvested in the shares of any Nigerian company within the same year of assessment. Partial re-investment will attract tax proportionately. Transfer of shares under the regulated Security Lending Transaction is exempted.

“Lottery and gaming business to be specifically taxable under CITA including betting, game of chance, promotional competition, gambling, wagering, video poker, roulette, craps, bingo, slot or gaming machines and the like.

“Companies engaged in petroleum operations including midstream and downstream operations will not be eligible for exemption on profits in respect of goods exported from Nigeria. Downstream companies were previously eligible under the old upstream and downstream classification.

“Federal Inland Revenue Service to be empowered to assess CIT on the turnover of a foreign digital company involved in transmitting, emitting, or receiving signals, sounds, messages, images or data of any kind including e-commerce, app stores, and online adverts.”

According to the presidency, changes proposed include the reduction of the minimum tax rate from 0.5 percent to 0.25 percent of turnover (less franked investment income) is to be applicable to any two accounting periods between January 1, 2019, and December 31, 2021, as may be chosen by the taxpayer.

It said, “Disputed tax assessment to be in abeyance until determination while undisputed tax assessment is to be paid within 30 days after service of the notice of assessment on the company except otherwise extended by the FIRS. Reference to provisional tax has been deleted in recognition of the well-established self-assessment tax regime.

“Withholding tax on interest earned from a unit trust to be treated as final tax. Only WHT on the dividend is currently treated as a final tax for local companies.”

“The deployment of technology to automate tax administration including assessment and information gathering by FIRS to now include third party technology (previously only proprietary technology may be deployed). A penalty of N50,000 to be applicable where a company fails to grant access to FIRS in addition to N25,000 for each day the failure continues.”

BIG STORY

Italian Bags 24 Years Jail Term For Beating Physically Challenged Nigerian To Death

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Filippo Ferlazzo, the Italian who beat Italy-based Nigerian man Alika Ogorchukwu to death in July 2022, has been sentenced to 24 years in prison.

The 39-year-old Nigerian who was beaten to death in the Italian city of Civitanova Marche in the Marche Region in the Province of Macerata has finally received justice.

Abike Dabiri-Erewa, Chairman of the Nigerians in Diaspora Commission (NIDCOM), made the announcement in a statement signed by NIDCOM spokesperson Gabriel Odu on Thursday.

Dabiri-Erewa who expressed satisfaction over the justice meted out to Ferlazzo commended the Nigerian Mission in Rome for following through with the case and other cases involving Nigerians.

“I am glad that this case finally got justice. Like I always say, there has to be consequences for actions”.

The NIDCOM boss also urged Nigerians in the diaspora to remain law-abiding, excel in what they do, and never forget home by giving back to their homeland.

She also exhorted Nigerians living abroad to uphold the law, be the best at what they do, and never forget their roots by supporting their home country.

According to the Italian police, Ogorchukwu was assaulted while strolling in broad daylight, after the Nigerian asked Ferlazzo’s fiancée to buy him a handkerchief.

With the use of Ogorchukwu’s crutches, the attacker battered the victim to death in front of multiple witnesses, some of whom made videos on their smartphones.

On July 30, 2022, Ferlazzo was detained and arrested on charges of having murdered Ogorchukwu and having stolen Ogorchukwu’s phone.

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BIG STORY

Lagos Government Implements Total Ban On Street Trading, Hawking To Improve Safety And Sanitation

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In a bid to create a cleaner, safer, and healthier environment, the Lagos State government, under the auspices of the Ministry of Environment and Water Resources, has implemented a comprehensive ban on street trading, hawking, and related illegal activities.

This landmark decision aims to address the rising concerns over public safety, traffic congestion, and the preservation of vital infrastructure.

Led by the dynamic Commissioner for Environment, Mr. Tokunbo Wahab, the state government has assigned the Lagos State Environmental Sanitation Corps (commonly known as KAI) with the responsibility of ensuring strict compliance with the newly enforced environmental sanitation laws.

One of the primary reasons driving this ban is the need to curb the nefarious activities of hawkers who have increasingly resorted to disguising themselves as vendors while preying on unsuspecting motorists. These incidents of theft and robbery have not only threatened the safety of commuters but have also contributed to the disruption of traffic flow on major highways and streets.

Governor Babajide Sanwo-Olu’s administration, with its T.H.E.M.E Plus Agenda, is exhibiting a zero-tolerance approach towards street trading, hawking, and other illicit practices. By intensifying efforts to enforce these regulations, the government aims to foster a more conducive and orderly business environment while addressing the concerns of the general public.

The ban extends to the construction of illegal structures on drainage systems, as they pose significant risks to the local water management infrastructure. Additionally, the prohibition encompasses the display of wares on walkways, a practice that not only obstructs pedestrian movement but also contributes to unsightly and cluttered public spaces.

Citizens and traders are urged to cooperate fully with the Lagos State Environmental Sanitation Corps, adhering to the newly implemented regulations in order to promote a more organized and hygienic society. The government’s commitment to ensuring the health and safety of its residents remains resolute, and these measures signify a significant step towards achieving that goal.

As the Lagos State government takes proactive steps towards creating a cleaner, safer, and more sustainable urban environment, the hope is that this ban will not only elevate the quality of life for all residents but also serve as a model for other regions to follow suit.

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BIG STORY

AGF Fagbemi Asks Labour To Shelve Planned Strike, Says It’s “Gross Breach Of Court Order”

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Lateef Fagbemi, the Attorney General of the Federation (AGF) and Minister of Justice, has asked organised labour to postpone any planned strike over the elimination of petrol subsidies.

On September 26, the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) announced a nationwide strike to begin on October 3 in protest of the country’s status.

The NLC had already staged a two-day warning strike against the impact of the subsidy elimination on the masses.

In a letter to the NLC, TUC, and Femi Falana, the senior advocate of Nigeria (SAN) who is the counsel to organized labour, Fagbemi said the planned indefinite nationwide strike is a violation of a subsisting court order.

The AGF said organized labour should respect the June 5 order issued by the national industrial court, restraining both unions from embarking on strike.

He added that the judgment remains binding and enforceable until set aside, noting that going ahead with the strike would amount to a disregard for the dignity and integrity of the court.

The AGF urged Falana to prevail on his clients to respect the order of the court and allow room for ongoing negotiations between parties on how best to address the challenges associated with the petrol subsidy removal.

“The proposed strike action is premised principally in furtherance of issues connected with the removal of fuel subsidy, hike in fuel price and consequential matters of making provisions for palliatives and workers welfare,” Fagbemi said.

“These are undoubtedly issues that have been submitted to the national industrial court for adjudication.

“Therefore, the proposed strike action is in clear violation of the pending interim injunctive order granted on 5th June 2023 restraining both Nigeria Labour Congress and Trade Union Congress from embarking on any industrial action/or strike of any nature, pending the hearing and determination of the pending motion on notice.

“We wish to reiterate that a court order, regardless of the opinion of any party on it, remains binding and enforceable until set aside.

“It is the expectation of the public that the labour unions would lead in obedience and observance of court orders and not in its breach.

“It is, therefore, the earnest expectation of this office that your distinguished law firm will advise the labour unions on the need to protect the integrity of courts and observe the sanctity of court orders.

“Consequently, you are kindly requested to impress it upon the organized labour unions to note the fact that their proposed strike action is in gross breach of the subsisting court order, as well as the appropriateness of addressing their grievances/demands within the ambit of the law.

“Hence, the need for them to be more accommodating and show greater appreciation of the effect of the order of the court, by shelving the strike action.”

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