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Tax on carbonated drinks to increase in 2022, says finance minister

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The Minister of Finance, Budget and National Planning, Zainab Ahmed has announced a possible increase in the taxation on carbonated drinks, which would lead to a price increase.

She said this at the Public Presentation and Breakdown of the Highlights of the 2022 Appropriation Bill on Friday in Abuja, stating that it will be part of the additions in the 2021 Finance Act which will take effect from January 2022.

She said, “To further enhance independent revenue generation, government aims to optimise the operational efficiencies and revenue generation focus of the government-owned enterprises.

“The introduction of new and further increases in existing pro-health taxes for example exercise duties on carbonated drinks- this is work in progress but it will happen in the 2021 Finance Act.”

Zainab Ahmed: Nigeria’s featherweight finance minister
In 2019 Ahmed said the government was insistent on implementing the initiative at a World Bank/International Monetary Fund meetings in Washington DC, United States.

Ahmed also noted that there would be penalties for government-owned enterprises that fail to meet the set target in achieving the government’s revenue generation drive.

She said, “Government’s revenue performance and remittances will become enhanced through effective implementation of the performance Management Framework including possible sanctions should there be default on targets that are set for government-owned enterprises.

“The Finance Bill 2021 will contain measures that will further advance the implementation of the Strategic Revenue Growth Initiative (SRGI).

(PUNCH)

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Business

Dangote Cement, MTN paid highest taxes in 2020 – Report

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A report by Next Money has disclosed that Dangote Cement Plc and MTN Nigeria Plc paid the highest corporate income taxes to the Federal Government in 2020.

Dangote Cement paid N97.24bn in CIT to FG making it the highest remitter of taxes for the year while MTN came second with a N93.6bn payout.

Guaranty Trust Holding Company Plc was third with a CIT of N36.66bn.

A statement from Dangote Industries Limited quoted the report as ranking Dangote Cement as the most capitalised in the country at M4.17tn and also the largest corporate employer with 16,199 employees.

The publisher of Next Money, Mr Ray Echebiri, was quoted as saying that the performance index analysis of companies listed on the Nigerian Exchange Limited established the best performers.

According to him, the exercise was done to provide existing and potential investors with reliable information before making investment decisions.

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He was quoted as saying, “The first step we take in the analyses is to extract the total assets of each of the listed companies from their audited accounts.

“We sorted the total assets of the companies from the largest to the smallest and cut off at the 100th. We tagged a hundred companies that emerged from this exercise ‘Nigeria’s Top 100 Companies.”

Echebiri added that any company that made it to the corporate elite club of Nigeria’s Top 100 Companies was automatically a candidate for further ranking by revenues, profits, market capitalization, number of employees and tax payment.

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Bitcoin Breaks $50K for First Time in a Month

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Bitcoin, the largest cryptocurrency by market value, broke above the crucial psychological threshold of $50,000 on Tuesday for the first time since Sept. 7.

“It’s too early to say whether this will turn into a new support level in the short term, but it is clear that the overriding market view is bullish,” said Jason Deane, an analyst at Quantum Economics.

At press time, bitcoin was trading about $50,250, up 5.4% over the last 24 hours.

Given the difficult environment across all other asset classes, bitcoin’s long-term holders are the backbone in this rally above the $50,000 level, said Edward Moya, senior analyst at Oanda, in an interview with CoinDesk.

“If momentum buying continues and the price rallies above $52,000, we could confirm the end of this consolidation pattern,” said Moya. (A consolidation pattern is a pause in a stock’s trend that allows the trend to continue further.)

Wall Street is in for a choppy period of dealing with market risks, such as the prospect of the Federal Reserve tapering its $120 billion-a-month of monetary stimulus, an energy crunch and rising bond yields, according to Moya.

This should only help cryptos over the short term,” he said.

“Bitcoin breaking $50,000 is a confirmation of the bull market being back,” said Lucas Outumuro, head of research at IntoTheBlock.

According to the firm, more than 800,000 BTC were previously acquired around $48,000. Sometimes buyers and sellers will target these entry levels for key trading decisions.

“Such high concentration of volume translates into resistance in price action,” Outumuro said. “Now that we’ve surpassed that level, there doesn’t seem to be meaningful resistance up to $56,000.”

The latest surge in bitcoin appeared to lead a broad rally in cryptocurrency prices. The Ethereum blockchain’s native cryptocurrency, ether, was up 3%, while Polygon’s MATIC rose 4.8% and Binance’s BNB coin gained 4%.

CoinDesk.

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NCC disqualifies Nigerians below 18 years from getting SIM

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The Nigerian Communications Commission has disqualified anyone below the age of 18 from registering and owning a Subscriber Identity Module in Nigeria.

This is according to the draft copy of the modified Registration of Telephone Subscribers Regulations published on the commission’s website.

In the modified regulations, NCC limited telecoms subscribers to only include anyone above the age of 18.

“‘Subscriber’ means a person not below the age of 18 years who subscribes to communications services by purchasing a subscription medium or entering into a subscription contract with a licensee.”

The Licensee refers to ‘a provider of communications services that utilises a subscription medium in the Federal Republic of Nigeria’.

The regulations were made in line with the powers conferred upon the commission by section 70 of the Nigerian Communications Act,2003.

In accordance with Section 57 of the Act, the NCC conducted a Public Inquiry on the Registration of Telephone Subscribers Regulations, alongside the draft SIM Replacement Guidelines and the draft Spectrum Trading Guidelines at its head office in Abuja on Tuesday.

NCC’s Executive Commissioner Stakeholders’ Management, Mr Adeleke Adewolu, gave the opening remark at the event.

He said, “The public inquiry is an avenue that enables the commission develop and review its regulatory instruments by incorporating the comments and suggestions of industry stakeholders.”

During the public inquiry, which was held physically and virtually, key stakeholders, including MTN, urged the commission to revise the age limit.

MTN asked the commission to make the age limit 14 years and above.

The NCC, however, insisted on 18 years and above for anyone who wants to own and register a SIM in Nigeria.

Culled from PUNCH

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