Category: Business

Senate holds public hearing for two bills in financial sector

Emporium Reporters

The Senate on Wednesday held public hearing on Electronic Transactions Bill 2020 and Banks and other Financial Institutions Act, Cap, B3 LFN, 2004 Repeal and Amendment Bill, 2020. The Chairman Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani (Kaduna Central -APC) stated that the Electronic Transactions Bill “seeks to provide a legal framework for conducting transactions using electronic or related media and protection of the rights of the consumers and other parties in electronic transactions and services as well as facilitating electronic commerce in Nigeria. The…

FIRS: Stamp duty as new black gold, by Muhammad Nami

Emporium Reporters

This matter of making the Stamp Duty (and by implication tax revenue) the next black gold has occupied my mind even long before I was appointed the Executive Chairman of the Federal Inland Revenue Service. I have thought that given the way the Nigerian economy has been experiencing some difficulties due to unpredictable shocks in the competitive international oil market, it would be economically wise that the country begins to activate its latent tax potentials such as the stamp duty which has long been neglected.   For me, the key…

Lawan tasks FIRS to widen tax net

Emporium Reporters

President of the Senate, Ahmad Lawan on Tuesday tasked the Federal Inland Revenue Service(FIRS) to consider widening the tax net rather than overburden the people and business concerns. Lawan was the Guest Speaker at the inauguration of the Inter-Ministerial Committee on the Audit and Recovery of back years Stamp Duties and FIRS’ formal launching of adhesive Stamp for Stamp Duties collection in Nigeria. “We should rather expand the tax net. Let’s not over burden our businesses or our citizens,” Lawan said at the event which took place in Abuja. The…

WORLD DAY ON REMITTANCES : Panel calls for more action on flow of remittances

Emporium Reporters

As the world marks the International Day on Remittances, there has been a call to action to ensure free flow of remittances despite the challenges posed by Covid-19 global pandemic. This was one of the resolutions reached on Tuesday to mark the day with a webinar entitled “A call to Action : Remittances in crisis; How to keep it flowing”, put together by the United Kingdom and Switzerland, with participants from Nigeria, Egypt, Pakistan, Mexico, Jordan, the UNDP, IOM, International Association of Money transfer network ,UNCDF and the World bank.…

NIPOST: We’ve taken steps to address contradictions in stamp duty collection

Emporium Reporters

The Nigerian Postal Service (NIPOST) says it has taken actions to address the legal contradictions contained in a circular published by the Federal Inland Revenue Service (FIRS). There has been contention between the FIRS and NIPOST over the custodian of stamp duty after the implementation of the stamp duty act. NIPOST insists that it is empowered with the statutory power to print, mint, produce, retail, and provide adhesive postage stamps. In a recently released circular, the FIRS said it now has a portal for automated stamp duties collection; where all stamp…

Trump threatens to cut trade relationship with China

Emporium Reporters

By Kola Olapite   U.S President Donald Trump has declared his intention to cut trade relationship with China, the second biggest economy in the world amid rising tensions about the coronavirus pandemic. In an interview with Fox Business Network broadcast , Trump said he was very disappointed with China’s failure to contain the disease and that the pandemic had cast a pall over his January trade deal with Beijing, which he has previously hailed as a major achievement. “ So I made a great trade deal and now I say…

Brace yourselves for price increase in June, Automobile Association warns

Emporium Reporters

By Kola Olapite,South Africa   Based on an unaudited mid-month fuel price data released by the Central Energy Fund and the unstable price of the crude oil, Automoble Association predicted that there will be an increase in the price of petrol According to the AA’s prediction, the price of petrol is expected to increase by about 50 cents a litre while diesel and paraffin are heading in the opposite direction, reducing by 56 cents and 75 cents respectively. Consequently, the celebrations of the motorists when the petrol price was reduced…

SARB cuts repo rate to 3.75%

Emporium Reporters

By Kola Olapite   The South African Reserve Bank’s monetary committee further cut the interest rate (REPO) to 3.75% which amounts to 50 basis points as part of the palliative measures to stimulate economic activities which have been on a standstill resulting in the lockdown due to an invasion of the global monster, tagged: coronavirus pandemic. The Monetary Policy Committee of the apex bank in the country made this decision in its emergency meeting of May 21, 2020 to further cut the repurchase rate by 50 basis points, bringing it…

7million jobs could be lost in South Africa, national treasury predicts

Emporium Reporters

By Kola Olapite,South Africa   According to the national treasury’s projection, South African economy may face another tough challenge as job losses could reach an unprecedented rate, about 50% which is projected to be up to 7 million people potentially losing their jobs resulting in the coronavirus pandemic that has brought a sharp contraction in the country’s economy due to the inevitable lockdown following the South African president’s declaration of national disaster in March 26th, 2020. The minister of Finance, Tito Mboweni and Treasury Director General, Dondo Mogajane, gave this…

Ethical Entrepreneurs call for Interest-Free Loans

Emporium Reporters

Ethical entrepreneurs have called on the Federal Government to exemplify its commitment to the development of alternative finance through inclusion of non-interest windows in its various loan and intervention funding programmes. Ethical entrepreneurs and financial experts who participated in a webinar on financial inclusion in Nigeria and government’s intervention funds called on government to adopt inclusive approach that combines both conventional and ethical finances in order to ensure inclusive development of the economy. They underscored the need for government to continue to deepen the non-interest alternative finance segment of the…