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IWD: Nigerian women face uphill task of breaking bias

Nigerian women still have an uphill task of breaking the bias against them as the world celebrates the International Women’s Day today, few days after the National Assembly rejected some gender bills. The lawmakers had last week voted against bills that were in favour of

Reps make U-turn, reconsider rejected pro-women bills

The House of Representatives has receded the pro-women bills that were rejected during the voting on the amendments to the 1999 Constitution last week Tuesday and relisted them for reconsideration. Femi Gbajabiamila, speaker of the House of Representatives, made this announcement

Court sacks David Umahi as Ebonyi governor

A Federal High Court in Abuja has sacked David Umahi and Dr Eric Igwe as Governor and Deputy Governor of Ebonyi State respectively. Justice Inyang Ekwo Tuesday ordered the duo to vacate their offices, after their defection from the Peoples Democratic Party (PDP) to the All Progressive Congress (APC)

ASUU strike: Commuters groan as protesting students block Lagos-Ibadan Expressway

Protesting Nigerian students on Tuesday March 8 blocked the ever busy Lagos-Ibadan Expressway saying they are protesting the ongoing strike by the Academic Staff Union of Universities (ASUU). “We are on our way to see a client for a very crucial meeting but have been trapped in this gridlock for hours

Tinubu meets APC Reps over presidential ambition next Wednesday

Bola Tinubu, a former governor of Lagos State, has written to the All Progressives Congress (APC) Caucus in the of House of Representatives, requesting to meet with its members next week Wednesday to formally inform them of his presidential ambition.

Mr. Adewale Arogundade to Serve as Acting Company Secretary of FBN Holdings

In accordance with Nigerian Exchange Limited’s (NGX) Rule Book, the Board of Directors of FBN Holdings Plc wishes to notify the NGX and the investing public that Mr. Adewale Arogundade, Assistant Company Secretary, FBN Holdings Plc, will assume the role of Acting Company Secretary effective March 7, 2022.

This is following the transfer of the erstwhile Company Secretary, Mr. Seye Kosoko to our Commercial Banking Subsidiary, First Bank of Nigeria Limited to support and further strengthen our Public-Sector Business in line with our Talent Management Framework.

FIRS Offers Concession to Taxpayers with Outstanding Foreign Currency Tax Liabilities

Taxpayers who have outstanding foreign currency tax liabilities can now take advantage of the Federal Inland Revenue Service (FIRS) one-month window to settle these liabilities in Naira, with effect from March 01, 2022, to March 31, 2022, this is according to a Public Notice released by the Service and signed by the Executive Chairman, Muhammad Nami.

The FIRS stated that it had received requests and enquiries from taxpayers on challenges in sourcing for foreign currencies to offset their outstanding tax liabilities.

“Given the number of requests, enquiries and the challenges encountered by the taxpaying public in sourcing for foreign currencies to offset outstanding tax liabilities, the Federal Inland Revenue Service wishes to inform our esteemed taxpayers that a one-month window has now been opened for this category of taxpayers to settle their foreign currency tax liabilities in Naira with effect from March 01, 2022, to March 31, 2022”, the Notice read.

The Service explained that this concession was a one-off window as the law has stated that the currency a taxpayer transacts in is the currency with which the tax is to be paid.

The extant provision is that the currency of the transaction should be the currency with which the tax is paid. However, this is a one-off window/concession, and the Service would no longer entertain any such request from the taxpaying public”.

The Notice further stated: “The applicable rate shall be the Investors and Exporters (I&E) Foreign Exchange Rate of the Central Bank of Nigeria (CBN) prevailing on the date of the transaction and or when the tax obligation falls due.

The Notice explained that this window covers all such liabilities that have fallen due for payment on or before December 31, 2021, and all taxes except the Petroleum Profit Tax.

“This concession is available to all taxpayers, covers all tax types, and all foreign currency tax liabilities are falling due on or before December 31, 2021, except for companies in the Upstream (Oil & Gas) Sector and the Petroleum Profits Tax”.

To benefit from this, taxpayers within this category are expected to make all payments before March 31, 2022. Upon payment, the relevant documents relating to the transaction and the evidence of payment must be forwarded to the Office of the Executive Chairman. A copy is submitted to the local tax office, where the taxpayer’s file is domiciled.

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