I’m Going To Pioneer Serious Taxation For Wealthy Nigerians – Aregbesola

Rauf Aregbesola

 

The immediate former governor of Osun State Rauf Aregbesola has vowed to pioneer serious taxation for wealthy people in Nigeria, when a becomes a Minister of the Federal Republic.

He said this on Monday when he was being screened by the Senate.

The minister nominee said  he was responding to the senator representing Abia central, Theodore Orji who asked for his view on multiple taxation and how it affects businesses.

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“The truth is, Nigeria is a federation and I am a federalist. There is a limit to what we can do on taxation in the federation. I wouldn’t have loved to go into this because it is going to be controversial.

“We have left the rich men in Nigeria without discharging their responsibility to the citizens particularly on taxation.

“So, I am going to pioneer privilege taxes for those who have huge resources or wealth from which Nigerians must tap. If I go into this, there might be some ill feelings in some quarters, so I wont go deep into that.

“I will recommend serious taxation for wealthy people in Nigeria.

“If that will now translate to lifting the burden on the state and the local government to reduce the penchant for taxes that make poor people give from their inadequate resources, of course, I will be satisfied.

“I am going to advocate a just taxation system,” he said.

Mr Aregbesola was the fourth ministerial nominee to be screened on Monday. Thirty one ministerial nominees, of the 43 sent by President Muhammadu Buhari, had been screened last week by the lawmakers.

Trump Uncorks French Wine Threat In Digital Tax Retaliation

 

US President Donald Trump vowed “substantial” retaliation against France on Friday for a tax targeting US tech giants, hinting he may slap tariffs on French wine and blasting President Emmanuel Macron’s “foolishness.”

“France just put a digital tax on our great American technology companies,” Trump tweeted about the law, which targets US giants like Google, Apple, Facebook, and Amazon.

“We will announce a substantial reciprocal action on Macron’s foolishness shortly,” he said.

A proud teetotaler who says he has never even drunk a beer, Trump heavily hinted that the countermeasure might hit one of France’s export crown jewels: wine.

“I’ve always said American wine is better than French wine!” the president said.

French Economy Minister Bruno Le Maire indicated that Paris was not intimidated.

“Universal taxation of digital activities is a challenge for us all. We want to reach an agreement within the G7 and the OECD. In the meantime, France will implement its national decisions,” Le Maire said.

Sour grapes

Trump has generally got along well with Macron, avoiding some of the more stormy episodes marring traditionally stable relations with other close US allies in Europe and Asia.

But his drive to correct what he sees as unfair trade practices by allies and rivals alike has stirred unprecedented discord.

And this is not the first time that he has mused about taking aim at France’s renowned wine industry.

In June, he told CNBC television that domestic wine makers had complained to him about the difficulties of entering the European market.

“You know what? It’s not fair. We’ll do something about it,” he said.

The current row, however, is linked to a law passed by the French parliament this month on taxing digital companies for income even if their headquarters are elsewhere. This would aim directly at US-based global giants like Amazon.

Britain has announced plans for a similar tax.

Deputy White House spokesman Judd Deere noted that France’s digital services tax was already the subject of an investigation at the US Trade Representative’s office, potentially opening the door to economic sanctions.

Washington is “extremely disappointed by France’s decision to adopt a digital services tax at the expense of US companies and workers,” Deere said.

“The Trump administration has consistently stated that it will not sit idly by and tolerate discrimination against US-based firms,” he said in a statement.

“The administration is looking closely at all other policy tools.”

Transatlantic drinks tab

Wine from the likes of California does face higher barriers than European imports in the other direction.

Depending on the type and alcohol content, imported wine faces US duties of 5.3 cents to 12.7 cents (5 to 12 euro centimes) a bottle, according to the US International Trade Commission. Sparkling wines are taxed a higher rate of about 14.9 cents a bottle.

US wines shipped to the European Union face duties of 11 to 29 cents a bottle, according to the Wine Institute, a trade body promoting US exports.

According to France’s Federation for Wine and Spirit Exporters, a bottle of American white wine with an alcohol volume of 13 percent will be subjected to an 11-cent tax, while an equivalent bottle of European wine would pay about half that to enter the US.

The EU is the biggest importer of US wines. However, American wine exports are dwarfed in volume by the far bigger output from France, Italy, and Spain.

AFP

FG To Recruit 7,500 Graduates To Sensitise Nigerians On Taxation – Finance Minister

The Minister of Finance, Kemi Adeosun has said that the Federal Government will recruit about 7,500 graduates to sensitise Nigerians on tax payment.

According to the Minister, the initiative is to increase the nations revenue and also reduce the rate of unemployment in the country.

 

 

New Tax Policy A Tool For Managing Economy – Expert

New Tax Policy A Tool For Managing Economy – Kriz DavidA Tax Consultant, Mr Kriz David, has commended the Federal Government’s new tax policy which he described as a tool for managing the economy.

Mr David stressed the need for Nigerians to engage the tax policy in order to help the growth in the agricultural sector.

He made the observation on Monday during an interview on Channels Television’s breakfast programme, Sunrise Daily.

“If you want to invest massively in agriculture, then the tax policy would provide incentive for investors. Also, you would need the support of the Ministry of Agriculture, Ministry of Trade, and Ministry of Transportation to be involve.

“The kind of tax policy that would encourage investors to invest in agriculture is by developing a tax policy that will ensure that when investors engage in farming, they will enjoy some tax receptive.

“So people will be willing to help grow the sector,” the consultant said.

Immigration To Ensure Smooth Implementation Of International Passport Tax

Immigration RecruitsThe Nigeria Immigration Service is set to map out a strategy for the implementation of the proposed introduction of tax for the Nigerian international passport.

The Comptroller General of Immigration, Mohammed Babandede, made this known during a decoration ceremony of newly promoted officers in Abuja.

The tax according to him is not a punitive measure against Nigerians and there should be no objection to the introduction as the service would work closely with the tax authorities to make the system credible and free of forgery.

In the same vein, the immigration disclosed an increased revenue of 26 million Dollars in 2016 from the 23 million Dollars accrued in 2015 and has been remitted to the federal government.

Gov. Ayade Rejects Proposal To Increase Taxes

AyadeThe Cross River State Governor, Ben Ayade, has promised that his administration would not impose further taxes on the people of the state but would rather harness the natural resources that abound to better the lot of the people.

Governor Ayade made the promise at the government house in Calabar the state capital, in reaction to a presentation made to him by a consulting firm and a financial institution on how to increase the state’s Internally Generated Revenue (IGR) by introducing new tax heads.

He said that his administration is poised towards reducing the hardship of the low income earners rather than make life difficult for them through tax levies.

Ayade lamented that the model presented by the investors, which according to them has worked in Lagos and Ogun states to boost their Internally Generated Revenue (IGR), would rather add to the hardship being suffered by the people.

Speaking further, he said that he was not in support of taxing people in order to raise money, but believes in tasking his brain to generate income by taking advantage of the many natural resources that abound in the state.

He stated that he represents the people who voted for him and their interest comes first.

Economist Urges FG To Generate Revenue Through Taxation

An economist, Odili Okey-Nwagbara on Tuesday called on the federal government to “use the internally generated revenue to service recurrent expenditure and externally generated revenue be used for capital expenditure”.

The economist, who noted that “problem is that the country has not actually structured its fiscal and monetary policy in a way that will be growth driven”, spoke from the Abuja studio of Channels Television during the morning flagship programme Sunrise Daily.

He warned that unless the government, “be it executive, legislature or judiciary” implements his recommendations, “they will not have any incentive to make sure the economy grows and develops” adding that “what is happening is what is supposed to be happening”.

He backed the recent statement by the former minister of education, Oby Ezekwesili, on the amount spent by the legislature in the past eight years and “taking the bulk of the recurrent expenditure”.

He also accused the legislative arm of government of allowing the executive to spend far more than they require.

In his words “it is the responsibility of the legislature to make the laws, including appropriation and oversight. So if they say that executive is spending more, it means that they are allowing the executive is spending in excess”.

Okey-Nwagbara also compared Nigeria’s economy to that of New York. He noted that New York had a budget of $148 billion to Nigeria’s $30 billion in 2013, adding that Nigeria’s economy is still a small one.

He argued that “whether you like it or not, what is been spent as recurrent, even though when you look at the percentage it is 68 to 70 percent, it is not actually big” noting that “had it been we have grown our economy to a larger extent, then what it means is that what we are spending on our recurrent is little or nothing”.

Explaining the reason behind the disparity, he said New York runs an income and corporate tax generating system while Nigeria relies solely on allocation from external sale of oil.

He therefore called on the government to re-engineer the economy to enable the government generate revenue through “taxation not allocation”.