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FIRS Boss Hails VAIDS Tax System

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Mr Babatunde Fowler, Chairman, Federal Inland Revenue Service (FIRS), says with the introduction of Voluntary Assets and Income Declaration Scheme (VAIDS), no Nigerian can evade tax payment.

Fowler said this at the 138th Quarterly Meeting of the Joint Tax Board (JTB) on Monday in Abuja.

The theme of the meeting was “Administering Voluntary Assets and Income Declaration Scheme (VAIDS) – 2017 in Nigeria: The role of stakeholders.’’

Fowler, also the Chairman of JTB said every Nigerian would be held accountable with the introduction of the new scheme.

He said that the so called “untouchable citizens’’ were willing to pay tax without forcing them under the scheme.

According to him, the board has received positive response so far on the scheme.

To improve tax compliance, the Federal Government said tax offenders stand to enjoy 29 per cent waiver on overdue taxes if they take advantage of VAIDS.

The VAIDS programme is aimed at reducing tax payers’ liability and creates more awareness on the statutory function of every working citizen to pay tax.

The scheme which started July 1, offers a window for those who, before now, have not complied with extant tax regulations to remedy their positions by providing them limited amnesty to enable voluntary declaration and payment of liabilities.

Fowler said the Memorandum of Understanding (MoU) adopted between the FIRS and State Internal Revenue Service including that of VAIDS had been working very well.

“From the point of FIRS, all the money generated is shared between the three tiers of government; the collaboration between states and FIRS is improving.

“I hope the collaboration will continue to get better,’’ he said.

Fowler said that the JTB meeting had improved the collaboration between private and public sector.

He said the meeting would focus on the review of VAIDS and actions that would be taken after the implementation of the scheme.

“I will also want to thank the stakeholders for all the activities and the Acting President who is in the fore front of the tax drive.’’

The meeting witnessed the handing over of the outgoing Executive Secretary and Incoming one.

Mr Oseni Elamah, new Executive Secretary, pledged to serve the body and to take it to a greater height.

“I pledge to serve you as a body and to also support each of you individually in your various capacities toward the realisation of Joint Tax Board in creating a tax friendly environment.

“I will also support you in fulfilling your mandate to optimise revenue for the various tiers of government,’’ Elamah said.

Elamah is the immediate past Chairman of Edo State Internal Revenue Service.

Also speaking, Mr Mohammed Abubakar, the outgoing Executive Secretary of JTB urged the new official to take the board to greater height.

Abubakar, who served for seven years called on the members of the board to support Elamah to enable him succeed.

No fewer than 90 participants from JTB, FIRS, State Internal Revenue Service and representatives of Nigeria Governor’s Forum attended the meeting.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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