Connect with us

News

South Africa President, Zuma signs 10 bills into law.

Published

on

PRESIDENT Jacob Zuma of South Africa on Wednesday, 11 January 2017, signed the following ten (10) Bills into law.

Taxation Laws Amendment Act:

The main purpose of the Bill is to amend certain provisions of various Acts related to the Taxations Laws Amendment Act including, amongst others, Transfer Duty Act, 1949; Estate Duty Act, 1955; Customs and Excise Act, 1964; Value-Added Tax Act, 1991; Skills Development Levies Act, 1999, Unemployment Contributions Act, 2002; Securities Transfer Tax Act, 2007; Mineral and Petroleum Resources Royalty Act, 2008; Employment Tax Incentive Act, 2013 as well as Taxation Laws Amendment Acts, 2013, 2014 and 2015.

The Bill seeks to amend these laws in order to bring them in line with the new Taxation Laws Amendment Act.

Finance Act, 2016 : 

The Finance Act, 2016 (Act No.7 of 2016) seeks to provide provisions for the approval of unauthorised expenditure, recovery of unauthorised expenditure and provide for matters connected therewith.

Rates and Monetary Amounts and Amendment of Revenue Laws (Administration) Act, 2016:

The Act aims to provide for administrative matters in respect of additional relief under the voluntary disclosure programme and to provide for matters connected therewith.

Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2016:

The Act aims to fix the rates of normal tax; to amend the Transfer Duty Act, 1949, so as to amend the rates of transfer duty and monetary threshold; to amend the Income Tax Act, 1962, so to amend rates of tax and monetary amounts as well as to amend Customs and Excise Act, 1964, so as to amend rates of duty in Schedule 1 to that Act.

ALSO READ  South African govt. asks for 25,000 troops as unrest continues for a sixth day

The Act further seeks to provide for additional relief under the voluntary disclosure programme and to provide for matters connected therewith.

Tax Administration Laws Amendment Act, 2016:

The main purpose of the Bill is to amend Income Tax Act, 1962, to provide for delegation of power to disclose certain information and to remove an obligation to submit a return for a dividend derived from a tax free investment, amongst others. The Bill further seeks to amend Customs and Excise Act, 1964, so as to narrow the scope of provisions relating to Special Economic Zones and to align terminology with terminology used in the Special Economic Zones Act, 2014.

The Bill also seeks to amend certain provisions of Value-Added Tax Act, 1991; Mineral and Petroleum Resources Royalty (Administration) Act, 2008 as well as Tax Administration Act, 2011.

Adjustments Appropriation Act, 2016:

The Bill seeks to effect adjustments to the appropriation of money from the National Revenue Fund for the requirements if the State in respect of the 2016/17 financial year and to provide for matters incidental thereto.

Unemployment Insurance Amendment Act, 2016:

The main purpose of the Bill is to amend the Unemployment Insurance Act, 2001, so as to provide for the extension of the unemployment insurance benefits to learners who are undergoing learnership training and civil servants and also, amongst other things, to adjust the accrual rate of contributor’s entitlement to unemployment insurance benefits and to provide for the process of application for maternity benefits.

ALSO READ  Air Peace To Evacuate Nigerians From South Africa For Free

The Bill further seek to empower the Unemployment Insurance Board to provide its constitution for the functions of regional appeals committees and to amend Scheduled 2 to the  Unemployment Insurance Act, 2001, so as to provide for adjustment of the Income Replacement Rate and to provide matters connected therewith.

Children’s Amendment Act, 2016:

The Bill seek to amend the Children’s Act, 2005, so as to insert certain definitions and to provide, amongst other things, that a person convicted of certain offences be deemed unsuitable to work with children and to afford a child offender an opportunity to make representations as to why a finding of unsuitability to work with children should not be made.

Children’s Second Amendment Act, 2016:

The Bill seek to amend the Children’s Act, 2005, so as to insert certain definitions and to provide, amongst other things, that the removal of a child temporary safe care without a court order be placed before the children’s court for review before the expiry date of the next court day. The Bill further seek to provide that an application for a child to remain in alternative care beyond the age of 18 years, must be submitted before end if the year in which the relevant child reaches the age of 18 years and to provide for matters connected therewith.

ALSO READ  Oyo ALGON speaks on relocation of Sabo beggars, says Makinde has no land grabbing agenda

Performing Animals Protection Amendment Act, 2016:

The Bill seek to amend the Performing Animals Protection Act, 1935 and to provide for a procedure for the application for a license to exhibit and train performing animals or use of animals for safeguarding as well as to provide for the issuance of license and for an appeals process and to provide for matters connected therewith.

President Zuma is confident that these new amended laws will enhance government service delivery programmes and also improve the good work that has been done by departments and institutions who are custodians of these laws.

Comments

News

Senate Approves Tinubu’s $500m Loan for Power Sector Boost

Published

on

By

The Nigerian Senate has approved President Bola Tinubu’s $500 million loan request intended to bolster the operations of the Bureau of Public Enterprises (BPE) to enhance the financial and technical performance of electricity distribution companies, ultimately benefiting citizens.

The endorsement, announced on Tuesday, follows a thorough examination of the report presented by Senator Aliyu Wamakko, who heads the Senate Committee on Local and Foreign Debts overseeing the 2022 – 2024 External Borrowing (Rolling) Plan specifically for the Bureau of Public Enterprises (BPE).

During the presentation of the report, Senator Haruna Manu, serving as the Vice Chairman of the Committee, emphasised the importance for the Senate to duly receive and deliberate upon the report of the Committee on Local and Foreign Debts concerning the 2022 – 2024 External Borrowing (Rolling) Plan for the Bureau of Public Enterprises (BPE).

The $500 million loan constitutes a portion of the $7.94 billion loan originally requested by President Bola Tinubu on November 1st, 2023, within the framework of the 2022-2024 external borrowing plan. In addition to the $500 million, President Tinubu also sought approval for a €100 million loan.

However, during a special plenary session on December 30, the Senate greenlit the borrowing of $7.4 billion after careful consideration of the report furnished by the Committee on Local and Foreign Debt.

ALSO READ  Ogbomoso: Oba Ghandi Olaoye pledges increased sports investment

 

Continue Reading

News

Melinda Gates Resigns from Gates Foundation, Set to Receive $12.5 Billion

Published

on

By

In this file photo taken on September 26, 2018, Bill Gates and his ex-wife, Melinda Gates, introduce the goalkeepers event at the Lincoln Center in New York. Ludovic MARIN / AFP

Melinda French Gates announced Monday she was leaving the philanthropy mega foundation she established with her ex-husband, Microsoft co-founder Bill Gates.

The resignation, which becomes effective on June 7, will leave Bill Gates as the sole chair of one of the world’s most influential and powerful non-governmental organizations.

“After careful thought and reflection, I have decided to resign from my role as co-chair of the Bill & Melinda Gates Foundation,” Melinda French Gates wrote in a statement posted on social media.

The statement gave no reason for her departure, but noted that “under the terms of my agreement with Bill, in leaving the foundation, I will have an additional $12.5 billion to commit to my work on behalf of women and families.”

The couple married in 1994 but announced their divorce in 2021.

They had continued to co-chair the foundation which they established in 2001 with the vast wealth acquired through the success of Microsoft.

With a focus on child poverty and preventable diseases, the foundation has been heavily involved in fighting malaria and in providing toilets and sanitation in poorer parts of the world.

The foundation’s website says it has spent $53.8 billion since 2000, and claims the number of children around the world who die before their fifth birthday has halved in this time.

ALSO READ  Again, Another Nigerian Killed In South Africa

Bill Gates thanked his ex-wife for her “critical contributions” to the organization.

“As a co-founder and co-chair Melinda has been instrumental in shaping our strategies and initiatives, significantly impacting global health and gender equality,” he said.

“I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work.”

The organization’s chief executive, Mark Suzman, said its name would change to simply the Gates Foundation — it has been known as The Bill & Melinda Gates Foundation.

“I truly admire Melinda, and the critical role she has played in starting the foundation and in setting our values, she has played an essential role in all that we’ve accomplished over the past 24 years,” he said in a video posted to social media.

“I will miss working with her and learning from her. I look forward to seeing her continued impact.”

 

 

Continue Reading

News

EFCC calls on banks’ compliance officers to uphold confidentiality

Published

on

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged Compliance Officers of Banks nationwide to refrain from unauthorised disclosure of EFCC’s investigative activities and requests made to banks’ customers.

Speaking through the Acting Zonal Director of the Ibadan Zonal Command of the EFCC, ACE I Hauwa Garba Ringim, during a stakeholders’ meeting with Compliance Officers of Banks in Oyo State on Tuesday, Olukoyede emphasised the detrimental impact such disclosures have on the investigation of financial crimes and the timely filing of corruption cases in court.

Olukoyede expressed concern over the tacit support fraudsters receive from the Nigerian banking sector, highlighting the challenges it poses to the Commission.

He urged Compliance Officers to promptly respond to EFCC’s correspondence with certified true copies of relevant documents, as this facilitates swift investigation processes.

Also, Olukoyede addressed the illegal trading of naira with Point-of-sale (POS) operators, stressing the need to curtail such practices for the benefit of Nigerians.

In response to the chairman’s directives, Compliance Officers assured the EFCC of their unwavering support and commitment to enhancing collaboration between the Commission and banks for more effective anti-corruption efforts.

 

ALSO READ  8th Assembly Frustrated Magu’s Appointment To Hide Skeleton In Their Cupboard – Alaafin
Continue Reading
Advertisement

Tweets by ‎@megaiconmagg

Subscribe to our Newsletter

* indicates required

MegaIcon Magazine Facebook Page

Advertisement

MEGAICON TV

Trending