Connect with us

Business

Tax enforcement: Oyo govt says closure of Obasanjo farms, others not political

Published

on

OYO state government on Thursday denied the insinuations that it sealed up Obasanjo farms and over 40 other business firms in the state for political reasons.

Rather, the government said, the seal off of the business premises was as a result of the failure of the affected firms and business interests to comply with tax laws of the state after every known efforts to compel the defaulting companies to comply failed.

The Chairman, Oyo State Board of Internal Revenue (OYBIR), Mr Bicci Alli made the disclosure during the OYBIR sensitization and enlightenment meeting with the members of the Organised Private Sectors and Chambers of Commerce under the aegis of Manufacturers Association of Nigeria (MAN), Oyo State Chapter, at MAN House, Jericho Road, Ibadan

The meeting which was attended by representatives of manufacturing companies and business organisations operating in the state saw the OPS expressing the willingness to collaborate with the government to ensure tax compliance in the interest of both the companies and the government.

Alli, whose office coordinated the Inter -ministerial joint tax force team that is enforcing tax compliance, informed that the government is never political in its enforcement exercise but more concerned about instituting a culture of voluntary tax compliance among all individuals and corporate residents in the state.

While vowing that the exercise would be continuous, Alli stressed that the Board will not relent in its effort until all monies due to the government are paid promptly.

ALSO READ  SSP commemorates 30 years in the African insurance market

He assured business owners that the government is not interested in disrupting businesses but doing the needful to ensure a conducive environment for business prosperity, adding that only a mutually beneficial relationship between the government and the business sector can help both parties.

“I must state that government does not have any interest in disturbing business interests of the private sector because we believe strongly that the Organised Private Sector contributes tremendously to the state economy as we will also acknowledge the fact that the government is doing well in making the environment very conducive for businesses to operate.

“However, we need you (OPS) as you need us (government). We will not want to embark on enforcement unless it is absolutely necessary.

“Our process and procedures are not driven by political considerations. OYBIR work for the state government and our intention is to rake in revenue after following due process. We did some enforcement and unfortunately, people are trying to read some political meanings to the exercise. We never shut down any business for political reasons.

“There was an enforcement and we distrain activities at Obasanjo farms, it was not done politically but because that organization did not pay what they were supposed to pay and I am glad to tell you that the company, just like many others also  affected have come back to pay what they are supposed to pay and the business premises have since been re-opened.

ALSO READ  UK unemployment rate falls amid Omicron spread

“Our system is not political. We did our job basically on what the firms were supposed to pay and where they don’t pay, we do the needful by enforcing. People should not read political colourations to our efforts.

“And everybody should be able to separate statutory duties and functions from politics. Payment of taxes is statutory. It is law. It is the moral duty and civil responsibilities of everybody. So, there is no relationship between tax payment and politics as far as we are concerned and we will do the needful and whoever is involved, we will make sure that they pay”, Alli said.

Earlier in his remarks, the Chapter chairman, Mr Kola Akosile commended the efforts of the board noting that a forum where members of the OPS and government agency would interact and consider intended policies before they are introduced would soon be launched in the state.

Akosile stressed, “the Organised Private sector under the Manufacturers Association of Nigeria and chamber of commerce has had a peaceful deliberation with the Oyo State Board of Internal Revenue led by its chairman, Mr Bicci Alli and its staff.

“It was very interactive and useful and we believe it is going to result in high level of compliance from the private sector, build a cordial relationship with the government and create a conducive environment to do our business. We hope we will have this forum continuously.

ALSO READ  China Retreats Globally | By Milton Ezrati

“We are going to have what we called the Private Sector Legislative Forum soon so that we can engage the government before some of these decisions are out. So we believe this is just the beginning of a good relationship with the government.”

Advertisement
Comments

Business

Bitcoin Hits $50,000 For First Time Since 2021

Published

on

By

A picture taken on February 6, 2018 shows a visual representation of the digital crypto-currency Bitcoin, at the “Bitcoin Change” shop in the Israeli city of Tel Aviv. (Photo by JACK GUEZ / AFP)

Bitcoin surpassed the $50,000 mark on Tuesday, marking its highest value in over two years.

Investor optimism surged as anticipation grew regarding broader trading approval in the US, with hopes riding high on potential green lights for cryptocurrency exchange-traded funds (ETFs).

Despite an initial dip following Washington’s approval signal last month, Bitcoin has rebounded impressively, boasting a 25 percent rally since January 22.

As of the latest data from Bloomberg, the cryptocurrency peaked at $50,328, underscoring the resilience and upward momentum in the crypto market, leaving observers optimistic about its future trajectory.

“Enthusiast buyers bring in more enthusiast buyers pushing prices further up,” Fadi Aboualfa, of Copper Technologies, said.

“The cryptocurrency has momentum on the back of several green weeks and has a large chance of going up further when markets see weekly movements upwards of 10 percent (as we saw last week).”

By 0330 GMT Tuesday, bitcoin had dropped slightly, to $49,950.

While Bitcoin has made an impressive recovery, currently standing above $50,000, it still lags significantly behind its peak value of nearly $69,000 in 2020. This rally signals a bounce-back for the cryptocurrency, which faced turbulent times marked by high-profile scandals and collapses within the crypto industry.

ALSO READ  Alumnus donates N100m building, facilities to alma- mata in Ibadan

Last year, FTX, the world’s second-largest crypto exchange, suffered a dramatic downfall, with its CEO, Sam Bankman-Fried, now confronting potential consequences. Prosecutors have characterised the situation as “one of the biggest financial frauds in American history,” and Bankman-Fried faces the looming threat of up to 110 years in prison.

In November, Changpeng “CZ” Zhao resigned as CEO of Binance, the world’s largest crypto exchange, following both his and the company’s admission of guilt in extensive money laundering violations.

Bitcoin’s upward trajectory is further fueled by optimism surrounding potential interest rate cuts by the US Federal Reserve this year, as inflation appears to be easing. The cryptocurrency’s value is also influenced by an anticipated supply crunch next year, attributed to the recurring event known as “halving.”

Bitcoin, earned through intricate problem-solving by powerful computers in a process called “mining,” experiences a reduction in reward every four years. With the next “halving” scheduled for April, the limited supply dynamic continues to be a driving force behind Bitcoin’s value surge.

Continue Reading

Business

Microsoft Joins Apple In $3 Trillion Club

Published

on

By

Microsoft joined Apple on Wednesday as a three trillion dollar company, as its big bet on artificial intelligence continued to impress Wall Street.

Now second to Apple as the world’s biggest company by market capitalization, Microsoft’s shares were up 1.31 percent at $404.

 

Apple remains narrowly in first place at $3.02 trillion after reaching the $3 trillion market capitalization mark for the first time in January 2022.

 

But it has fallen below the milestone, even briefly losing the pole position as biggest company on the markets when Microsoft briefly overtook the iPhone maker earlier this month.

 

Microsoft more than any other tech giant is riding the wave of excitement over AI.

The Redmond, Washington-based group has a major partnership with OpenAI, creator of ChatGPT, that is reportedly worth $13 billion.

Since the arrival of ChatGPT, Microsoft has launched several products enabling companies and individuals to use the capabilities of generative AI, notably via its Bing search engine and Copilot virtual assistant.

Since the launch of ChatGPT in early November 2022, Microsoft shares have gained some 67 percent, with Apple’s up by about 40 percent.

Microsoft publishes its results on January 30.

 

ALSO READ  Cryptocurrency Is ‘Not Money’ - Trump
Continue Reading

Business

Nigeria: Shell Announces Sale of Onshore Oil Assets

Published

on

By

In an aerial view, gas prices nearing $6.00 a gallon are displayed at a Shell gas station on February 23, 2022 in San Francisco, California. Justin Sullivan/Getty Images/AFP

Shell has announced a deal to offload its Nigerian onshore subsidiary, the Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance.

The acquiring entity, Renaissance, stands as a consortium comprising four local exploration and production companies in Nigeria, alongside an international energy group.

Shell,  in a Tuesday statement on its website, said, “Completion of the transaction is subject to approvals by the Federal Government of Nigeria and other conditions.

“Transaction will preserve SPDC’s operating capabilities for the benefit of a joint venture. The transaction has been designed to preserve the full range of SPDC’s operating capabilities following the change of ownership. This includes the technical expertise, management systems, and processes that SPDC implements on behalf of all the companies in the SPDC Joint Venture (SPDC JV)”.

But, it said, “SPDC’s staff will continue to be employed by the company as it transitions to new ownership”.

Shell emphasised  that amidst the competitive landscape, the company remains committed to supporting the management of SPDC JV facilities. These facilities play a crucial role in supplying a significant portion of feed gas to Nigeria LNG (NLNG), highlighting Shell’s dedication to assisting the nation in maximizing value from its NLNG endeavors.

“This agreement marks an important milestone for Shell in Nigeria, aligning with our previously announced intent to exit onshore oil production in the Niger Delta, simplifying our portfolio and focusing future disciplined investment in Nigeria on our Deepwater and Integrated Gas positions,” Shell’s Integrated Gas and Upstream Director Zoë Yujnovich said.

ALSO READ  UK unemployment rate falls amid Omicron spread

“It is a significant moment for SPDC, whose people have built it into a high-quality business over many years. Now, after decades as a pioneer in Nigeria’s energy sector, SPDC will move to its next chapter under the ownership of an experienced, ambitious Nigerian-led consortium.

“Shell sees a bright future in Nigeria with a positive investment outlook for its energy sector. We will continue to support the country’s growing energy needs and export ambitions in areas aligned with our strategy.”

Continue Reading
Advertisement

Tweets by ‎@megaiconmagg

Subscribe to our Newsletter

* indicates required

MegaIcon Magazine Facebook Page

Advertisement

MEGAICON TV

Trending