• Sunday, December 10, 2023
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Five things to know to start your Wednesday


MTN Nigeria ordered to pay $72.6m in back taxes to FIRS

The Lagos State Tax Appeal Tribunal has ruled that MTN Nigeria Communications must pay $72,551,059 in back taxes to the Federal Inland Revenue Services (FIRS) for the years 2007 to 2017.

However, the tribunal exempted MTN from paying $21,039,807 in penalties and interest on the principal sum.

This judgement came as a result of an appeal filed by MTN against the FIRS’s request for payment. The case stemmed from an investigation into MTN’s Forms A and M transactions, with the tribunal finding in favour of FIRS regarding the tax liabilities but in favour of MTN regarding penalties and interest.

FX transactions outside official window to attract excise taxes soon

Foreign exchange transactions outside Nigeria’s official window will soon face excise taxes as part of the recommendations made by the Presidential Fiscal Policy and Tax Reform Committee.

The committee, chaired by Taiwo Oyedele, aims to address pressing economic issues, including exchange rate management and fuel subsidy removal.

Other recommendations include expanding the official foreign exchange market, simplifying tax regulations, and introducing forward contracts for PMS imports. The changes are part of a three-phase plan to reform Nigeria’s fiscal policy and tax system.

Obasanjo urges ban on Chinese Adire imports to protect local market

Former President Olusegun Obasanjo has called on the Nigerian government to ban the importation of Chinese Adire fabrics to safeguard the local market.

He stressed the need to protect the production of Adire locally and revive the nation’s textile industry to ensure a steady supply of raw materials. Obasanjo also advocated for the establishment of formal training institutions to certify individuals in direct production.

He emphasised the importance of preserving this cultural craft against potential Chinese competition.

Kaduna airport reopens after security threat

Hassan Usman Katsina International Airport in Kaduna has resumed flight operations following a security threat-related suspension. In March 2022, over 200 terrorists took over the airport, leading to months of disruption.

The return of Air Peace flight ERJ-145 marked the route’s reopening, bringing relief to passengers. Airport authorities, airlines, and government officials have cooperated to ensure safety for flights, with more airlines expected to recommence services.

Senator Uba Sani facilitated this return of operations after discussions with airline executives and government officials in Abuja.

World leaders seek pause to Israel-Hamas fighting to allow aid into Gaza

The United States and Russia led international calls for a pause in fighting between Israel and Hamas to allow aid into the besieged Gaza Strip, as Israel maintained its bombardment of the enclave where Palestinians are living in harrowing conditions.

According to Reuters, a total of 704 Palestinians, including 305 children, were killed on Tuesday, the health ministry in Hamas-ruled Gaza said, a toll the U.N. Office for the Coordination of Humanitarian Affairs said was the highest reported in a single day since the conflict began nearly three weeks ago.