Connect with us

News

Breaking! Tinubu Signs Four Executive Orders Into Law (DETAILS)

Published

on

President Bola Ahmed Tinubu has signed four Executive Orders aimed at curbing arbitrary taxation policies in the country.

that the announcement was made by Dele Alake, the Special Adviser to the President, during an interactive session with State House Correspondents.

One of the Orders, the Finance Act (Effective Date Variation) Order, defers the commencement date of changes in the Act to September 1, 2023, ensuring adherence to the 90-day notice for tax changes.

Another Order involves the Customs, Excise Tariff (Variation) Amendment Order, shifting the commencement date of tax changes to August 1, 2023.
The President also suspended the 5% Excise Tax on telecommunication services, the Excise Duties escalation on locally manufactured products, and the newly introduced Green Tax on single-use plastics.

 

Additionally, the President ordered the suspension of the Import Tax Adjustment levy on certain vehicles. These orders aim to alleviate the negative impact of tax adjustments on businesses and households.

“Further to his commitment to creating a business-friendly environment, the President has ordered the suspension of the newly introduced Green Tax by way of Excise Tax on Single Use Plastics, including plastic containers and bottles.

“In addition, the President has ordered the suspension of Import Tax Adjustment levy on certain vehicles.
As a listening leader, the President issued these orders to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.

“His Excellency will not exacerbate the plight of Nigerians,” Alake stated.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

IMF Urges Stronger Social Safety Nets to Maximize AI’s Benefit

Published

on

International Monetary Fund
– IMF warns of job losses and inequality from generative AI
– Fiscal policy crucial for equal distribution of AI benefits
– Upgrades to social protection and tax systems necessary

The International Monetary Fund (IMF) has sounded the alarm on the potential negative effects of generative AI on jobs and wealth inequality. To mitigate these effects, the IMF recommends implementing stronger social safety nets and fiscal policies.

Accordingly, governments should consider new measures to raise revenue and support workers who lose their jobs due to AI. This includes investing in sector-based training to prepare workers for the jobs of the future.

The IMF emphasizes that fiscal policy has a major role to play in ensuring a more equal distribution of AI’s benefits. However, this requires significant upgrades to social protection and tax systems worldwide.

As the IMF notes, “Fiscal policy has a major role to play in supporting a more equal distribution of gains and opportunities from generative AI.” They argue that more generous unemployment insurance and investment in sector-based training are necessary to prepare workers for the changing job market.

The IMF advises against a special tax on AI products, instead suggesting that corporate tax breaks that encourage job displacement should be reconsidered. Strengthening taxes on capital income could help offset rising wealth inequality.

 

Continue Reading

News

Police Probe US Businessman’s Sudden Demise in Lagos Hotel

Published

on

– US-based businessman Onyejekwe Izuchukwu found dead in Lagos hotel
– Police investigation underway to determine cause of death
– Autopsy to be performed to reveal more details

The Lagos State Police Command has launched an investigation into the sudden death of Onyejekwe Izuchukwu, a 62-year-old US-based businessman. Izuchukwu’s body was discovered in his hotel room in Ikoyi on June 9, 2024.

According to a source, Izuchukwu had been staying at the hotel since June 6, engaging in business activities. Tragically, his lifeless body was found by a cleaner on the floor of his room.

The hotel’s management reported the incident to the police, who have commenced an investigation into the circumstances surrounding Izuchukwu’s death. A doctor was called to the scene and confirmed the businessman’s demise.

Izuchukwu was a prominent figure in the oil and gas industry, having served as President of Bits and Drilling Tools, a division of Schlumberger. His death has sent shockwaves through the industry.

“The command has commenced an investigation into the case,” said Police Public Relations Officer, Benjamin Hundeyin. “Izuchukwu’s corpse has been deposited in a morgue in Ikeja for autopsy.”

 

Continue Reading
Advertisement
Advertisement
Advertisement

Latest News

Copyright © 2017 RoamanNews