LAGOS JULY 8TH (NEWSRANGERS)-THE Federal Inland Revenue Service (FIRS) says it is exempting dealers of foodstuffs from the Value Added Tax (VAT) Direct, its proposed tax for traders in the informal economy. The tax also excludes artisans from compliance. Many Nigerians have expressed disapproval with the proposed tax, but a senior FIRS official had provided…
LAGOS JULY 7TH (NEWSRANGERS)-President Bola Tinubu has signed four Executive Orders one of which is the suspension of the five per cent Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products. The Special Adviser to the President on Special Duties, Communications and Strategy, Dele Alake announced this on…
LAGOS JULY 6TH (NEWSRANGERS)-Two firefighters have been killed while battling a massive blaze on a container ship docked at Port Newark, New Jersey. The fire broke out on the massive Grande Coaster Eadoirio around 9:30 p.m. Wednesday and continued to burn early Thursday. The US Coast Guard said multiple vehicles caught fire on the ship….
LAGOS JULY 4TH (NEWSRANGERS)-The Nigerian Government through the Federal Inland Revenue Service, FIRS, announced the VAT Direct Initiative, a scheme that would enable FG to collect Value Added Taxes from the informal sector and reduce multiple taxations in the informal economy. The FIRS disclosed this in a statement on Monday afternoon, stating that it FIRS…
LAGOS JULY 3RD (NEWSRANGERS)-As the ongoing war against crude oil theft and illegal refineries in Niger Delta intensifies, no fewer than nine illegal refinery sites with a combined total daily production estimated to be more than one million barrels have been uncovered in three communities in Bayelsa State. The sites were uncovered by operatives of Daven…
LAGOS JULY 3RD (NEWSRANGERS)-The Nigerian Maritime Administration and Safety Agency (NIMASA) has raised the alarm over “a fraudulent employment scheme currently making the rounds online, and especially on various social media platforms”. In a statement it issued on Friday, the agency said fraudulent persons have also been known to contact innocent people through e-mail, social…
LAGOS JUNE 28TH (NEWSRANGERS)-The World Bank has stated that Nigeria has one of the highest inflation rates, which pushed an estimated four million people into poverty between January and May 2023. This was disclosed during the launch of the June 2023 edition of the Nigeria Development Update on Tuesday in Abuja. The Washington-based lender also…
LAGOS JUNE 29TH (NEWSRANGERS)-Telecommunication firms have said they are working with their regulator, the Nigerian Communication Commission, to review the prices of their services to reflect prevailing market realities, especially the recent unification of the foreign exchange market. According to the telcos, a price review is needed for their industry to remain sustainable. The president,…
