Friday, 06 December 2019

The Lagos State Internal Revenue Service (LIRS) in its enforcement activities, has shut nine companies and hospitality firms over alleged failure to remit N21.59 million consumption taxes to the state government.

The Director, Legal Services of the LIRS, Mr. Seyi Alade, made this known while speaking with the News Agency of Nigeria (NAN) during a state-wide tax law enforcement exercise by the Service in Lagos on Thursday.

Alade said that the tax liabilities of the companies were between 2013 to 2019, saying the firms were audited for the periods but had not made the payment. He explained that the tax liability of three of the firms were for the period between 2013 to 2014, while four firms were between April to July 2019 and the other two were for the period between May to August 2019.

He also said the affected companies failed to pay the established liabilities despite `the long rope’ the agency gave them to regularise their tax status. He listed some of the sealed firms to include Krizions Intercontinental Cuisine, Mikacomic Nigeria Ltd., Resolution Finance Ltd., Vlelable Lounge and Oleander Water view Bistrodeva Ltd.

Others were, Printing Connections Ltd., Seven Season Lounge Ltd., Vic James Apartment and Carat 24 Business Hotel & Suites.

Alade said that LIRS sent several notices to the affected companies to remind them of their tax liabilities and the need to make payments before the agency embarked on an enforcement exercise. He explained that the Demand Notice and the Letter of Intention were sent to the affected companies between Nov. 15, 2018, and Sept. 16, 2019, respectively.

“Before LIRS embarks on Distrain exercise, it must have sent at least two letters of notices to the management of the affected firms reminding them of the tax liabilities. The Demand Notice expiration is 30 days while the Letter of Intention expires seven days after issuance. So, before now both the Demand Notice letter and the Letter of Intention to distrain have been sent to the management of the firms which they failed to act on,” he said.

Alade, however, said that some of the affected firms had visited the LIRS office to make payments of their liability after the distrain/enforcement exercise and had equally paid an additional N100,000 as the cost of LIRS levy of the distress.

“There are no hiding places for recalcitrant taxpayers because the LIRS’ enforcement engine is now well oiled to continually carry out enforcement activities against recalcitrant companies and individuals,’’ he said.

He advised that Lagosians should partner with the government by carrying out their civic and constitutional responsibilities of filing their tax returns and promptly pay their assessed taxes in order for the good plans of the government for the state to materialise.

Published in Business
The parent company of Youtube, Gmail and over 200 digital firms, Google, has announced its next move to enter Nigeria via shopping ads in a couple of weeks.

Adim Isiakpona, the Google West Africa Industry Manager, disclosed this on Wednesday, December 4th, in a statement, expressing the company’s excitement on the new development.

According to Adim, the new offering from Google would improve transaction process for buyers, and make it easier for internet users to make purchases of goods.

“We are excited to be launching Shopping ads in Nigeria over the next few weeks,” the statement read.

On the design of the shopping ads, Adim explained that these ads would feature photos and prices to speed up the process of how advertisers reach their target audience.

“Shopping ads include photos and prices to help consumers find the products they are looking for and enable advertisers to reach consumers who are looking to buy,” Adim explained.

The deployment of this will see Google competing with Facebook, Instagram and Twitter on ads bids. And this might go on to affect the revenue of existing players should Google’s offering become advertisers’ preferred choice.

Published in Telecoms

The Nigerian bourse recorded a negative market breadth for the fourth straight day this week as profit-taking activities held sway throughout Thursday trade. The All Share Index (ASI) went down lower by 0.09% to close at 26,913.70. Market capitalisation stood at N12.990 trillion at the close of business today. Year to day, the index is down by 14.13%.

TOP 5 GAINERS

Dangote Sugar led the gainers’ table with 8.03% appreciation to close at N14.8. UACN added up 6.62% to close today’s trade at N8.05. Nigerian Breweries climbed up by 0.29% to N51.2. Cutix inched up by 4.05%, closing at N1.54. UCAP completed the top 5, rising to N2.3 by a margin of 1.77%.

TOP 5 LOSERS

Arbico slumped to N4.32 by 9.81%, its first time of depreciating in 52 weeks. Fidson fell by 9.33% to close today’s trade at N3.4. Marginally declining by 2.69%, Access Bank ended Thursday’s trade at N9.05. Medview plunged by 10% to N1.62 while FBN Holdings lost 2.21% to close at N6.65.

TOP 5 TRADES

In all, 207.260 million shares worth N2.845 billion were traded in 3,842 deals. UACN was the most preferred trade today as 40.230 million of its shares priced at N315.899 million exchanged hands in 159 transactions. Access Bank followed with 28.288 million shares worth N260.132 million were traded in 256 transactions. GTB had 27.732 million units of its shares worth N837.666 million traded in 174 deals. 25.909 million shares of Zenith bank estimated at N484.604 million were exchanged in 406 deals. FBN Holdings traded 23.766 million shares valued at N159.207 million in 195 deals.

NEW DEVELOPMENT

Okomu Oil Palm Company Plc notified the Exchange and the investing public of the appointment of Arnaud Arhainx as its new Finance Direcor. Mr Arhainx would replace Mr Alain Mary, who had handed in his resignation with effect from 26th October 2019.

Published in Business
Friday, 06 December 2019 09:42

UK Fraud Office probes Glencore for bribery.

The world’s largest commodities trader, Glencore Plc is being investigated for bribery by the UK Serious Fraud Office.

The new probe comes as the company is already under investigation by the US Department of Justice regarding potential money laundering in the Democratic Republic of Congo, Nigeria, and Venezuela.

Glencore confirmed the latest probe in a statement Thursday.

The company said in a statement that it intends to cooperate with the investigation, but a spokesperson declined to provide any additional comments.

Shares of Glencore fell as much as 7% on the news. The UK’s fraud investigator also confirmed the probe in a separate statement.

“The Serious Fraud Office is investigating suspicions of bribery in the conduct of business by the Glencore group of companies, its officials, employees, agents and associated persons,” the department confirmed on Thursday. It said it was not ready to give additional information.

“As this is a live investigation we cannot comment further”, the SFO said on its website.

Shares of Glencore are down almost 24% year-to-date

Published in Bank & Finance
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