BYD Co., Ltd., a leading Chinese electric vehicle manufacturer, has been actively seeking partnerships with vocational schools to cultivate skilled workers for the expanding electric vehicle industry. As part of the symposium, representatives from BYD shared insights into the latest developments in electric vehicle technology and highlighted the skills and competencies required for success in the industry.
Sixteen months after President Bola Ahmed Tinubu inaugurated the Presidential Committee on Fiscal Policy and Tax Reforms and two months into the transmission of the four tax reform bills to the National Assembly for consideration and approval, the exercise has been encumbered by confusion and apprehension The Bills – four in all – ought to have sailed enjoyed the legislatures’ endorsement but they are embroiled in a back-and-forth push with no headway. Fron the benefit of hindsight, it could be recalled that as a presidential aspirant in 2023, Bola Ahmed Tinubu hinted about his disposition for tax reforms as one of the primary goals of his administration. To lay a strong fiscal and revenue foundation for sustainable growth for the rest of his tenure and beyond, Tinubu believes an overhaul of tax laws was necessary. In validating the intention, Tinubu, on August 8, 2023, as a sitting inaugurated the Taiwo Oyedele’s Presidential Fiscal Policy and Tax Reform Committee, headed by an astute tax expert – Taiwo Oyedele. Oyedele not only hit the ground running, he embarked on consultations, traversing the breadth and lengths of the country, distilling essence for tax reform. His committee had audiences with members of civil society groups and engagement with media and other critical stakeholders – all aimed at galvanising inputs and feedback. The country currently has over 60 varieties of taxes administered disjointedly across three tiers of government. Oyedele said his committee will reduce the number of payable taxes to compact size numbers. Oyedele’s tax reforms committee comprises members of the public and private sectors. At the committee’s inauguration, Tinubu said the country cannot continue to tax poverty or production but should focus on returns, income, and consumption. He directed all government agencies, ministries, and departments to cooperate fully with the committee in achieving their mandate. “Within the scope of this mandate, the committee shall have as its objective the advancement of viable and cost-effective solutions to issues such as the multiplicity of revenue collection agencies, high cost of revenue administration, excessive burden of compliance on ordinary taxpayers, the lack of effective coordination between fiscal and other economic policies within and across levels of government, and poor accountability in the utilization of tax revenues.”. “I have given them a strong mandate, and I expect their report to cover tax reform, fiscal policy design and coordination, and the harmonisation of taxes and revenue administration, among other items. “Our target is to improve Nigeria’s revenue profile while making the business environment more conducive and internationally competitive. Our aim is to transform the tax system to support sustainable development while, at the same time, achieving a minimum of an 18 per cent tax-to-GDP ratio within the next three years. “In order to ensure seamless implementation, the Committee shall be empowered not merely to make recommendations but also to provide practical support to the government in the execution and delivery of the recommended changes. “The committee is expected to achieve its mandate within a period of one year. They are, in the first instance, expected to deliver a schedule of quick reforms that can be implemented within thirty days. Critical reform measures should be recommended within six months, and full implementation will take place within one calendar year,” Tinubu said. Provisions of the Tax Bills There four executive tax bills are the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill. Each bill addresses specific aspects of tax administration, compliance, and enforcement. Each bill is detailed, with clarity of explanation. It unearths existing tax lapses it seeks to address. For instance, the Nigeria Tax Bill 2024 is expected to provide the fiscal framework for taxation in the country. The Tax Administration Bill is to provide a legal framework for all taxes in the country and reduce disputes; the Nigeria Revenue Service Establishment Bill is to repeal the Federal Inland Revenue Service Act and establish the Nigeria Revenue Service, while the Joint Revenue Board Establishment Bill is to create a tax tribunal and a tax ombudsman. With regards to the tax administration bill, in relation to the business of mining, Section 20 (sub-section 1) of the new bill stipulates thus: “Every person engaged in the trade or business of mining shall, upon the coming into effect of this Act or upon commencement of operations, file a monthly self-assessment return of minerals royalty with the Service in the prescribed form. (2) Pay the correct royalty due to the government on the minerals sold or used at the prescribed rate in the Ninth Schedule to the Nigeria Tax Act. (3) The returns of royalty for each month shall be filed on or before the 21st day of the following month and shall be accompanied by the following: (a) registered number of quarrying or mining licenses; (b) type of mineral and weight; (c) location and labor used; (d) quarriable minerals in metric tons. These updates are a clear departure from the current situation in which those who engaged in the business of mining are elusive and largely unaccountable. Section (4) states that the service shall review the royalty returns filed and may reassess where necessary the royalty payable, and any additional royalty shall be paid. within 30 days of service of a notice of assessment of such additional royalty, while Section 21.-(1) notes that “a non-resident person engaged in the operation of transport by sea or air into Nigeria shall file monthly returns with evidence of payment of tax as specified under section 18 of the Nigeria Tax Act to the Service in respect of the carriage of passengers, mail, livestock, or goods shipped or loaded into an aircraft in Nigeria”. Other key highlights of the Bills, which have received maximum applause and thumbs down, are as follows: any business with less than N50 million turnover is exempted from tax payment, 90% of workers in the public and private sectors to be exempted from paying income tax; 82% of what low-income persons consume to be VAT-free, scrapping over 50 nuisances tax suffered by local businesses; VAT will no longer be calculated based on where the companies have their headquarters but where their goods are consumed and the rich will pay more tax while the poor will stop paying taxes of all sorts. Other provisions of the bills include the elimination of states collection of consumption tax, the share of the federal government’s VAT quota to reduce from 15 to 10 per cent while states and local government areas get 90 per cent of VAT collected; those earning less than N1.7m monthly will now pay less income tax; customs, NUPRC, and other government agencies will hand off the collection of tax; and restricting tax collection to one agency saddled with the responsibility of the collection of all taxes in Nigeria. Similarly, those earning less than N9 million per annum will have their income tax cut by half. When operational, the bill will lead to the abolition of other multiple tax laws like the stamp duty act, etc, while over 90 per cent of small businesses will no longer pay profit tax. It makes provision for a gradual increase of VAT from 10 per cent in 2025 to 15 per cent in 2030. Almost every good consumed by low-income earners will be exempted from VAT while it seeks reprieve for most Nigerian companies that pay over 60 types of tax and levies. Bill’s bumpy road to NASS Dusted, President Bola Tinubu in October transmitted four bills to the National Assembly. One of them sought requests to rename the Federal Inland Revenue Service (FIRS) to the Nigeria Revenue Service (NRS). The National Assembly began legislative deliberations on the bills expeditiously. The Bills reading had progressed to the second reading before it encountered a stalemate. Contentious VAT imbroglio Some portions of the tax reform bill deemed injurious to the socio-economic development of a section of the country stirred controversy. The Northern governors called for the halting of further debate by the National Assembly on the tax reform bill. The governors from the region voiced their opposition to a clause in the VAT provision that provided for the derivation-based model for Value Added Tax distribution. They argue that the suggested approach would disadvantage the northern states and other less industrialized regions. Expressing discontent with the policy, the governors said that VAT is currently remitted based on the location of company headquarters rather than where goods and services are consumed. They added that the measure will negatively affect the distributed revenue from the Federal Accounts Allocation Committee. Based on concerns about the bills generated, the National Economic Council (NEC), in its last meeting presided over by Vice President Kashim Shettima, advised the president to withdraw the four bills to allow for more consultation. The NEC took the decision at its meeting held at the Presidential Villa. Membership of the NEC includes the governors of Nigeria’s 36 states. Responding to NEC advice, President Tinubu, in a statement by his spokesperson, Mr. Bayo Onanuga, urged the NEC to allow the process to take its full course. President Tinubu welcomes further consultations and engagement with key stakeholders to address any reservations about the bills while the National Assembly considers them for passage,” he said. The pressure from Northern governors and other partisan groups became fierce and unrelenting. In the face of sustained mounting pressure from northern governors and 73 northern members, the House of Representatives halted the bill’s discussion indefinitely. Potpourri of views The tax bills have elicited diverse views, throwing up a potpourri of thoughts. Executive Director of the Patriots for the Advancement of Peace and Social Development, Dr. Sani Abdullahi Shinkafi, took a swipe at some state governors opposing President Bola Tinubu’s tax reforms bill. Shinkafi, a former national secretary of the All Progressives Grand Alliance (APGA), made this known during an interview. He noted that the opposition was indicative of laziness and a lack of innovation in governance. Shinkafi argued that much of the criticism stems from a lack of understanding. In addition, he accused regional leaders of perpetuating economic stagnation and underdevelopment. A former governor of Abia State and senator representing Abia North, Senator Orji Kalu said the Federal Government made a mistake not to have carried the National Executive Council (NEC), Nigeria Governors’ Forum, and the Council of State along in its tax reform bills. Orji Kalu, who spokein an interview with Arise Television, opened up on the controversial tax reform bills, saying the bills are very progressive and would bring back fiscal federalism in Nigeria. “As I told you before, the bill is very progressive. It will bring back fiscal federalism. Many senators have not been briefed. I think the federal government made a mistake. The initiators of the bills would have briefed the National Economic Council, Governors’ forum”. On his part, former presidential candidate of the Labour Party (LP), Mr. Peter Obi, advised the National Assembly not to rush the debate on the tax reform bill before them. Obi, on his X handle, also wants Nigerians, whom he identifies as sole beneficiaries, to be involved in the enactment of the bill. “Tax reform is a critical issue, and there is nothing wrong with pursuing it. However, such reforms must be subject to robust public debate,” Obi said. He welcomed the idea of a public hearing, describing it as essential, as it allows Nigerians from all walks of life to engage meaningfully. This is how we build public trust and ensure inclusivity in policymaking,” the former candidate stated. According to him, matters of this magnitude require extensive deliberation and careful consideration, adding, “They should never be rushed. Public hearings must be conducted to allow for diverse opinions and inputs.” Obi further advised that when considering tax reforms and similar issues, it is insufficient to focus solely on the benefits to the government, particularly in terms of increasing revenue collection. He wants Nigerians to take into account the overall impact on the nation and the sustainability of all its regions. In his contribution, the Peoples Democratic Party presidential candidate in the last election, Atiku Abubakar, urged lawmakers to be transparent about the public hearing process on President Bola Tinubu’s tax reform bills. He shared his view via his X official handle. Atiku wrote: “Nigerians are united in their call for a fiscal system that promotes justice, fairness, and equity. They are loud and clear that the fiscal system we seek to promote must not exacerbate the uneven development of the federating units by enhancing the status of a few states while unduly penalizing others.” The apex socio-cultural organization from the South-east, Ohanaeze Ndigbo, joining the South-west, South-south, and North-central parts of Nigeria, supported the landmark bills expected to significantly alter the existing fiscal framework. Ndigbo, in a statement issued by the Secretary General of the body, Okechukwu Isiguzoro, noted that the bills represent a transformative opportunity for the rejuvenation of small and medium enterprises (SMEs) and the enhancement of the fortunes of Nigerian workers. The Bills also sparked rowdy session at the House of Representatives. A member of the House, Ghali Mustapha Tijjani, representing the Albasu/Gaya/Ajingi constituency of Kano State, described the four reform bills before the National Assembly as “anti-people” and must be rejected. In an interview with newsmen at the National Assembly, Tijani said the bills are not in public interest and should be withdrawn for proper consultations and inputs from all stakeholders. “I have a background in finance, as a student of International Corporate Finance, so I have an idea of what all this is all about. The bills actually are not in tandem with public interest, and they’re not pro-masses. “This is a capitalist bill, and for such a reason, I, Dr. Ghali Mustafa Tijjani, am rejecting this bill as a member that represents the people. I’m in the Parliament to ensure that my people are well represented and Nigerians have all the benefits and dividends of democracy. Therefore, these tax reform bills are capitalistic in nature and are siphoning the poor, so to say”, he stated. Re-engaging stakeholders Rather than throwing out the four bills as some interest groups would suggest, Oyedele, said the federal government will re-engage stakeholders. Speaking at a town hall meeting on “Tax Reform Bills: Charting the Way Forward,” hosted by a national television network, Oyedele said the committee was rather ready to repeat engagements with stakeholders. According to him, now that the bills appeared to have generated renewed interest from stakeholders, who hitherto showed no interest, the committee was prepared to repeat the engagement process. He said consultation will also continue even after the bills have been passed into law. Commenting on allegations that the presidential tax reform committee did not consult the state governors, Oyedele said, “No, they won’t say we didn’t consult them. They are saying we need to consult more, which we agree with because consultation will never end. Even after passing the bills, we must continue to consult. Presidency dispels partisanship politics In the heat of controversy trailing the implementation of the bills, Presidency dismissed claims that the proposed tax reform bills before the National Assembly would impoverish northern Nigeria or disproportionately benefit Lagos and Rivers states. Onanuga restated that the reforms aim to improve the quality of life for all Nigerians, particularly the disadvantaged, and streamline tax administration to foster a better business environment. The statement followed concerns raised by Borno State Governor Babagana Zulum, who claimed that the proposed Value Added Tax (VAT) sharing model might favor Lagos and Rivers states – the fears Oyedele has dispelled. To further assuage ill thoughts harbored by some group of persons on the bills, President Tinubu directed the Justice Ministry to work with the National Assembly on concerns over tax bills. Mr. Mohammed Idris, the Minister of Information and National Orientation on behalf of the government, said, “President Tinubu and the administration will continue to champion policies that close the loopholes and gaps through which Nigeria’s valuable public resources have been frittered away for decades.”. “On top of this necessary foundation, the resources being conserved and realized from these reforms will be invested in critical infrastructure (healthcare, education, transportation, digital technology, etc.) and in social investments that will benefit all Nigerians and ensure that no one is left behind. This is the promise and the reality of the Renewed Hope agenda.” All said, there is no denying that in spite of the arguments against them, many informed observers strongly believe that the tax reforms bills are vital for the development of the nation and the sustainability of the various sections. It therefore, behooves on the Tinubu to strategically engage the National Assembly, the state governors and the people on the benefits derivable for the bills.The little house that sat empty and alone
NEW DELHI: The Reserve Bank of India ( RBI ) has asked banks to integrate their internal compliance monitoring systems with its advanced supervisory platform Daksh, two executives aware of this development told ET. ET Year-end Special Reads Corporate Kalesh: Top family disputes of India Inc in 2024 The world of business lost these eminent people in 2024 Fast, faster, fastest: How 2024 put more speed into your shopping Some foreign banks operating in India are resisting the move, saying their internal compliance systems are very advanced and that any integration would require major recalibration, even as public sector lenders are working on the required changes, the executives said. The regulator has asked banks to implement the integration through straight-through processing (STP), and to facilitate this, the deadline for regulated entities to streamline their compliance functions has been extended to April 2025. "Lenders had requested the RBI to extend the deadline for review and implementation of new internal compliance tracking and monitoring processes, which has been accepted, but now the regulator wants such systems to be integrated with Daksh," a senior bank executive said. Launched last year, Daksh is a web-based end-to-end workflow application through which the RBI monitors compliance requirements in a more focused manner with the objective of further improving the compliance culture in supervised entities (SEs) like banks and non-banking finance companies ( NBFCs ). An email sent to the RBI did not receive any response till press time Thursday. 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View Program Data Science SQL for Data Science along with Data Analytics and Data Visualization By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) AI and Analytics based Business Strategy By - Tanusree De, Managing Director- Accenture Technology Lead, Trustworthy AI Center of Excellence: ATCI View Program Web Development A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024 By - Metla Sudha Sekhar, IT Specialist and Developer View Program Marketing Digital Marketing Masterclass by Pam Moore By - Pam Moore, Digital Transformation and Social Media Expert View Program Artificial Intelligence(AI) AI-Powered Python Mastery with Tabnine: Boost Your Coding Skills By - Metla Sudha Sekhar, IT Specialist and Developer View Program Office Productivity Mastering Microsoft Office: Word, Excel, PowerPoint, and 365 By - Metla Sudha Sekhar, IT Specialist and Developer View Program Marketing Digital marketing - Wordpress Website Development By - Shraddha Somani, Digital Marketing Trainer, Consultant, Strategiest and Subject Matter expert View Program Office Productivity Mastering Google Sheets: Unleash the Power of Excel and Advance Analysis By - Metla Sudha Sekhar, IT Specialist and Developer View Program Web Development Mastering Full Stack Development: From Frontend to Backend Excellence By - Metla Sudha Sekhar, IT Specialist and Developer View Program Finance Financial Literacy i.e Lets Crack the Billionaire Code By - CA Rahul Gupta, CA with 10+ years of experience and Accounting Educator View Program Data Science SQL Server Bootcamp 2024: Transform from Beginner to Pro By - Metla Sudha Sekhar, IT Specialist and Developer View Program The second banker said the issue was discussed in an internal meeting of banks earlier this month, and some foreign lenders had raised their concerns about proposed integration with Daksh. "We will further discuss the issue with all concerned stakeholders, including technology vendors, and then approach the RBI for more clarification," he said. In January, the regulator had come out with a notification, 'Streamlining of internal compliance monitoring function-leveraging use of technology', and asked regulated entities to implement comprehensive, integrated, enterprise-wide, and workflow-based solutions and tools to enhance the effectiveness of the compliance monitoring process. The deadline to implement it was set for June 30. "Banks had then decided to form a common format for such compliance monitoring, which the RBI has approved," said the second bank executive quoted above. In its January circular, the RBI had noted that after an assessment in select supervised entities of the prevailing system in place for internal monitoring of compliance with regulatory instructions, it was observed that SEs have adopted varying levels of automation to support this function, ranging from the use of macro-enabled spreadsheets to workflow-based software solutions. "There is, thus, a need to implement comprehensive, integrated, enterprise-wide, and workflow-based solutions/tools to enhance the effectiveness of this function," it had stated, adding that this initiative aims to enhance the monitoring framework, enabling real-time data access for improved communication and collaboration among stakeholders. Nominations for ET MSME Awards are now open. The last day to apply is December 31, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award. (You can now subscribe to our Economic Times WhatsApp channel )In addition to physical health, sleep deprivation can also have a significant impact on emotional well-being. Women who do not get enough sleep are more likely to experience mood swings, irritability, and anxiety. This can affect relationships, work performance, and overall quality of life.
In addition to product diversification, China Life Insurance has also focused on enhancing its distribution channels and customer service capabilities. The company has invested in technology and digitalization to improve its online and mobile sales platforms, making it easier for customers to purchase insurance products and access services. By providing convenient and responsive customer support, China Life Insurance has built a strong reputation for reliability and customer satisfaction.The Chinese Basketball Association (CBA) recently announced the Best Lineup for the 15th Round of the regular season, with five standout players being selected. Among them are familiar names like Guo Ailun, Kyle Fogg, and others who have consistently performed at a high level throughout the season.
While the transfer fee may raise eyebrows, it is a clear statement of intent from Real Madrid's hierarchy. The club is willing to invest in top talent to ensure they remain competitive at the highest level and continue to challenge for silverware on all fronts.English Access Scholarship Program marks 20th anniversary
As the news of Liu Yuning's hospital visit continues to make headlines, the actor's fans have come together in a show of solidarity and support. Messages of encouragement and well wishes have poured in from around the world, reflecting the deep admiration and affection that fans hold for the talented actor.
AP News Summary at 6:48 p.m. EST
A new bill has been introduced, and passed, to the House of Representatives which could help millions of Social Security beneficiaries get a higher amount every month. This is the Social Security Fairness Act , which passed with bipartisan support and is now headed to the Senate to, hopefully, be approved as well. The Social Security Fairness Act This bill, introduced by House sponsors, Virginia Democrat Abigail Spanberger and Louisiana Republican Garret Graves, aims to repeal two federal policies that currently limit Social Security payouts for around 2.8 million Americans who work in federal, state and local jobs. As they explained in a joint statement, “By passing the Social Security Fairness Act , a bipartisan majority of the U.S. House of Representatives showed up for the millions of Americans — police officers, teachers, firefighters, and other local and state public servants — who worked a second job to make ends meet or began a second career to support their families after retiring from public service. A bipartisan majority of the U.S. House voted to provide a secure retirement to the hundreds of thousands of spouses, widows, and widowers who are denied their spouses’ benefits simply because they chose careers of service.” What provisions did it repeal? the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). According to the SSA, the WEP is “a formula used to adjust Social Security worker benefits for people who receive “ non-covered pensions ” and qualify for Social Security benefits based on other Social Security–covered earnings. A non-covered pension is a pension paid by an employer that does not withhold Social Security taxes from your salary, typically, state and local governments or non-U.S. employer.” This provision currently affects approximately 2 million beneficiaries. The GPO “adjusts Social Security spousal or widow(er) benefits for people who receive “ non-covered pensions. ”” This rule impacts nearly 800,000 retirees. By repealing the bill it would allow to: All of these provisions would help average Americans make ends meet as it would raise benefits for those who are currently subject to the WEP and GPO. The bad news is that, according to the Congressional Budget Office, implementing this bill would add $195 billion to federal deficits over 10 years, contributing to the shortfall of Social Security even more. Regardless, as Graves explains “This has been 40 years of treating people differently, discriminating against a certain set of workers. They’re not people that are overpaid; they’re not people that are underworked,” he said. Despite the House win, the bill still has long to go, as it has not been put up to a vote in the Senate and the president would still have to sign it into law, but efforts are being made so that it can pass with the minimum possible disturbance. Spanberger and Graves, along with Senate sponsors, Democrat Sherrod Brown and Republican Susan Collins, made their case to Senate Majority Leader Chuck Schumer and Minority Leader Mitch McConnell for them to put the bill up for a vote. Their impassionate plea read that Americans who are subject to the provisions “are being punished for supporting and protecting our neighbors and families, educating our children, providing healthcare to our Veterans, delivering our mail, and more.”
Iranian President To Visit Moscow For Talks In JanuaryPisces Daily Horoscope Today, December 27, 2024 advices family planningMANCHESTER CITY striker Khadija Shaw was bizarrely shown a yellow card after being hit by an object thrown from the crowd during Thursday's Champions League clash with Hammarby. Shaw broke the deadlock for City with a deflected shot in the 31st minute. But as she ran over to the corner flag to celebrate, she was struck by a projectile which appeared to be thrown from the home supporters. The striker looked over to the crowd to see where the object came from, but as she began walking back to the halfway line referee Silvia Gasperotti brandished a yellow card. Shaw looked completely perplexed as her team-mate Alex Greenwood attempted to question the decision. However, Gasperotti just walked away before restarting the match. Read More in Football Fans on social media were equally confused as to why Shaw received a booking. One person wrote: "Absolutely crazy decision from the ref." Another commented: "Just when you think you have seen the worst decision in women's football the refs just have to take it to a new level." While a third said: "Poor officiating, there has to be severe punishment for this incompetence." Most read in Champions League FOOTBALL FREE BETS AND SIGN UP DEALS Other fans appeared to suggest that Shaw was booked for "excessively celebrating" in front of the Hammarby fans. One commented: "She celebrated in front of Hammarby stand, that's why she got a yellow card." Shaw had the last laugh, however, as she went on to score the winner in superb style. Just four minutes after Ellen Ingegerd Wangerheim equalised for Hammarby, the striker fired a shot straight into the top-right corner from the edge of the box. The goal saw her become Man City Women's all-time top goalscorer in the Champions League . City went on to win 2-1 to book a spot in the quarter-finals.One of the key advantages of personal pension plans is their flexibility and portability. Unlike traditional pension schemes, which are often tied to a specific employer or industry, personal pension plans allow individuals to carry their savings with them throughout their career and adapt their contributions based on their financial situation and long-term goals. This flexibility not only empowers individuals to take control of their retirement planning but also ensures greater resilience in the face of economic uncertainties.