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Rivers Drags Nigerian Govt To Supreme Court

Rivers

Rivers drags Nigerian govt to Supreme Court over VAT

The Rivers State government on Tuesday dragged the Federal Inland Revenue Service (FIRS) to the Supreme Court over the collection of Value Added Tax (VAT).

In a suit filed by its Attorney-General and Commissioner for Justice, Rivers State asked the Supreme Court to set aside the Court of Appeal’s order which directed the state to maintain status quo on the collection of VAT pending the determination of an appeal filed by the FIRS.

The Federal High Court, Port Harcourt issued an order restraining the FIRS from collecting VAT and Personal Income Tax (PIT) in Rivers state.

The agency later filed a stay of execution which was dismissed by the court.

Dissatisfied with the ruling, FIRS approached the Court of Appeal to take a second look at the matter.

A three-member panel of the appellate court in a ruling on Friday ordered all the parties in the suit to maintain the status quo on the matter.

The panel refrained the parties from taking any action on the lower court’s ruling which gave Rivers State government the right to collect VAT instead of the FIRS.

In its 10 grounds of appeal, the Rivers State government asked the apex court to order that the substantive appeal by the FIRS marked CA/PH/282/2021, and all other processes therein, be heard and determined by a new panel of the Appeal Court.

Rivers maintained that Justice Haruna Tsammani-led panel of the Appeal Court erred in law when it relied on the provisions of Section 6(6) of the 1999 Constitution and the inherent jurisdiction of the appellate court to order all the parties to maintain status quo on the dispute.

It argued that the Court of Appeal lacked the powers to restore the parties to the position they were before the August 9 judgment of the Federal High Court, Port Harcourt.

FIRS and the Attorney-General of the Federation were listed as respondents in the appeal.

Lagos State government had last week applied to join as a party in the appeal.

Governor Babajide Sanwo-Olu signed the VAT bill into law last Friday.

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Business

New Naira Notes Ready For Issuance- CBN

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said the newly redesigned Naira notes are already in banks and ready for issuance.

In a statement on its official twitter handle, the CBN quoted Emefiele to have made the disclosure in Daura, Katsina State, while on a visit to brief the president on the Naira redesign and the recently reintroduced cashless policy.

“The newly redesigned N200, N500, and N1,000 banknotes are now in banks and ready for issuance to members of the public,” the statement said.

The CBN governor clarified that the currency redesign and reintroduced cashless policies were not targeted at anybody but were for the good and development of the Nigerian economy, and urged Nigerians to embrace the various electronic channels available for banking and financial service transactions in Nigeria.

Emefiele further said the CBN deferred the cashless policy severally to prepare and deepen Nigeria’s payments system infrastructure.

He, therefore, advised Nigerians to take their old N200, N500, and N1,000 banknotes to the banks before the January 31, 2023 deadline.

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Business

NIBSS Says e-Payment Transactions Hit N38.9trn In November

The Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed that transactions worth N38.9 trillion were performed electronically in November through the NIBSS Instant Payment platform (NIP).

This is the highest monthly transaction record on the platform.

Compared with the N34.5 trillion recorded in the preceding month, the November figure also shows a 12.7 per cent increase.

The latest data also shows that the November figure brought the total value of NIP deals in the last 11 months to N345 trillion.

Year on year, the e-payment value increased by 50 per cent compared with the N25.9 trillion recorded in November last year.

The value of the e-payment recorded was a reflection of the increase in the volume of deals within the month. The NIP volume rose to 492.2 million in November, showing a 53.8 per cent increase over the N319.9 million recorded in the same period last year.

The NIP is an account-number-based, online-real-time Inter-Bank payment solution developed in the year 2011 by NIBSS. It is the Nigerian financial industry’s preferred funds transfer platform that guarantees instant value to the beneficiary.

According to NIBSS, over the years, Nigerian banks have exposed NIP through their various channels, that is, internet banking, bank branch, Kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), POS, ATMs, etc. to their customers.

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Business

CBN Insists It Won’t Reverse New Withdrawal Policy

Godwin Emefiele, Governor of the Central Bank, says there would be no reversal on the new cash withdrawal policy adding that the limitations was not intended to hurt anyone.

He disclosed this on Thursday following his visit to President Muhammadu Buhari in Daura, Katsina State.

The National Assembly had earlier faulted the CBN’s unveiling of revised cash withdrawal limits with a maximum of N100,000 for individuals and N500,000 for companies, claiming that it might worsen the current economic situation.

But while reacting to the objections from the National Assembly and the public outcry over the cash withdrawal policy, Emefiele said;

“And we think Nigeria, as the biggest economy in Africa, needs to leapfrog into the cashless economy.

“We cannot continue to allow a situation where over 85 per cent of the cash that is in circulation is outside the bank.

“More and more countries that are embracing digitisation have gone cashless,” he said.

He added that there would be no rigidity on the policy and no reversal, appealing to Nigerians to embrace the new policy.

According to the Governor of the CBN, the new naira notes have already been disbursed to the various commercial banks and expects that the banks would begin distribution to the public.

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