Business

By Eyo Nsima An Economist and Private Sector Advocate, Dr, Muda Yusuf, Sunday, said that the Nigeria Customs Service, NCS proposed excise duty on the production of soft drinks is ill-timed, insensitive and most inappropriate given the prevailing harsh economic and business conditions. In a statement obtained by The Daily, www.thedaily-ng.com, he stated: “At a

By Eyo Nsima The Lagos Chamber of Commerce and Industry, LCCI, Sunday, noted that the controversy over the payment of Value Added Tax, VAT, greatly disrupted businesses in Nigeria. In a statement obtained by The Daily, www.thedaily-ng.com, Director General, Dr. Chinyere Almona, stated: “A court judgment restrained the Federal Inland Revenue Service (FIRS) from collecting

By Eyo Nsima The Central Bank of Nigeria, CBN, Friday, threatened to suspend the license of banks involved in illegal foreign exchange transactions. In a letter to the banks, Director, Trade and Exchange Department, CBN, Dr. O.S. Nnaji, stated: “In line with our continuing close surveillance of our financial markets in general and the foreign

By eyo Nsima The Central Bank of Nigeria, CBN, has directed banks to ensure that end-to-end bulk payments or transfers are henceforth processed on the platforms of banks or payment service providers, PSPs for their customers with a detailed breakdown of the accounts that receive the credits. In a circular – Disaggregation of Bulk Payments

By OUR CORRESPONDENT Niger State Board of Internal Revenue, BIR, Monday, shut several institutions and eight banks over alleged tax liabilities, amounting to N456million. In a statement obtained by The Daily, www.thedaily-ng.com, Executive Chairman of the Board, Alhaji Mohammed Madami Etsu, disclosed the tax defaulters to include, Stanbic IBTC (N113.2 million) Polaris Bank (N74.8 million),