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FG proposes a reduction of minimum tax rate next fiscal year

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The Federal Government plans to reduce the minimum tax rate from 0.5% to 0.25% of the gross turnover of the company.

The Federal Government is proposing a decrease of the base assessment rate to be paid by organizations in the following monetary year, because of the current financial atmosphere exacerbated by the overwhelming effect of the Covid pandemic.

In the new proposition, the Federal Government intends to diminish the base assessment rate from 0.5% to 0.25% of the gross turnover of the organization.

As indicated by a report from Punch, this divulgence is contained in the new draft Finance Bill 2020, which is being proposed by the Fiscal Policy Reforms Committee that was set up by the Federal Ministry of Finance, Budget and National Planning, and led by the Special Adviser to the President on Economic Matters, Dr Adeyemi Dipeolu.

The record from the Fiscal Policy Reforms Committee halfway peruses, “considering the current financial atmosphere, it is suggested that the pace of least assessment is decreased from 0.5 percent to 0.25 percent of gross turnover, for the period finishing between January 1, 2020, and December 31, 2021.”

It should be noticed that the Finance Bill 2019 which was consented to by President Muhammadu Buhari, changed the reason for registering least expense to 0.5% of the gross turnover of the organization.

Least duty by definition is an assessment that is payable by organizations having no available benefits for the year or where the expense on benefits is beneath the base duty.

Nonetheless, as per PricewaterhouseCoopers, a few organizations that are excluded from the base expense in the initial 4 schedule long periods of business tasks incorporate horticulture business or little organizations.

The board is likewise proposing an alteration of the meaning of the gross turnover, as the meaning of gross turnover in Finance Act 2019 didn’t expressly explain the extent of pay to consider in deciding the gross turnover of an organization for least expense purposes.

What you should know

we had before detailed that the Federal Government was proposing the exclusion of independent ventures from the installment of Tertiary Education Tax (TET), which is being gathered by the Federal Inland Revenue Service (FIRS) in the new draft Finance Bill 2020.

This was viewed as a component of measures and motivations acquainted by the public authority with help private ventures who are as yet fighting with the staggering effect of the Covid pandemic flare-up.

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Rage as Fela Kuti is not among the inductees into the Rock and Roll Hall of Fame 2021 class

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Godfather of Afrobeat, Fela Anikulapo Kuti who received the posthumous honour to be among those vying to be inducted into the Rock and Roll Hall of Fame 2021 some few months back, sadly failed to secure a spot despite being top two on the voting polls.

Fela Kuti gets shunned from the inductees despite being top two.

Today, May 12, the committee announced the inductees by means of a 3-minute video through president and CEO, Gregg Harris. Fela was nominated in the Performers Category, amassing a total of 545,000+ votes, making him the second most voted act after Tina Turner (548,000+ votes) but to the surprise of the masses, Fela was not included in the list of inductees.

Shockingly included are performers like rap icon and mogul – JAY-Z and LL Cool J who failed to secure a top five spot on the poll, infact, they were the least voted acts when voting concluded.

Although, quite frankly there is a disclaimer on the website were the poll was conducted, stating that votes do not guarantee induction but for a Top 2 voted act in Fela Anikulapo Kuti, that should not even be the case and Nigerians have taken to Twitter to express their disappointment at the ‘rigging’, ‘clout chasing’ and inconsiderate conduct regarding how the Rock and Roll Hall of Fame committee unjustly treated the voting polls and Fela Kuti.

On what might have transpired regarding the voting stage and selection of inductees, Fela’s first son, Femi Kuti had this to say:

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Video: Mojisola Oduola -Kabiyesi

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At last the long awaited video is out . KABIYESI The unquestionable God.

watch and make sure you subscribe to my YouTube channel. May God bless you as you do so.

This will surely serve as my birthday gift from my love ones.
Click on the link below

CLICK TO DOWNLOAD

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Funny tweets, memes and videos from Twitter NG for “Happy 420”

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Today’s date, April 20, stylised as 4/20 is a day worldwide commemorated by stoners or smokers of weed to celebrate marijuana. In short, it is treated as a public holiday for weed/marijuana and termed—Happy 420.

Twitter NG i.e users of Twitter in Nigeria, as it is the yearly custom are trending “Happy 420” as the number one topic in the country. While many really used the medium to share their unwavering love for weed, others have taken it upon themselves to make funny tweets, memes, skits and share several videos in relation to weed smoking and “Happy 420” as an entity.

While some tweeps take jab at those who don’t smoke weed but indulge in the “woke” culture by wishing stoners a “Happy 420”, others in their own way intentionally misinterpret certain scriptural verses for comedic purpose in order to aid and bait their smoking habits, still others take it upon themselves to disperse various memes which for sure will bring a smile upon your face. That’s not all, though, for we have some tweeps who did brainstorm to form some of the best puns concerning weed and stoners jokes ever. Well we can say irrespective of the way they passed their message regarding “Happy 420”, they all ended on a high note. Enjoy!

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