Mr Victor Olomo, the Managing Director, Process Concepts and Technologies (PROCONTEC) Ltd, has urged Federal Government to consider granting low interest loans and tax holidays to manufacturers and exhibitors at the ongoing Science and Technology Expo taking place in Enugu. He made the call in a telephone interview with News Agency of Nigeria (NAN) on Wednesday. Organised yearly by Federal Ministry of Science and Technology to encourage interaction among researchers, inventors, innovators and investors, the Science and Technology Expo was to largely commercialise research results from the country’s tertiary institutions. The theme for the 2019 expo is “Science, Technology and Innovation for Economic Recovery and Sustainable Growth.” Olomo, who said that the expo was an opportunity for indigenous manufacturers to showcase their products to the world, added that the event was also an avenue to link up government agencies especially in the area of research and development. He said that the expo brought together people involved in technology from all sectors to showcase different resources available in the country, as well as products they were able to add value to. According to him, the principal source of the country’s foreign exchange is oil but it cannot sustain the economy as many countries that buy the oil are going into non-fuel vehicles, hence the need to have alternatives. “So, where do we go from there if we don’t develop our resources. Many developed countries also organise such expo at national and international level to showcase what they have so as to attract patronage and collaboration,” he said. He, therefore, urged the exhibitors to take advantage of the exposure to reach out to investors that could commercialize their products. Source: BusinessDaily

The board of Meyer Plc has reacted to a media report last week that its head office located in the Ikeja area of Lagos State was sealed by officials of the Federal Inland Revenue Service (FIRS) also last week. In a statement, Meyer confirmed that truly, officials of the tax agency were at its office with a warrant to seal the property, but emphasised that after showing evidence of tax payment to them, the company was “re-opened.”  It was alleged that Meyer owed the sum of N54,658,701.00 in respect of the 2016 Year of Assessment. “On behalf of the Board of Directors and entire staff of Meyer Plc., we hereby issue this statement in accordance with the rules and directives of the Nigerian Stock Exchange to our esteemed shareholders, in relation to the publication recently made in the Nation Newspaper on 10th January 2019, with respect to the shut-down exercise conducted by the Federal Inland Revenue Service (FIRS) at the Company’s Head Office. “On 11 th Jan. 2019, our attention was drawn to a publication on page 45 of The Nation Newspaper dated 10th January 2019, and captioned, “Tax Debt – FIRS Shut down DN Meyer, Morison, Others.” We wish to clarify as follows: “The Federal Inland Revenue Service (FIRS) enforcement officers came to our office on Monday, 7th January 2019 with a warrant of distraint dated 7th Jan 2018. It was stated in paragraph 2 of the said warrant that DN Meyer Plc (now known as Meyer Plc) had arrears of Company Income Tax amounting to the sum of N54,658,701.00 in respect of the 2016 Year of Assessment. “We subsequently furnished the relevant documents showing tax returns and payments for the year of assessment in question to FIRS and these were deemed sufficient for the enforcement team to re-open our office on the same day. “We appreciate our investors and the Exchange for the concerns expressed and reassure you that the Management will continue to engage and co-operate with the FIRS,” the statement issued today said. Source: Business Post

OSOGBO—GOVERNOR Gboyega Oyetola of Osun State has described payment of taxes as necessary support to support the development of the state. Oyetola Speaking during Iresi Day, in Iresi, Boluwaduro local government area, Oyetola said that  prompt and sincere payment of taxes by various categories of residents is an important civic duty, immediate implication of which is more available funds for government to undertake critical projects, including roads. His words: “I congratulate our people in this town on another historic occasion. It is an annual programme, but this will be my first time here. Let me quickly say that your request for roads is normal. Our people across the state have been requesting same. A way to support government in actualising this is to pay your taxes promptly. We will do your roads, but pay your taxes”   Urging the youth to shun violence, cultism and thuggery, as these would compromise peace in the communities, the governor, in a release by his Chief Press Secretary, Niyi Adesina, explained that the event was evidence of promotion of Yoruba culture and values, which he said would be aided when history is returned to schools as teaching subject. He said: “I want to warn the youth not to accept thuggery contracts from politicians. Parents should encourage their children to learn a skill. Today, if you want good and dependable artisans, like bricklayer, carpenter or tiller, you go to Cotonou. This trend must stop.” He equally encouraged parents to allow their children and wards to acquire vocational skills, noting that the better way to cope in life is to have a vocation to fall back on, as it is increasingly impossible for government to provide jobs for every able and qualified graduate. Lagos 2019 budget already in the House- Budget commissioner Monarchs in attendance included Oba Sikiru Adedoyin Ibiloye (Iresi), and Oba AbdulRasheed Ayuotunde Olabomi, Odundun IV (Iragbiji), alongside APC national and state assembly candidates in coming February elections. Source: Vanguard

The Director General of the Lagos Chamber of Commerce and Industry, Muda Yusuf, has called on the Federal Government to grant the education and the health sector tax holiday, to help mitigate the imminent social crisis bewildering the sectors. Vanguard Economic Discourse Muda made this known during a panel section at the Vanguard Economic Discourse on Human development index Vs economic growth in Lagos According to him, “The public and primary schools have practically collapsed. The public health institutions are practically collapse. ADVERTISING “We find a situation today where you have more private schools in many of the states they are public schools. We are faced with a situation today where we have more private hospitals than the public hospitals, that goes to show the role that private hospitals are playing even in the social sector space. “It also underscores the fact that the resources of the states are dwindling by the day and making it difficult for the government to discharge some of its fundamental obligations in the social space namely, issue of educations, health and even security. “The Federal Government should not be taxing a private school, either primary, secondary or university the way you are taxing a bank or an oil company, because they are helping to support the government to deliver on some key social objective. “We should grant them complete tax holiday and all the input into the educational sector, either education material, laboratory materials all this should come into the country free of import duty. So that the private sector may be able to complement the effort of the government in delivering quality human capital because we need human capital to drive the economy. Source: Vanguard

President Muhammadu Buhari on Friday in Abuja pledged that the Federal Government would look into the issue of illegal tax collections to encourage more private sector businesses to thrive in the country. The president made the pledge when he received the leadership of the Amalgamated Union of Foodstuff and Cattle Dealers Association of Nigeria (AUFCDN) led by Alhaji Ali Tahir. Buhari Buhari told the delegation that his administration had genuine intentions to eliminate illegal taxes in the country, despite the fact that ‘‘old habits die hard.’’ The President was responding to a request by the association on the need for the Federal Government to rein in on the unhealthy practice of illegal tax collections. He said: ‘‘I am appalled to learn that these illegal tax collections still persist. Bad habits are not easily dropped. ‘‘But let me assure you that relevant security agencies will be reminded of their duties in preventing these bad practices and safeguarding people like you who go about their legitimate businesses. ‘‘I will take up all your appeals and complaints in due course and together with State Governments, we will attend to your proposals.’’ While describing the association as very important and strategic to the nation’s economy, the President said: ‘‘The merchandise and products you trade in are basic to any economy. “The real wealth of this country lies in agriculture and livestock rearing.’’ He, therefore, pledged that the administration’s continuous assistance to the sector, noting that some of the more advanced countries like Argentina, Australia, New Zealand and Denmark built their economies primarily on agriculture and livestock trade. On the 2019 elections, Buhari welcomed the associations’ support for his administration, recalling that they also demonstrated their solidarity for his candidacy in the build-up to the 2015 elections. In his remarks, the General Secretary of the Union, Alhaji Ahmed Alaramma, declared that they would work for the re-election of Buhari because the administration has taken the country back to the path of sustainable growth. Alaramma appealed to the President to ensure that the “union is represented on the national campaign teams for the Buhari/Osinbajo re-election movement to enable it play the campaign role effectively’’. On the issue of illegal tax collections, he said: ‘‘Roadblocks are mounted by unknown persons on several highways including those in Adamawa, Taraba, Benue, Cross River, Ebonyi, Abia, Enugu, Anambra, Imo and Bayelsa States and these continue to constitute a hindrance to our businesses.’’ While commending the Buhari administration for the progress of work on the Lagos-Ibadan rail project, the group urged the Federal Government to establish a food and livestock market with close proximity to road and rail around Lagos-Ogun State expressway. Source: Vanguard