Welcome to Tweeterest Uk   Click to listen highlighted text! Welcome to Tweeterest Uk Powered By GSpeech


Nigeria exempts small businesses from Company Income Tax . www.fund.i.ng

Nigeria’s new Finance Bill will ensure the exemption of small businesses with an annual turnover of less than N25 million from Company Income Tax.

Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, has disclosed that the new Finance Bill, when signed into law, would have only companies doing a turnover of over N100 million pay 30% Company Income Tax while companies with turnover of between N25 million and N100 million annually will pay 20%.

“Our assessment is that any business that has a turnover of less than N25m needs that break, not being taxed so they can invest in their businesses. And we reduced the tax for medium-size businesses from 30 per cent to 20 per cent so they can have more resources that they can plough back in their business. These are the largest employers of labour. The federal and state governments have a total labour force of less than one per cent of the population.

“Not only will small businesses be able to do more because they are not paying taxes, but we are also working together with the trade authorities to also encourage people in the informal sector to become formalise because they will see other businesses like them that are not registered doing well.

“Their productivity will increase, they will employ more Nigerians and at the end of the day, they will grow to the level of a medium-size business and begin to pay revenue,” Ahmed said.

Meanwhile, now that the new Finance Bill has not been signed in law, all companies are expected to pay the Federal Government 30% of its profit as Companies Income Tax.

Speaking on the signing of the bill into law, Ahmed stated that the National Assembly had forwarded it to the President for assent and the President had sent a copy to the Ministries, Departments and Agencies to cross-check the provisions.

Meanwhile, the minister also expressed her disappointment in Nigerians, stating that the only aspect of the new bill citizenry focused on was the increase in Value Added Tax from 5% to 7.5%, Punch reported.

Read more

British teen launches Cyprus rape claim appeal

A British teenager found guilty of lying about being gang-raped in Cyprus has launched an appeal against her conviction for public mischief, saying she made her confession under duress from police. The 19-year-old woman flew back to the UK last week after being handed a four-month suspended jail term. Her lawyers filed the grounds for the appeal at the Supreme Court of Cyprus yesterday.

Johnson cools on Big Ben Brexit bong

Boris Johnson appears to be backing away from plans to persuade the public to donate the money needed to ensure Big Ben chimes when the UK leaves the EU at 11pm on 31 January, with No 10 citing “potential difficulties”. The Elizabeth Tower, which houses Big Ben, is currently being restored and works to allow the bell to be rung during the renovations would cost between £320,000 and £500,000.

Iran missile strike: US troops were injured

The US military has rowed back on its claims that no American personnel were injured when Iranian missiles hit two air bases in Iraq earlier this month, and now says 11 troops were treated for concussion. Following the attack, on 8 January, US President Donald Trump suggested the alleged lack of casualties showed that Iran wanted to de-escalate the stand-off with his nation.

Brexit day ‘will not hit overseas hols’

The Association of British Travel Agents (Abta) is reassuring travellers that their holiday plans will not be affected by Britain’s official exit from the EU at the end of this month. The trade body organisation says the 11-month transition period means changes to visas, passports and flights when travelling to the Continent are unlikely to happen as a deal is negotiated. Abta research shows that 31% of Brits are still confused about how Brexit will affect their holidays.

Mass grave in Panama linked to ‘cult exorcism’

The authorities in Panama say they believe seven people found dead in a mass grave – including a pregnant woman and her five children – were killed during an exorcism ritual carried out by a religious sect. Ten people have been charged with murder following the discovery in the indigenous area of Ngabe-Bugle, home to a cult called the New Light of God. A further 15 people have been freed from alleged captivity.

Graduate died following underwater ‘party trick’

A 24-year-old man died while doing a “party trick” at his brother’s 21st birthday party that he had been performing since childhood, an inquest has heard. Cambridge University graduate Dominic Hamlyn became unresponsive after swimming two-and-a-half lengths underwater in the pool at his family’s home in Crundale, Kent, on 28 July. A coroner ruled that he had a pre-existing heart condition and died from “sudden adult death syndrome”.

EU plans to make Apple drop Lightning connector

Apple may be forced to stop using its proprietary Lightning cable in Europe amid proposals being considered by EU lawmakers to force all tech companies to stick to two standard connections – micro USB and USB C. The US firm has already dropped the Lightning connector in favour of USB C on the 2019 version of its iPad tablet.

US ambassador’s moustache angers Koreans

The recently appointed US ambassador to South Korea is facing criticism within the East Asian nation for growing a moustache. Harry Harris’s facial hair is said to be disrespectful as it reminds his hosts of the sort worn by Japanese officers during the Second World War. Harris claims he is being singled out because of his Japanese-American ethnic heritage.

Edward VIII gold sovereign sold for £1m

A new UK record has been set for the sale of a rare coin. An Edward VIII gold sovereign made as a test before he abdicated the throne in December 1936 was bought in the US by a UK collector for £1m. The coin is special because the young king insisted that, contrary to convention, it features his left profile, because he preferred that side of his face.

Briefing: have scientists found the origin of life on Earth?

A chemical element fundamental to all life on Earth may have arrived from deep space carried on comets, scientists say.

Phosphorus is present in the DNA and cell membranes of all living organisms, but is extremely rare in the universe. The “question of how it actually got to the early Earth has remained a mystery”, The Independent says. Until now.

Read more

Login Form

Click to listen highlighted text! Powered By GSpeech