Taxation
Get ready for even more incompetence at the IRS in 2023
The Internal Revenue Service is hiring 87,000 new agents, but taxpayers will not feel the pain for another two to three years. That’s how long it will take the agency to hire and train agents. Few have discussed the extent of this pain. Still, it’s something to think about when you consider the majority of coming audits will be conducted by new agents, many of whom will have been hastily hired and operating with minimal supervision. Playing the audit lottery will not be smart in future tax years. Taxpayers should protect themselves now, especially when profiting from statutory gray areas — such as cryptocurrency staking, investing through decentralized autonomous organizations (DAOs) and other decentralized finance (DeFi) products. When I started my career in the mid-2000s, business audits...
The Complex Financial Challenges of NFTs in South Africa
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Crypto taxation could deter investors, says Thai ruling party MP
Thailand’s Committee on Monetary Affairs, Finance, Financial Institutions and Financial Market conducted a virtual meeting to discuss various aspects of crypto taxation. The ruling party MP Watanya Wongopasi posted a summary of the discussion on her Facebook page and urged the Excise department to do their due diligence before imposing any tax on the crypto trading market. In the meeting, Paiboon Nalinthrangkurn, the chairman of the Federation of Thai Capital Market Organisations noted that a tax on stock trading and digital asset trading could decrease market liquidity by 40%. He also warned that heavy taxation would deter foreign and small investors from trading. Yutthana Srisavat, the CEO and founder of iTax proposed a corporate tax or a value-added tax instead of imposing a trading tax...
Indian taxman recovers $6.62M from WazirX for evading tax on commission
Indian crypto exchange WazirX has reportedly paid over $6.6 million (49.2 crore rupees) following non-payment of Goods and Services Tax (GST) on trade commissions. The total recovery includes the pending tax of $5.43 million (40.5 crore rupees), the interest and a penalty for non-payment. Government officials from the Central GST and Central Excise committee (CGST Mumbai Zone) recovered the funds from the crypto exchange after detecting a GST evasion of $5.43 million on the commissions. A typical GST fraud involves creating fake invoices without actually moving the goods between the seller and the buyer. Officers of CGST Mumbai East comm’te have detected GST Evasion of Rs 40.5 Cr. on commission of Wazir X Crypto Currency & recovered Rs 49.2 Cr. in cash as GST, interest & Pena...
Lagos assembly warns local councils against extorting courier, logistics operators
Pool Photo The Lagos House of Assembly on Monday ordered local government councils and local council development areas (LCDAs) in the state to desist from extorting and harrassing operators of courier and logistics services in the state. Mudashiru Obasa, the House speaker, said the local councils do not have the power to tax logistics and courier services. He said the power of the councils was limited to the registration of bicycles as dictated by the Constitution. Mr Obasa said it was important to act against the action of the councils because it affects the ease of doing business in the state. “We have to make them understand that going out to disturb well-planned and organised businesses that stand to create employment for our youth especially with the rate at which students graduate wi...
Femi Falana charges Nigerian government to dialogue with agitators, secessionists
Nigeria’s foremost human rights lawyer, Mr Femi Falana (SAN) yesterday challenged the federal government to dialogue with various groups agitating for secession from the federation. Falana justified this demand on the premise that it “is on the roundtable the grievances can be sorted out” in the interest of peace, security and development He made this at the 25th anti-corruption situation room, which the Human and Environmental Development Agenda (HEDA) organised in Lagos yesterday. Speaking on the subject, “Assessing The Fight Against Corruption,” said it was the promise to fight corruption that made Nigerians vote for President Muhammadu Buhari. The human right lawyer said it was the corruption in the system that culminated in agitating for secession, noting that it “is better for the fe...
Presidency: Nigeria adopting best practices on debt management
The Senior Special Assistant to President Muhammadu Buhari on Niger Delta Affairs, Senator Ita Enang, has said that Nigeria is adopting the best practices of sustainable loan debt management as the repayment plan of the debt is tied to the projects for which the loan is taken. Senator Ita Enang disclosed this while presenting the keynote address at the Chartered Institute of Taxation of Nigeria 2021 Fellow Conferment Ceremony recently in Lagos. Speaking of the topic “Nigeria Adopting Best Practices in External Borrowing and Debt Sustainability” the Presidential Aide noted that “all the terms and conditions of the loan are laid before the National Assembly and approved in details before execution. According to him,” this is to avoid the terms being approved by the National Assembly after th...
NCC: Internet subscription hits 154 million in Nigeria
Fix Africa News Magazine Executive Vice Chairman, the Nigerian Communications Commission (NCC), Prof Umar Garba Danbatta, on Monday disclosed that the number of clusters of access gaps has been reduced to 114 from 217, in the Commission’s efforts to ensure that more Nigerians are digitally-included in the ICT ecosystem. He revealed that Nigeria’s telecoms sector had reached basic internet subscription of 154 million; over 87 million broadband subscriptions, representing 45.93 per cent broadband penetration; over 207 million voice subscriptions with teledensity standing at 108.94 per cent as at October, 2020. Danbatta made the disclosures when hosted a delegation from Autoridade Reguladora Nacional (ARN), the Telecom National Regulatory Authority of Guinea-Bissau who were in a week-long ben...
Rice millers protest ‘multiple taxation’ in Ebonyi
Rice millers in Abakaliki, Ebonyi State, have protested against what they claimed to be multiple taxation in the state’s mill market. The millers, who decried alleged extortions of traders by the management of the market, called on the state government to find a lasting solution to it. They appealed to the government to review its revenue policy and reduce the increased taxes. The protesters carried placards with different inscriptions such as, “Management should not take rice mill as their father’s business”, “We are tired of the multiple and high taxes”, “We need an elected chairman and not Caretaker Committee to move development forward in the mill.” Speaking with journalists in Abakaliki on Tuesday, Chukwuma Eniokoro, the chairman of millers in the market, said they embarked on the pea...
Analysts: Printing currency could hurt economy
Analysts have expressed concerns over a recent claim that the federal government resorted to printing money to augment the monthly allocation to the three tiers of government, warning that it could heighten inflationary pressure with dire consequences for the country’s exchange rate and economy. The analysts, in separate interviews with newsmen, warned that a sustained policy of printing the currency, if not well managed, would hurt the economy. The concern came on the heels of recent revelation by Governor of Edo State, Mr. Godwin Obaseki, that due to the dwindling revenue in the face of declining oil revenue arising from the growing sources of alternative sustainable energy, the federal government had to print money to augment the amount available for sharing by the federal, state and lo...
Ekiti governor’s wife calls on government to remove tax on sanitary pads
The wife of Ekiti State Governor, Mrs Bisi Fayemi, has called on government to remove taxation on sanitary pads and engage in its local production to make it less expensive. She said this on Thursday at the inauguration of project P4iGC3, Pad for Improved Girl Child Education, by Balm in Gilead Foundation For Sustainable Development, BIGIF in Ado-Ekiti. Mrs Fayemi explained that such government’s policy was needed to promote the girl-child upbringing and keep them in school. “In rural areas, women do not have access to sanitary products. It is safe to say that one in every three girls in the country cannot afford safe and hygienic sanitary pads for proper menstrual hygiene management” she said. She also called for the sensitisation of adolescent girl child on menstrual health management to...
Food blockade: AFAN blames institutional failure, inequity
The All Farmers Association of Nigeria, AFAN, Friday, blamed institutional failure for the blockade of foodstuff supply and transportation to Southern Nigeria as the Amalgamated Union of Foodstuff and Cattle Dealers of Nigeria, AUFCDN, embarked on the protest over factors militating against their business. Speaking with newsmen, National President, AFAN, Arc Ibrahim Kabir, said the whole issue boils down to poor discharge of constitutional duties by relevant government organisations that would have mitigated the plight of members of AUFCDN earlier, and such blockade of food supply would not have happened. Kabir said: “The situation arose principally due to institutional failure and inequity. The institutions saddled with maintaining national security must work properly so also those charge...
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