NEWS
Taxation on Bonds, Short-Term Securities Kick-In
By Edozie Obasi-Eze
The Nigerian government has commenced the collection of income tax on bonds, short-term securities.
Recall that a 2012 gazette which exempted Companies Income Tax (CIT) from bonds and short-term securities in the past 10 years expired on Monday.
By the gazette, the government granted tax waiver on all bonds and debt instruments issued by all tiers of government and corporate entities.
However, the Securities and Exchange Commission (SEC) last month introduced a 0.025 per cent charge on fixed income (Bonds) secondary market transactions, which was expected to become effective on Tuesday January 4, 2022.
A circular issued by the capital market regulator made it clear that, “It will charge 0.025 per cent of the total value of all secondary market transactions on bonds, while the
Securities Exchange on which the transaction occurs will charge an amount not exceeding 0.025 per cent of the total value of secondary market transactions on bonds while bond transactions by dealing members will attract a single regulatory fee of 0.0001per cent of the total value of the secondary market transactions on bonds, and are exempt from the 0.025per cent fee charge earlier stated.”
The newly appointed Sole Administrator for Rivers State, Vice Admiral Ibok-Ete Ibas (retd), has arrived in the state to formally assume office, expressing optimism about maintaining peace and stability.
Ibas landed at the Port Harcourt International Airport, Omagwa, at approximately 11:25 a.m. on Thursday, where he was received by top government officials and security personnel.
Upon arrival, he was accorded a guard of honour before proceeding to the Government House in Port Harcourt.
READ MORE: Tinubu Swears In Ibas As Rivers Sole Administrator
Accompanied by the State Commissioner of Police, Olugbenga Adepoju, and the Assistant Inspector General of Police, Zone 16, Ibas was conducted around the Government House before heading to the Executive Council Chamber.
There, he addressed Government House officials and service chiefs in a closed-door session.
Speaking briefly with journalists, the retired Vice Admiral, dressed in an all-white native attire, expressed confidence in the state’s stability and promised further engagements with stakeholders.
“I want to thank you all for what you have been doing so far. When I got in here, I decided to meet with the Head of Service and service commanders. I will have to meet them for formal briefing,” Ibas stated. “I assure you that later this evening, I will address you on some issues you want to know.”
Asked about his reception in the state, Ibas said, “Port Harcourt is my city. Everything appears calm. We just want Port Harcourt to get to where it has always been.”
The Nigerian Senate on Thursday approved President Bola Tinubu’s proclamation imposing a six-month suspension on Rivers State Governor Siminalayi Fubara, his deputy, and all members of the State House of Assembly.
The Senate’s decision followed a closed-door session that lasted over an hour, after which Senate President Godswill Akpabio announced the resolution.
The Senate based its approval on Orders 133, 134, 135, and 136.
READ ALSO: Fubara Breaks Silence On Tinubu’s State Of Emergency In Rivers, Calls For Calm
During the plenary, Akpabio read out Tinubu’s official letter, which stated: “In compliance with the provisions of Section 305, Subsection 2 of the Constitution of the Federal Republic of Nigeria, 1999, as amended, I hereby forward, for the consideration of the Senate, copies of the official Gazette of the State of Emergency Proclamation 2025.”
The letter outlined the key aspects of the proclamation, including the suspension of the Rivers State government and the appointment of Vice-Admiral Iboete Iba as the state’s Administrator.
The Administrator will operate under direct instructions from the President.
“While I look forward to the expeditious consideration of the Senate, please accept, Distinguished Senate President, the assurances of my highest consideration,” Tinubu’s letter added.
Following the reading of the letter, Akpabio committed it to the Senate Committee of the Whole for immediate passage.
Senator Seriake Dickson (PDP, Bayelsa West) then invoked Order 133, requesting a closed-door session.
The Nigerian National Petroleum Company Limited (NNPC Ltd) wishes to clarify that despite a minor incident at a section of the Port Harcourt Refining Company (PHRC) earlier today, the plant remains operational and continues to produce on-spec refined petroleum products.
ALSO READ: Tinubu Swears In Ibas As Rivers Sole Administrator
This was disclosed in a statement on its verified handle on micro-blogging site, X on Wednesday night by its Chief Corporate Communications Officer, Olufemi O. Soneye.
The NNPC Ltd assures the public that there is no cause for concern, as all sections of the recently rehabilitated plant are in full operation, Soneye explained.
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