INDIAN BILLIONAIRE GAUTAM ADANI CHARGED IN U. S. FOR ALLEGED BRIBERY, FRAUD. (PHOTO).

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  Indian billionaire Gautam Adani charged in US for alleged bribery, fraud Gautam Adani, the chair of Indian conglomerate Adani Group and one of the world’s richest people, whose business empire extends from ports and airports to renewable energy,has been indicted in New York over an alleged multibillion-dollar fraud scheme, United States prosecutors have said. The authorities on Wednesday charged Adani and two other executives at Adani Green Energy, his nephew Sagar Adani and Vneet Jaain, with agreeing between 2020 and 2024 to pay more than $250m in bribes to Indian government officials to obtain solar energy supply contracts expected to yield $2bn in profits. Prosecutors said the renewable energy company also raised more than $3bn in loans and bonds during this period based on false and misleading statements. Shares of Adani Enterprises, the group's flagship firm, closed down 22% on Thursday. Other group firms also closed in the red. Adani Green Energy, which is the firm at the c
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REPS WILL ENACT LAWS TO CURB MULTIPLE TAXATION- KALU.(PHOTO).

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Reps Will Enact Laws To Curb Multiple Taxation - Kalu 

The Deputy Speaker of the House of Representatives Mr Benjamin Kalu says the parliament will enact laws that will effectively eliminate multiple taxation in Nigeria.

He made the remark at the World Bank Fiscal Governance and Institutions Project (FGIP) Focus Group Discussion held at the secretariat of the Federal Ministry of Finance, Abuja.

The deputy speaker said under the leadership of President Bola Tinubu, Nigeria has embarked on a path of fiscal reform that directly addresses some of the most pressing issues in the tax system and overall fiscal policy, stressing that the commitment to reform is a testament to the dedication of the federal government towards achieving a more robust and equitable economic landscape.

This Kalu stated, entails a thorough examination of tax incentives, deductions, and credits to ensure they align with our overarching development goals.

He said: "One of the paramount challenges we are currently addressing as a government, is the issue of tax multiplicity, a labyrinthine web of taxes that has placed undue burdens on both individuals and businesses.

"Simplifying and rationalizing this system is imperative to alleviate the compliance burden and to foster an environment conducive to economic growth.

"Furthermore, we are in the process of streamlining the multitude of revenue-collecting agencies as a government. This streamlining initiative aims to improve coordination and, crucially, reduce duplicity in tax administration, ultimately making our system more efficient, transparent and accountable.

According to him, there are promising opportunities to introduce
comprehensive reform bills that encompass a wide spectrum of objectives, including simplification, modernization, and consolidation of tax laws. 

Kalu assured that some sections of the constitution will be amended to introduce flexibility to the tax policy reforms.

 

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