OVER 25 MILLION PHONES STOLEN IN ONE YEAR- FG. (PHOTO).

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 Over 25 million phones stolen in one year – FG The Crime Experience and Security Perception Survey report of the National Bureau of Statistics, a Federal Government agency, shows that Nigeria recorded 25.35 million phone theft cases between May 2023 and April 2024. According to the report, this was the most common type of crime within the period under review. The report read, “The number of crimes experienced by individuals in Nigeria was analysed over a period of time. The results show that theft of phones (25,354,417) was the most common crime experienced by individuals, followed by consumer fraud (12,107,210) and assault (8,453,258). However, hijacking of cars (333,349) was the least crime experienced by individuals within the reference period.” It also noted that most phone theft cases occurred either at home or in a public place, and about 90 per cent of such cases were reported to the police. Despite the high rate of the incident being reported, only about 11.7 per cent of t...
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FG EXEMPTS FARMERS, MANUFACTURERS, SMEs FROM PAYING WITHHOLDING TAX. (PHOTO).

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 FG Exempts Farmers, Manufacturers, SMEs From Paying Withholding Tax


The Federal Government has exempted farmers, small businesses, and manufacturers from withholding tax. 


This is according to the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele.


He said in a post on his X handle that, “As part of the ongoing fiscal policy and tax reforms, a new withholding tax regime has been approved.


“The key changes introduced are to address the identified challenges and specifically include the exemption of small businesses from withholding tax compliance; reduced rates for businesses with low margins; exemptions for manufacturers and producers such as farmers; measures to curb evasion and minimise tax avoidance and the ease of obtaining credit and utilisation of tax deducted at source.”


Others are, “Changes to reflect emerging issues and adopt global best practices and clarity on the timing of deduction and definition of key terms. The approved regulation is expected to be published in the official gazette in the coming days.”


He said withholding tax came into effect in Nigeria in 1977 and was meant to serve as an advance payment of tax on specified transactions.


“It was designed to provide the government with regular revenue flow and to serve as a means of curbing tax evasion,” the tax expert said.

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