Buhari Signs Executive Order Compelling Nigerians To Pay Tax On Foreign Assets

President Muhammadu Buhari has signed a new executive order which among other things compels Nigerians with offshore assets and incomes to pay taxes on them.

The Executive Order (008), tagged Voluntary Offshore Assets Regularisation Scheme (VOARS), was signed by the President on Monday and takes effect from the same day, the Presidency said on Wednesday.

According to a statement by the Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu, with the order, the Buhari administration is tightening regulations on money laundering and tax evasion.

“By this order, Nigerian taxpayers who hold offshore assets and incomes are expected to, within a period of 12 months, declare voluntary those assets and pay taxes on them,” he said.

“When they do this, they should expect to derive certain specified benefits.”

Specifically, the order reads, “Any taxpayer who truthfully and voluntarily complies with the conditions of the scheme, pays a one-time levy of 35 percent on the total offshore assets or pays all outstanding taxes, penalties and interest after forensic audit of their offshore assets and income shall obtain immunity from prosecution for tax offenses and offences related to offshore assets, among others.

“Equally, failure of any defaulting taxpayer to take advantage of this scheme shall, at the expiration of the scheme, result in investigation and enforcement procedures concerning offshore assets anywhere in the world pursuant to information now readily available through automatic exchange of information between Nigeria and foreign countries.”

Based on the order, the office of the Attorney-General of the Federation and Minister of Justice will set up a VOARS office in Switzerland for all categories of taxpayers who have defaulted in the declaration of their offshore assets, payment of taxes due and collectible subject to the fulfillment of the terms and conditions as stipulated in the order, or any other subsequent complementary regulations that follow.

Shehu added that the “scheme is open to all persons, entities, and their intermediaries holding offshore assets and are in default of their tax obligations in any way, including those who are not already under investigation by law enforcement agencies in Nigeria or any other country and have not been charged with any crimes including theft of public funds or obtaining offshore assets through corrupt practices”.

President Buhari, in signing the order, explained that under the Nigerian law, every citizen has the duty to declare his or her income and assets and pay taxes on them but regretted that this, in most instances, had not been the case.

“The sad reality is that efforts to recover these taxes from defaulters through litigation are often frustrated by the complications caused by the change in the character and nature of such assets, insufficient financial intelligence, long delays in courts, among several other reasons,” he said.

The President is, however, optimistic that the new scheme will help to facilitate the expedient regularisation of offshore assets connected to Nigeria and lead to “a new expanded tax base for the Federal Government, and also fund the Nigeria Infrastructure Fund in Switzerland”.

Source: Channels

Second Trump: Italian President elect promise to depot 500,000 Muslim migrants

It wasn’t even close. Upstart Matteo Salvini, who ran on a platform that included deporting half a million migrants absolutely crushed incumbent Silvio Berlusconi. Ironically, Salvini and his party failed to secure an outright majority and will have to form a coalition government with Berlusconi’s party. The Italian presidential election closely mirrored the US presidential election in 2016. Both Trump and Salvini promised to deport immigrants and both focused on jobs for their countries that were hurting in that area. Both rejected the open borders policies of the Establishment parties and both won surprising victories.

Salvini’s election is a major blow to the European Union. After Macron and Merkel defeated populists, they believed that Berlusconi would win easily and return stability to the EU after Great Britain voted to leave the European Union. That didn’t pan out and now uncertainty has returned to haunt them. The bottom line is that globalism is the enemy of the people and when push comes to shove, people will usually vote in their own best interests.

A pair of populist parties that rode a wave of voter anger over jobs and immigration in Italy’s general election on Sunday are now pressing to form governments after the election day collapse of the traditional parties that have dominated Italian politics for years.

Matteo Salvini, head of the far-right, anti-immigrant League party, claimed he had “the right and the duty” to lead a government after taking about 17% of the vote, which put him in pole position in a broader coalition that led voting with 37%.

Salvini was challenged on Monday by Luigi Di Maio, head of the anti-establishment Five Star Movement, who said his party was “the absolute winner” after it drew 32.6% of votes, making it the largest single party.

Europe is holding it’s collective breath waiting to see what steps the Italian government will make after the win by populist Salvini.

Source: Jewish news

COURT STRIKES OUT SUIT AGAINST INNOSON MOTORS

Olusola Williams of an Ikeja High court Wednesday struck out the fraud case instituted by the EFCC against Innoson Motors and Innocent Chukwuma the CEO of Innoson motors due to the inability of the prosecution to produce him in court for arraignment. Founder and chairman of Nigeria’s automobile company, Innoson Motors, Innocent Chukwuma. In her ruling, Justice Williams said, ” the prosecution is well aware that it is the duty to produce a defendant in court, this court is not inclined to continue to waste the tax of Lagos tax payers.

This court cannot continue to waste precious time calling a case that is going nowhere. ” “It is a criminal matter that can be instituted anytime. I advice that the prosecution gets its act together before coming to court. I am inclined to strike out this case and I so do.

” However, the prosecuting counsel, Zainab Ettu had earlier informed the court that they have been able to effect the arrest of the 2nd defendant in order to physically serve him accusing that he has been hiding from operatives to carry out the arrest on him. “I think at this stage while we still pursue the arrest of the defendant, I think it behooves on the defence counsel being ministers at the temple of justice to carry out their duty to the court to ensure that they produce their client in court because they took brief from him and they can tell when who briefed them can be in court. ” “They filed multiple applications but they cannot produce their client in court. We ask for an adjournment to produce the 2nd defendant in court, no matter what he cannot be above the law.

We already have his warrant of arrest when the case was before Justice Moji Dada. ” In response to the prosecution and at the same time moving his motion, Counsel to the first defendant Joseph Mbaduga said, ” all the defendants in this matter are being charged at the Federal High Court in Ikoyi in charge number FHC/L/565C/2015 in respect of the same subject matter and transactions in this particular charge and it is being prosecuted by the AGF. ”

“The charge is still pending and some facts in the case have been forwarded to the Supreme Court, while it is pending, the EFCC commenced this charge and never served any of the parties but we saw a media publication that the EFCC had filed a charge in respect of the matter at a Lagos High court.

“Going by this, we are raising a preliminary objection dated 15th of January and filed on the same date as being an abuse of court processes and that the charge has not been served. And going by the norm as laid by the appellate court that it is the duty of the prosecution to produce the defendant in court and until then the court cannot exercise any jurisdiction over the defendant and the court cannot compel counsels to produce the defendants.

” However, prosecution held that ” for any application to be treated on behalf of a defendant, he should be present in court, they can then decide if they want to raise an objection before he takes his plea or after. ” “A fugitive cannot be asking for reliefs from a court he has not submitted to.
He is very much aware of the court proceedings but refuses to submit himself to court and instead engages counsels to represent him. ” “Although it is not the duty of the defence counsel to produce the defendant in court, it is highly unethical and unprofessional for them not to advise their clients properly to appear in court for justice to be done properly.

” Innocent Chukwuma and his company Innoson were first brought before Justice Mojisola Dada of an Ikeja special offences court January 17 and had not appeared before the court in all the adjourned dates since then until the case was transferred from Justice Mojisola Dada in June after Innoson counsel wrote a petition in February against her asking her to disqualify herself from the case and it was transferred to the then vacation Judge sitting at Ikeja Justice Olushola Williams during the break in July.

Mr Chukwuma and his company, Innoson Motors Nigeria Ltd., were to be arraigned on a four-count charge of conspiracy to obtain property by false pretences, stealing and forgery in a transaction with Guaranty Trust Bank (GTB).

According to the charge, the defendants committed the offences between 2009 and July 2011 in Lagos.The EFCC alleged that the defendants with intent to defraud, conspired to obtain by false pretences containers of motorcycle, spare parts and raw materials, property of GTB from Mitsui OSK Lines Ltd, Apapa, Lagos.

They are said to have fraudulently induced staff of Mitsui OSK and Maersk Line to deliver to them via their clearing agents the goods which were imported from China in the name of GTB by falsely pretending that they were authorized by the bank to clear the goods. The prosecution claimed that the defendants in order to facilitate the fraud forged a bill of lading numbered 598286020 of Maersk Line Limited and 11007950841 of Mutsui O.S.K Lines by knowingly putting a false GTB stamp and signature of the bank staff.

The alleged forgery was in order that the forged documents be used or acted upon as genuine to the prejudice of any person within Lagos or elsewhere. The offences contravened Sections 1(1)(b), 1(3), and 8(a) of the Advanced Fee Fraud and Other Related Offences Act 2016 and Sections 309(9), 388, 465 and 467(1)(j) of the Criminal Code, Laws of Lagos State 2003.

We have not agreed yet on minimum wage ~ FG

The federal Government has denied reaching an agreement with the leaders of the Nigerian Labour Congress (NLC) on the new minimum wage.

The Minister of Labour and Employment, Chris Ngige, disclosed this on Wednesday after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

The Minister explained that negotiations are still ongoing as the different groups involved have agreed on different figures as minimum wage.

According to him, the labour leaders agreed on N30,000, the private sector agreed on N25,000 while the Federal and State governments agreed on N24,000 and N20,000 respectively.

He said negotiations will contiGovernment has denied reaching an agreement with the leaders of the Nigerian Labour Congress (NLC) on the new minimum wage.

The Minister of Labour and Employment, Chris Ngige, disclosed this on Wednesday after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

The Minister explained that negotiations are still ongoing as the different groups involved have agreed on different figures as minimum wage.

According to him, the labour leaders agreed on N30,000, the private sector agreed on N25,000 while the Federal and State governments agreed on N24,000 and N20,000 respectively.

He said negotiations will continue as they plan to harmonise the agreements reached tomorrow, Thursday.

READ ALSO: Aviation Unions Shut Down Murtala Muhammed International Airport II

Ngige also added that in accordance with Convention 131 of the International Labour Organisation, the most important thing to consider in fixing the new minimum wage is the ability to pay.

Earlier, before the commencement of the FEC meeting, the Secretary to the Government of the Federation, Boss Mustapha, presented a compendium to President Buhari.

The 1,042-page document is a compilation of the policies, programmes and projects approved by the FEC from 2015 to 2017.

Mustapha said the book serves as a reference material and an answer to critics who do not believe the Buhari-led administration has achieved so much.

Source: Channels

2019: 3 Big Hurdles Before Atiku Abubakar

Now that former Vice President, Alhaji Atiku Abubakar has emerged the presidential flag-bearer of the opposition Peoples Democratic Party (PDP), he has taken a step closer to realizing his ambition to be president of Nigeria.

Atiku’s first attempt to run for president was in 1993 when he contested as a Presidential aspirant of the Social Democratic Party (SDP), but came third after MKO Abiola and Babagana Kingibe.

The former Vice President again ran for the position, where he clinched the presidential ticket of the defunct Action Congress of Nigeria (ACN) in 2007, but took third place, behind PDP candidate’s Umaru Yar’Adua, who later emerged President with 70% of the vote (24.6 million votes) and All Nigeria Peoples Party candidate, Muhammadu Buhari.

In January 2011, Abubakar contested for the Presidential ticket of the PDP alongside President Goodluck Jonathan and Sarah Jubril, and lost the primary, garnering 805 votes to President Jonathan’s 2736.

Atiku left the PDP to the join All Progressives Congress (APC), where he ran in the 2014 Presidential primaries of the APC. He again lost to President Buhari who polled 3,430 votes, as against his 954, to get the ticket.

But Atiku who is now 72years old beat 11 other aspirants, to emerge winner of the PDP primary which held on Saturday and Sunday in Rivers State capital, Port Harcourt.

Atiku clinched 1532 votes out of 3221 to merge as the PDP standard bearer and will be running against President Buhari, who re-emerged as the consensus candidate of the ruling APC in the February 2019 presidential bout.

But many political observers say Atiku’s victory at the PDP National Convention, will be one of many battles the Waziri of Adamawa will have to wage as 2019 approaches.

Although Atiku is not new in the game, THE WHISTLER will try to x-ray three big hurdles he will have to overcome to accomplish the dream he has been chasing since 1993.

NO. 1

The first hurdle to overcome is to make sure that the 11 aspirants he defeated at the PDP presidential primaries, work for him.

The 11 aspirants amongst who are Senate President Bukola Saraki, Governor of Sokoto Aminu Tambuwal, and former Governor of Kano Rabiu Kwankwaso.

Other presidential aspirants who tried their luck during the contest were former governor of Jigawa State, Sule Lamido; former governor of Kaduna State, Ahmed Makarfi; former Minister of Special Duties, Alhaji Kabiru Tanimu Turaki, former Senate President, David Mark; former governor of Sokoto State, Attahiru Bafarawa; former governor of Plateau State, Jonah Jang; and founder of Baze University Sen. Datti Baba-Ahmed.

However, while some of the aspirants have congratulated Atiku and showed the willingness to work for him, many are still mute and are yet to publicly state their stance ahead of the election.

Perhaps Atiku will have to grasp the available time and seek to make sure that all 11 aspirants who were his opponents during the contest work towards the actualization of his dream to be President.

He may already have it in the kitty going by the pledge Saraki made, after the PDP Convention and Governor Nyesom Wike’s statement after the event.

“We are one family. You may support aspirant A or B, but once a candidate emerges, you owe it a duty to make sure your party returns to power,” Governor Wike said while rallying support for Atiku.

“We are doing everything we can to ensure that we don’t give APC any gap. They have failed Nigerians and we will take over in 2019,” Wike added.

NO 2

The other hurdle for Atiku is to secure the confidence of the Northern base of Buhari, who see him more as an elite politician who cares less for the common man.

NO 3

He also must be able to penetrate the South-West to achieve his dreams. All the five states in the region are currently under APC governments, and he will need to find a formula to penetrate the zone. But with friends like former Governor of Ogun State, who is the Director General of his campaign organisation, Atiku’s hopes of getting votes from that region could be tied to who he chooses to be his Vice.

By Emmanuel Ike.

Face your bigger problem Atiku and stop talking about my performance at PDP primary” – Saraki replies APC insult

The President of the Senate Dr Bukola Saraki has responded to the taunt by the All Progressives Congress (APC) over his (Saraki’s) performance at the just concluded Presidential Primary of the Peoples Democratic Party (PDP).

The APC spokesman, Yekini Nabena had in a statement issued on Tuesday, mocked Saraki’s performace saying that his “Presidential bid had crashed”.

 However in a statement Issues by Yusuph Olaniyonu, Special Adviser on Media and Public Affairs to the President of the Senate, Saraki said that the APC is always disturbed by the sound of his name. Saraki however advised the APC and its leadership to stop focusing on developments in the opposition party and seek ways to solve the “civil war” thathad been ignited in the party.

The statement by Saraki reads: “We have noted the irresponsible statement issued by the APC spokesman, Yekinni Nabena. “We know that he and the leadership of the APC are always incensed and disturbed at the mere hearing of the name, Saraki. It is also notable that Nabena and the APC are always concerned about the developments in the opposition party, the PDP.

“However, we believe that with the ‘civil war’ that Adams Oshiomhole and Yekinni Nabena have ignited in the APC and the very low level that they have dragged the party, in such manner that the ruling party is wallowing in confusion and disorganization, they have too much to pre-occupy them than to be poking their noses in what happens to Saraki or the PDP,” he said.

Source: Vanguard

Prepare for war against Hamas ~ Natanyahu tells ministers

Israel's Prime Minister Binyamin Netanyahu told cabinet members to prepare for war with Hamas, Israeli media said.

Israel’s prime minister warned top-level politicians that Israel is preparing for the possibility of a military campaign in the Gaza Strip should the situation in the besieged enclave escalate further.

According to a TV report by Israeli Hadashot news, Binyamin Netanyahu warned of an escalation in Gaza should the humanitarian conditions in the territory cause more protests on the Gaza border fence.

"If the reality of civil distress in Gaza becomes obsolete, that is desirable; though this is certainly not going to occur. Because of this, we are preparing militarily," he reportedly said.

"This is not an empty statement,” he warned.

His comments echo Israeli defence minister Avigdor Lieberman's warning that Israel is the most it has been prepared for war since the last decade.

"We're at the highest level of preparedness since the Six-Day War," Lieberman avowed in an interview with Israeli news outlet Ynet published on Tuesday.

The Six-Day War was fought in 1967, which led to Israel capturing the Gaza Strip and the Sinai Peninsula from Egypt, the West Bank and East Jerusalem from Jordan, and the Golan Heights from Syria after its decisive victory.

"I'm not just saying it because this is what I think, [I'm saying it] as someone who has been sitting on the (Security) Cabinet for decades", he urged.

Israel announced on Thursday it was significantly boosting its military presence on the Gaza border, ahead of the expected unrest.

Snipers, infantry and armoured vehicles were moved to the Gaza border, as fears mounted that there could be a bloodbath at the protests.

Demonstrations began in March for the right of refugees in Gaza to return their homes lost since the 1948 creation of Israel, with at least 193 Palestinians killed by Israeli forces who have used live fire on the unarmed protesters.

Human rights groups and the UN have condemned Israel's overwhelming use of force to disperse the demonstrations.

The leader of Hamas' political wing, Yahya Sinwar, told an Israeli newspaper this week that although an "explosion is inevitable" he believed "a new war [with Israel] is not in anybody's interest", and called for an end to the siege on Gaza.