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VAT Will Be Increased In 2019, As FG Introduces New Revenue Initiative

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6 years ago

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The Federal Government has  introduced the Strategic Revenue Growth Initiative to generate more revenues to finance national development.

The Minister of Finance, Mrs Zainab Ahmed at the official inauguration of the initiative in Abuja said that the aim was to harmonise efforts of all the revenue generating agencies in increasing government’s coffers.

Representatives of the Federal Inland Revenue Service, Nigeria Customs Service, Nigeria National Petroleum Corporation, Accountant-General of the Federation and Nigeria Sovereign Investment Authority were present at the launch.

Also present, were representatives of the Debt Management Office, Central Bank of Nigeria and the National Insurance Commission.

The major revenue generating agencies made presentations on the initiatives they would introduce in their respective agencies to increase revenue.

Ahmed said, “The initiative will be implemented in the areas of achieving sustainable revenue generation to optimally collect revenues to maintain fiscal buoyancy and resilience.

“We will also be looking at new revenue streams and enhanced enforcement with regards to revenue collection on our existing revenue streams.

“Through the initiative, we hope to achieve cohesion between revenue generating entities and equipping them with cutting-edge tools and expertise needed to support high performance.’’

Ahmed said that as a way of increasing non-oil revenue, the government was looking at the possibility of increasing Value Added Tax.

“We are studying a possibility of a VAT increase but you also know that the increase of VAT requires an amendment of a law.

“It is most likely the VAT increase will be selective. It will be on special items so it won’t be across the board.

“I am sure you are already aware that there are a number of items that are exempted from VAT such as food and drugs.

“There would be a VAT increase during the course of 2019, we will announce later the items and what the rate will be.

“We will have to take a request to the National Assembly for amendment of the VAT law before it takes effect,’’ she said.

The Chairman of FIRS, Mr Babatunde Fowler said that to increase tax revenue, the service plans to commence the drive to boost revenue by reviewing the present legal framework on tax.

He said that the Service plans to collaborate with Deposit Money Banks to get names of companies and individuals with funds in excess of N1 billion and ensure that appropriate tax was collected.

According to him, the Service will also link up with the Nigeria Customs to get data on companies that import goods into the country to ensure that they pay their fair share of tax.

In addition, he said that henceforth, the FIRS would ensure that it collects tax on properties owned by corporate entities in the country.

Also speaking, the Comptroller-General, Nigeria Customs Service, Col. Hammed Ali (rtd) said that the Service would focus on reducing smuggling, block misinvoicing and illicit financial flow of goods.

According to him, the Service will like to introduce new excise duties, but at the moment, the country only collects excise duty on alcohol and cigarettes.

He said the Service would also like to look carbonated drinks since they also have health implications for consumers.

In addition, Ali said that the Service wants the country’s policy on exports to be reviewed to allow the Service charge duties on goods being exported out of the country.

The Accountant-General of the Federation, Mr Ahmed Idris said his office would like to introduce the use of Treasury Single Account to all existing Nigerian embassies to enhance revenue.

As a way of blocking leakages, the AGF said his office would also link revenue generating agencies to the Government Integrated Financial Management Information System.

He said that GIFMIS implementation would enable the Federal Government process financial transactions faster and also reduce opportunities for corruption and ensure safety of public resources.

The Permanent Secretary, Ministry of Finance, Mr Mohammed Dikwa said the ministry plans to review the tax incentive policy of Nigeria to ensure that the country was not losing interest unnecessarily.

He said that the ministry would also review the targets and remittances of all the revenue generating agencies under its supervision for effective monitoring.

Dikwa also spoke about the plan of government to harmonise the Tax Identity Number and the Bank Verification Number into one database.

The premier newspaper report  that at the end of the meeting, a steering committee was set up, headed by the Minister of Finance to give direction on the Strategic Revenue Growth Initiative.

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Zenith Bank Says It Now Has best IT infrastructure After Successful Upgrade, Commends Customers

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1 day ago

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November 6, 2024

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Zenith Bank Says It Now Has best IT infrastructure After Successful Upgrade, Commends Customers

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward.

This upgrade follows a recent comprehensive technology enhancement.

The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.

This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO. 

In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”

Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.

The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system. 

“We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.

“While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.

“Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”

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Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024

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2 days ago

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November 5, 2024

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Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Polaris Bank’s commitment to digital innovation and excellence has once again been recognized, as the Bank was awarded the prestigious “Best Mobile App” award for its renowned digital banking platform, VULTe, at the Digital Jurist Awards held October 31 at Eko Hotel in Victoria Island, Lagos.

This honor comes less than a week after Polaris Bank was named Nigeria’s Digital Bank of the Year for the fourth consecutive year, further solidifying its status as a leader in Nigeria’s digital banking landscape.

At the event, attended by representatives from all nominated companies, Polaris Bank’s VULTe app stood out among its peers, winning the hearts of users and the recognition of industry experts.

The Digital Jurist Awards Committee had nominated Polaris Bank in three categories: Best Website, Best Web Portal, and Best Mobile App.

The Bank’s innovative approach and customer-centric digital solutions have made it a formidable contender in each category, with VULTe’s win affirming the Bank’s continued drive to redefine digital banking in Nigeria.

Commenting on the the award, Polaris Bank’s Managing Director/CEO, Kayode Lawal expressed gratitude for the recognition and reiterated the Bank’s commitment to providing seamless, reliable, and secure digital solutions.

“This award continuously shows our dedication to delivering the best digital experiences to our customers. We will continue to push the boundaries of innovation to ensure that our platforms remain intuitive, accessible, and impactful,” he said.

Polaris Bank’s VULTe app has gained widespread acclaim for its user-friendly design, robust security features, and diverse functionalities, enabling customers to manage their banking needs from the comfort of their devices.

Winning the “Best Mobile App” award is yet another milestone in the Bank’s digital journey, reinforcing its position as a digital pioneer in Nigeria’s banking sector.

The Bank extends its gratitude to the Digital Jurist Awards Committee and its loyal customers for their continued trust and support.

Polaris Bank is committed to advancing digital banking in Nigeria, creating convenient, modern, and secure solutions that cater to the evolving needs of its customers.

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2024,2023, 2022 and 2021 and MSME Bank of the Year 2022, 2023 and 2024 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.

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Access Bank Wins Best Digital, Best Website at 2024 Digital Jurist Awards

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2 days ago

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November 5, 2024

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Access Bank Wins Best Digital, Best Website at 2024 Digital Jurist Awards

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Access Bank PLC has been named the 2024 Best Digital Award Winner in the Commercial Banks Category at the Digital Jurist Awards, organized by Phillips Consulting (pcl.).

L-R: Adebowale Shonekan, Head, Network Communications (Group & Subsidiaries), Access Bank Plc; Chukwudi Amadi, Team Lead, Digital Communications, Access Holdings Plc; Ezinne Nwene, Team Member, Digital Communications, Access Holdings Plc, receiving the Best Digital Commercial Bank award from Abbas Babagana, Chief Technical Officer, Federal Ministry of Communications & Digital Economy at the Digital Jurist Awards held in Lagos… recently.

In addition to this top honour, the Bank also secured the Best Website Award, achieving an impressive score of 201 points for its engaging and user-friendly digital experience. Access Bank’s cumulative score of 380 points reflects its excellence across digital touchpoints, including its website, web portal, mobile app, and social media.Commenting on the recognition, Amaechi Okobi, Chief Communications Officer of Access Holdings PLC, said, “We are honoured to receive the Best Digital and Best Website Awards at this year’s Digital Jurist Awards.

At Access, our focus on digital innovation is driven by our commitment to deliver seamless, secure, and customer-centric solutions across all touchpoints.

This recognition validates our ongoing efforts to enhance our digital platforms, making financial services more accessible and efficient for our customers.

We thank Phillips Consulting for recognising our efforts and will continue to raise the bar in digital excellence.”Phillips Consulting has long served as a development partner to Nigerian financial institutions and other organisations with an online presence.

Leveraging its proprietary Digital Jurist platform, the firm has conducted assessments of digital touchpoints in various sectors, from financial services and insurance to telecommunications and government agencies, over the past 17 years.

Originally established as Web Jurist®, the platform was reimagined as Digital Jurist to assess new and diversified digital channels in the evolving digital economy. Digital Jurist’s evaluation framework examines a range of factors, including user experience, accessibility, performance, functionality, security, customer service, support, marketing, and content engagement across digital platforms.

These awards reinforce Access Bank’s leadership in digital banking, adding to recent accolades including 2024 Best Digital Bank and Best Mobile Banking App by World Finance, Best Mobile Banking App and Best Digital Bank by The Digital Banker Awards, and Best Digital Banking Initiative at the Global Retail Banking Innovation Awards 2024.

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