Tag: building defeat

Nigerian banks have been mandated to report all customer accounts with monthly transactions exceeding N5 million to the country’s tax authorities, according to the latest update from the National Orientation Agency (NOA). This directive was part of a sweeping tax reform signed into law, aimed at improving tax compliance, curbing financial irregularities, and aligning Nigeria’s fiscal structure with global standards. The new requirement, outlined in Section 30 of the 2025 Tax Reform Act, places commercial banks at the forefront of a major financial transparency push. Banks will be required to monitor and report high-value transactions on a monthly basis to the Federal Inland Revenue Service (FIRS) and other relevant tax bodies. Announcing the update via its official X (formerly Twitter) handle, the NOA stated that this measure is part of broader reforms to ensure that taxable income does not escape regulatory oversight. Analysts said the move could significantly improve the government’s ability to track unreported income and enhance revenue generation from the informal and high-net-worth segments of the economy. In addition to mandatory transaction reporting, the reform introduces several taxpayer-friendly provisions aimed at easing the burden on low- and middle-income Nigerians: Individuals earning up to N800,000 annually (N66,667 per month) are now exempt from personal income tax, up from the previous threshold of N500,000. This change is designed to protect low-income earners and support cost-of-living relief. It further explains that Section 31 of the Act now exempts capital gains on the sale of a primary residence. Additionally, under Section 50, compensation up to ₦10 million for injury, job loss, or defamation is excluded from taxable income, offering broader financial protection to affected individuals. The reform also introduces a new value-added tax (VAT) distribution model, starting in 2026:Federal Government: 10 percent (reduced from 15%); State Governments: 55 percent (up from 50%); Shared 50 percent equally, 20 percent based on population, 30 percent based on consumption; Local Governments: 35 percent (unchanged) This shift rewards high-consumption states like Lagos and Rivers, encouraging subnational governments to grow their local economies through increased internal revenue generation. Stakeholders believe that the combination of mandatory bank transaction reporting and revenue redistribution based on consumption marks a significant shift in Nigeria’s tax administration philosophy. It prioritizes transparency, fairness, and economic activity as key drivers of national development. Financial experts have praised the move as a bold step toward expanding the tax base without imposing undue burdens on low-income citizens. However, privacy advocates and financial institutions have called for clear guidelines to ensure data protection and prevent potential abuse of the reporting system. FG Blames Poor Oversight by Professional Bodies for Rising Building Defects
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FG Blames Poor Oversight by Professional Bodies for Rising Building Defects

The Federal Government has raised alarm over the growing trend of structural…

Oluwafisayo Olaoye Oluwafisayo Olaoye
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