ALPHA BETA WILL NOT COLLECT THE 2024 FEDERAL GOVERNMENT REFORM BILL TAXES!

   ZION B-BC

 NEWSLETTER.   

 A Publication of the Zion Faith Bible-Believing Church Kpeyegyi Abuja Nigeria.  {Vol. 13. NO 581. 8th December 2024} “…ONLY The Truth, Will Set You Free! (John.8:32).  PRAY & FAST EVERY WEDNESDAY TO STOP BLOODSHED IN NIGERIA!

 

ALPHA BETA WILL NOT COLLECT THE 2024 FEDERAL GOVERNMENT REFORM BILL TAXES!

 

Alpha Beta Consulting will not be contracted to collect taxes on behalf of the Federal Government of Nigeria when the 2024 REFORM BILL is finally approved and comes into operation! The Federal Inland Revenue Services (FIRS), will be sole agents!

This clarification was made by Mr.Taiwo Oyedele, Chairman of the Presidential Policy on Tax Reforms, who represented the Federal Government at a VILLAGE SQUARE MEETING organized by CHANNELS TELEVISION to deliberate on the FOUR Executive Bills before the National Assembly for debate on the unification of multiple taxes that have bedeviled Nigeria's economy for decades!

 

THIS PRIVATE COMPANY, BELIEVED TO BE OWNED BY PRESIDENT BOLA AHMED TINUBU, was the sole collector of all State Taxes throughout his eight-year tenure as Lagos State Governor and until this present time - 16 years after his departure on agreed payment of commission by consecutive Lagos State Governments!

AND PRESIDENT BOLA TINUBU HAD FOUND IT VERY DIFFICULT TO DENY SOLE OWNERSHIP OF ALPHA BETA CONSULTING WHEN CONFRONTED BY PDP CHIEFTAIN -BODE GEORGE BEFORE THE 2023 PRESIDENTIAL ELECTION!

 

Please read the following story by the PUNCH NEWSPAPER of court deposition by a former Managing Director of the firm who was short-changed!

 

N20BN: TINUBU - ALPHA BETA EX-MD DISCUSS OUT-OF-COURT SETTLEMENT.

19th January 2022. By Eniola Akinkuotu

 

A former Managing Director of Alpha Beta Consulting, Dapo Apara, the All Progressives Congress leader, Bola Tinubu; and the current Managing Director of the company, Akin Doherty, have begun discussions on a possible out-of-court settlement following allegations that Tinubu ordered the transfer of over N20bn from Alpha Beta to some private business accounts.

The lawyer to the plaintiff, Mr Ebun-Olu Adegboruwa (SAN), said this before the High Court of Lagos State sitting at the Tafawa Balewa Square on Tuesday.

During the proceedings, Adegboruwa informed the court that the order made on November 2, 2021, for substituted service of all court processes on Tinubu had been complied with by the court bailiff.

Adegboruwa stated that the bailiff served Tinubu on November 24, 2021, at his No. 26 Bourdillon Road, Ikoyi, address through the courier service of DHL, adding that an affidavit of service had been filed by the bailiff to confirm this position.

The senior advocate then urged the court to grant more time for the parties to consolidate on their settlement talks........Justice Aishat Opesanwo subsequently adjourned the case till March 24, 2022.

 

In the suit filed by Adegboruwa on behalf of Apara, the former MD said Tinubu controls Alpha Beta, a tax consulting firm that has exclusive rights to monitor and generate revenue on behalf of the Lagos State Government.

Apara, who had in 2018 written a petition to the Economic and Financial Crimes Commission accusing Alpha Beta of N100bn tax fraud, asked the court to compel the firm to pay him his entitlements even as he alleged that Tinubu was the one that got him removed from his position for investigating the firm’s finances

 

IN THE ZION B-BC NEWSLETTER PUBLICATION -VOLUME 8 NO 321 OF 6TH, OCTOBER 2019 - TITLED "TAX, TAX AND MORE TAXES: MUST GOVERNMENT RIDE  A WILLING HORSE TO DEATH?"  WE HAD CRITICIZED THE PUNITIVE MULTIPLE TAX SYSTEM! BUT ALL FELL TO  DEAF EARS!

 

SUMMARY OF THE 2024 TAX REFORM BILLS FORWARDED TO THE NATIONAL ASSEMBLY BY MR. PRESIDENT AND WHICH HAS PASSED THROUGH SECOND READING IN THE SENATE!

 

The quadruple Tax Reform Bills comprise the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Tax Administration Bill, 2024; and Nigeria Tax Bill, 2024.

Although the Bills are quite instructive to grow an ailing and mismanaged economy as Nigeria 's, it NOT EXPEDIENT TO RUSH  THEM INTO LAW when CITIZENS  find it difficult to recover from previous policy somersaults of the ,18 months of the CHICAGO CERTIFIED ACCOUNTANT! Various reports of the National Bureau of Statistics (the only credible agency of government) repeatedly highlighted the Citizens' pulse in the consistent inflation of goods and services at 33.8%, the abnormal and unprecedented foreign exchange rate of NGN1, 700 naira to USD1dollar.due to dual exchange merger and Currency Floating of an unproductive and abysmal economy!

Also prominent was the multi-dimensional poverty index, tax revenue to gross domestic product, GDP, which dropped to 9.4% in 2023, and the debt-revenue ratio at  97%!

 

IMPORTANT POINTS WORTHY OF NOTE IN THE NIGERIA TAX BILLS 2024.

 

* Section 24(a)(b)(c)(d)(e)&(f) of the  Constitution of the Federal Republic of Nigeria are very explicit on the Citizens 'Duties to pay appropriate TAXES and also backs government to collect same as at when due; but have the later discharged IT'S FISCAL RESPONSIBILITY FAITHFULLY AND JUDICIOUSLY IN THE PAST? NO!

* However, the current bills according to Anchor Man Mr.Taiwo Oyedele, Chairman of the Presidential Policy on Fiscal and Tax Reforms.

will address all issues in respect of MULTIPLE TAXATION in favor of the Citizens - especially the DISTRIBUTION FORMULA ADOPTED IN THE CONTROVERSIAL VALUE ADDED TAX (VAT), which the Northern States and their Governors have kicked against, because they believe that the South was more favored!

 

THE VAT DISTRIBUTION FORMULA.

 

Due to co-ordinated resistance to the new Bills, the President on 3rd October 2024   requested the National Assembly to consider and pass the tax reform bills in spite of the protests!

In the proposed tax bills, VAT revenue-sharing formula suggested is 10 percent to the federal government, 55 percent to the state, and 35 percent to the local governments.

However, the current VAT revenue-sharing formula shows that the federal government takes 15 percent, states get 50 percent and 35 percent goes to the local governments.

 

BUT THE ‘CONSTITUTION GRANTS RMAFC SOLE AUTHORITY TO DETERMINE VAT FORMULA’

 

* Currently, the Pay As You Earn (PAYE) system which empowers employers to deduct specified taxes at source of payment and remit same to government coffers WILL NOW GIVE WAY to the following order in the new arrangement in the new tax reform bills!

 

BUT FOR THE RECORDS - THE CURRENT PAYE SYSTEM IS AS FOLLOWS:

 

1. Tax exempt for annual salary earners of LESS THAN N300, 000 naira.

2. Those who earn N300, 000 pay tax of N21, 000 naira which amounts to 7% of their take home pay.

3. Salary earners within the range of N300, 000 to N600, 000, pay a total N54, 000 naira which amount to 18% deduction.

5. Incomes within N600, 000 and N1.1 million, pay a total of N129, 000 naira.

6. Workers who earn between N1.1 million naira and N2.7 million naira are paying a total of N465, 000.

7. Those in category of more than N3.2 million annually pay N465,000 naira on the N3.2 million naira and 24% of any amount above it.

 

 TAXES OF THE NEW ORDER - IF IT GOES THROUGH WILL BE AS FOLLOWS.

 

1. Annual salary of N800, 000 naira is tax exempt.

2. Earnings between N800, 000 and N3 million naira will attract 15% tax deduction on only N2.2 million.

3. Salary earners of between N12 - 25 million naira will pay a total tax of N4, 680,000 naira.

 

4. Workers who earn between N25 - 50 million naira annually will pay N10, 430,000 naira as tax deductions.

5. Those who earn above N50 million will pay the same tax on N50 million as stated in No.4 and 25% on the excess.

 

COMMENTS:

 

THE TIMING OF THE TAX REFORM BILL 2024 JUST AS PREVIOUS DINUBA’S SPONTANEOUS - REMOVAL OF SUBSIDY, ETC. IS VERY UNREASONABLE!

The Panacea to the current economic crisis is for President Tinubu to REVERSE himself -jettison WORLD BANK AND IMF'S UNWORKABLE AUSTERITY MEASURES THAT HAVE COMPOUNDED ALL WORKABLE ECONOMIC INDICES!

Unicameral Parliamentary System will ERASE all past errors, BLOCK all wastages and open DOORS OF PROSPERITY FOR THE DOWNTRODDEN CITIZENS!

There is still hope for Redemption!

 

[EXPECT A PRIME MINISTER IN NIGERIA NOW!]

 

Please look forward to more divine revelation in the next edition of Zion B-BC Newsletter as you share this with friends and remain blessed in the Lord. [For weekly access, to this newsletter, log on to:  facebook.com/zionfaithbible.believingchurch or http://www.zfbbc1.blogspot.com,

Please look forward to divine revelations in  The Sure Word Gospel Tracts, Our divinely inspired books on the Amazon KINDLE Store Namely: The Unbroken Chain of Grace, Nigeria’s Pot Pourri (Volumes 1-5), Godly Politicking For World Peace,  and The Wedding Mascot Died

If you have not accepted the Lord Jesus Christ as your personal Lord and Saviour, don’t miss this great opportunity as you pray  this prayer: Lord Jesus; I confess that I am a sinner who needs to be saved through the grace of the New Testament in your Blood, shed on the Cross at Calvary; I renounce every sin in my life and accept you as my Lord and personal Saviour. Please forgive me and write my name in the Book of Life. Amen. If you prayed this prayer, you have been admitted into the family of sons and daughters of God, who are born-again. Congratulations!

I am yours sincerely, THE WATCHMAN Dr. David B.A. Olufon, Resident Pastor and Editor. 08130669886, 08058436756. g-mail-dvdolufon@gmail.