Fashion,Lifestyle,Law and Order,Politics, Events,Entertainment,Music,Movies,Comedy,Sports,Facts------- tessy_cole style magic --------"Never out of style..."
Saturday, 31 October 2015
SHOULD ENTERTAINERS PAY TAXS ?
But I do have an understanding of the multitude of reasons celebrities give for not paying tax. And I think you should too.
The Nigerian tax system is totally messed up… yes, messed up in all ramifications. I concur with the argument that monies generated from taxes in Nigeria are not judiciously used by the government. Or we haven’t seen what the money is being used for.
When singer and actress Lauryn Hill and other American artists pleaded guilty and even got incarcerated for tax evasion, a lot of you must have asked: “Why can’t our celebrities pay taxes like their American counterparts?”
But the real question is, how many Nigerians pay tax? As you are reading this article, I can bet that you probably don’t know where the LIRS or FIRS offices are in your local government.
So before you all jump on the government-must-tax-Nigerian-entertainers bandwagon, a few important points are worth noting.
Most Nigerian entertainers are evading tax, not because they intentionally want to, but because they don’t know their taxable income. Likewise, the Nigerian government, through all its tax agencies, is losing billions of naira every year from the entertainment industry because they are yet to discover a proper structure for taxation of the industry.
I know it seems like a great thing to take home a million-naira plus pay cheque for singing a song, starring in a TV show or making a movie. And I’m sure the financial perks and other benefits of stardom aren’t lost on celebrities. But think for a moment about what it must be like to get one or two big cheques a year (either lump sums, advances or royalties) and then have to manage that money wisely all year long, maybe not knowing when the next cheque will come in.
Most people in Nigeria are wage earners or businessmen and women who get regular cheques once a month or daily money from their businesses. Some employees in the oil sector might get paid twice a month. Overall, the average person who’s working can count on a pretty steady pay cycle. But that’s not the case with entertainers. Sure, they get their paydays – big ones, in fact. But when they get paid, it’s like receiving a huge financial windfall. And we all know what happens with most windfalls. They blow the money. Despite all the bling and the perceived glamour that come with being a celeb, the truth is that it’s tough being a celebrity and keeping your finances straight.
There’s also the issue of financial oversight. Most naija celebs don’t know what to do with their money when they get paid for gigs or appearances. Some have gone broke for trusting the wrong people to handle their money or to give them financial advice, that’s why a lot of artists who once lived comfortably have pretty much kissed their riches goodbye.
Being a celebrity anywhere in the world means you’re constantly in the spotlight. That additional scrutiny doesn’t just come from the public or the media. Celebrities, with their “I’m-living-large” lifestyles and their out-sized pay cheques, are also prime targets of fraudsters.
In fact, if you’re a public figure who is routinely taking home cheques in the six, seven and eight figures range, you have pretty much put a bull’s eye on your back when it comes to the tax collectors. Simply put, the tax authorities in Nigeria know they cannot make an example out of celebrities for tax evasion. Nigerians generally don’t believe in paying tax and coupled with corruption in the system, it is hard convincing a Nigerian to remit a chunk of his or her earnings as tax to a corrupt government.
So you cannot bash naija celebs for non-payment of tax without taking certain factors into consideration, because that would be a case of the pot calling the kettle black. Have you paid your tax? I can bet that even the tax collectors in Nigeria don’t pay their tax. Saying that millions of Nigerians are enjoying some kind of financial Christmas – in the form of tax evasion – would be an understatement. So why should we expect celebrities to be any different simply because their cheques are bigger? It doesn’t work that way. Their expenses are bigger too, in many cases way bigger than most people can imagine.
Also, unlike the average employee, celebrities don’t have taxes automatically taken out of their pay cheques. The corruption in the Nigerian tax system has got so bad that even the workers having taxes automatically taken out of their pay cheques have cried out that their taxes are not being remitted as claimed by their employers. And the tax agencies are not doing enough to rectify the decay in the system. And someone is screaming that the government should start taxing entertainers?
Tell the average Nigerian that he or she has been mandated by the law to pay tax and you will have yourself a barrage of insults to deal with. Yes, it is that bad. If the government does a thorough manhunt for tax offenders, even you who are reading this article right now will perhaps get in trouble with the law. source: Lindaikeji
WE ARE AT IT AGAIN _ ITS DAY THREE AT THE #LFDW# 2015
SOUTH AFRICA SETS UP INSIDER TRADING PROB OVER MTN NIGERIAS FINE
The Nigerian Communications Commission (NCC) fined Africa’s largest telecoms firm for missing a deadline to deactivate 5.1 million unregistered SIM cards.
News of the fine broke Monday morning in Nigeria, sparking a sell-off of MTN shares before the company formally notified shareholders later in the day.
“The market regulation team is looking into trades that took place before the announcement in order to determine if there is any evidence of possible insider trading,” Peter Redman, Johannesburg Stock Exchange (JSE) market regulation advisor, said in a statement.
South African law dictates that companies immediately warn shareholders about price-sensitive information.
“The investigation will follow due process to establish whether there have been any breaches of the listings requirements and can be lengthy process,” said Andre Visser, JSE regulation manager.
MTN issued a statement saying “senior management of the company and its advisors are currently engaging with the JSE Limited on the timing of the… announcement.” The probe could result in South Africa’s bourse operator slapping MTN with another hefty fine or result in criminal charges.
“It just puts the company under additional pressure,” said Amy Cameron, telecoms analyst at BMI Research, a market research firm based in London. “It will be another really big challenge.”
Cameron said that MTN should brace itself for a rocky few months.
“It could look into some sort of international arbitration, because a 5.2 billion dollar fine is absolutely crippling,” she said.
Early in August the NCC issued a directive to mobile telecoms companies operating in Nigeria to deactivate all unregistered SIM cards within seven days or face sanctions.
The penalty saw the company’s shares crash on the JSE and raised questions about the renewal of its licence inNigerianext year if the fine goes unpaid.
The NCC has set a November 16 deadline for MTN to pay the fine.
MTN had more than 62.8 million subscribers in Nigeria — its biggest market — in the second quarter of this year.
CALABAR CARNIVAL QUEEN 2014 MISS LEATICIA BOLA OLAWOLE TURNED A YEAR OLDER TODAY
GOVERNOR BEN AYADE OF CROSS RIVER STATE SUSPENDS THE PEM SEC MINISTRY OF EDUCATION
Jude Ngaji, the State Security Adviser to Governor Ben Ayade, disclosed this on Friday in Calabar while speaking to journalists.Mrs. Odey in a statement had directed all private and public primary and secondary schools in the state to stop morning and afternoon devotion forthwith.
According to her, the directives came from the Commissioner of Police, Henry Fadairo, in view of the security challenges facing the nation.
On Wednesday, the state Chairman of Christian Association of Nigeria (CAN) Archbishop Joseph Ukpo, in a statement, called on the state government to immediately withdraw such directive.
The CAN leader said that such directive negated freedom of worship.
“This directive to suspend morning devotion will negatively affect the moral upbringing of our children who are the future leaders of this country,’’ the statement stated.
Mr. Ngaji said the governor was not aware of such directive, neither did the permanent secretary pass such information through the governor or through his office for approval.
“The governor has directed that the permanent secretary be suspended indefinitely while the ban on suspension of devotion has been lifted immediately.
“It is true that police got intelligence information that Boko Haram is planning to bomb schools during morning devotion and therefore directed authorities in the ministry of education to act fast.
“But the permanent secretary did not bother to refer to the governor or call for stakeholders’ meeting to that effect.
“So, the governor feels pained that the permanent secretary got such sensitive information without seeking for his advice and went ahead to issue directive suspending morning devotions in schools,” he said.
According to him, it would be contradictory to say that the governor who not only believes in God, but a strong catholic, would turn around to do otherwise.
He appealed to religious leaders to discountenance such instructions as the state government was committed to inculcating good moral lessons in pupils and students in schools.
Reacting, John Eluu, the state police public relations officer, said that the commissioner had approved a “10 minute” time duration for morning and afternoon devotions.
“The commissioner of police told us during our briefing today that he has approved 10 minutes each for morning and afternoon devotion in both public and private schools in the state,” he said.
KELECHI IHEANACHO READY FOR HIS BIG CHANCE AT MANCHESTER CITY AND HE HAS ALSO BEEN INVITED TO JOINED THE SUPER EAGLES TEAM
HAPPY BIRTHDAY TO THE KUKERE CROONER INYAYA
STYLISH MEDIA PERSONALITY AND FASHIONISTA SHARON OJONG LOOKS STUNNING IN A PHOTO SHOOT FOR AN UNDISCLOSED PROJECT
OIL THIEVES BAG 84 YEARS IN PRISON
Justice Okon Abang found Adedamola Ogungbayi, Olaniran Olabode, Suraju Gasali, Moses Emmanuel, Wilson Bonsi, Okaraodi Uche and Onyeogo Happy guilty of dealing in 1,459 metric tonnes of premium motor spirit (petrol) without licence.
The judge held that the convicts’ crime amounted to economic sabotage. He described them as “godless”, saying such acts must be punished.
He said: “The convicts have no sympathy for the corporate existence of this country. The seed of wrongdoing may be sown in secret but the harvest cannot be concealed. Today is the day of reckoning.
“You call it oil bunkering or pipeline vandalism, but this menace has reached an alarming proportion in this country. Enough is enough. The convicts are godless and lawless, without any particle of sympathy for this country. They are part of the people that have contributed to the economic woes of this country.
“The convicts planted thorns, they cannot expect to gather flowers; they sowed the wind, and they must gather whirlwind.”
The judge also ordered that the vessel, MT Good Success, used in committing the crime, as well as the recovered petroleum product be forfeited to the Federal Government.
Justice Abang ordered the forfeiture of the sums of N66.6 million and $975,000 (about N194m) belonging to the convicts’ company, Hepa Global Energy Limited, domiciled with the First City Monument Bank.
An affidavit of compliance with the orders of forfeiture must be filed within 21 days of the judgment, the judge directed.
The convicts, their vessel and company were re-arraigned last August 28 on five counts, along with Padoun Jacob, who was discharged and acquitted yesterday.
The judge, in setting Jacob free on all the five counts, described him as a desperate job seeker, who became a victim of circumstances.
He noted that the stolen product had been loaded before Jacob was employed by Hepa Global Energy Limited on February 7, 2014.
“The guilty should not escape punishment but the innocent should not be punished,” the judge held.
Rather than life sentence, which is the maximum penalty for the crime, the judge handed each of the convicts a 10-year jail term on each of the counts, and two years on the fifth count. The total of 12 years will run concurrently.
The Economic and Financial Crimes Commission (EFCC) prosecutor, Mr. Rotimi Oyedepo, said the convicts violated sections 19(c) and 17 of the Miscellaneous Offences Act, Cap M17, Laws of the Federation of Nigeria, 2004.