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FIRS Plans N50 Stamp Duty Payment On Electronic Receipts

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Nigerians will now pay stamp duties on all forms of electronic notifications acknowledging receipts of funds according the nation’s tax regulatory body, Federal Inland Revenue Service (FIRS).

According to circular signed by FIRS’ Executive Chairman, Muhammad Nami,, tis includes SMS and messages on any electronic platform such as emails and Whatsapp messages.

In the circular, Nami stated that: “Any electronic receipt for, or electronic transfer of, money deposited with any bank or with any banker in any type of account of an amount from N10,000 upwards shall attract a singular or one-off duty of the sum of N50.

“Stamp duty upon receipt (written, printed or in electronic form) for transactions between corporate bodies or between a corporate body and an individual, group or body of individuals, which amounts to N10,000 and above, shall be denoted by payment of N50 per receipt to the service.”

The FIRS circular also stated that stamp duties will be paid on “POS receipts, fiscalised device receipts, Automated Teller Machine (ATM) print-outs.”

The circular went further to categorically state that all receipts, either printed or electronically generated, or any form of electronic acknowledgement of money transactions, will attract the stamp duty of N50.

The agency also clarified that it is the only body authorised to collect such duties because “the Federal Inland Revenue Service is the only competent authority to impose, charge, and collect duties upon instruments specified in the schedule to this act if such instrument relates to matters executed between a company and an individual, group or body of individuals.”

The instruments subject to charge, as listed in the circular, include; fixed duty instruments such as Power of Attorney, Certificate of Attorney, Proxy forms, Appointment of receivers, Memorandum of Understanding, Joint Venture Agreements, Guarantors form, Ordinary agreements and Receipts; and Ad-valorem instruments such as Tenancy or lease agreements, legal mortgage or debentures, Sales agreements and Deed of assignments.

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Events

PREMIUM TIMES Books Unveils New Title on Cyber Politics, Nigerian Elections

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 Premium Times Books, the book publishing arm of the Premium Times Group, is pleased to announce the release of a new title, Cyber Politics: Social Media, Social Demography and Voting Behaviour in Nigeria.

The book, written by Omoniyi P. Ibietan, is officially making its way to physical and online bookshop Monday morning in a unique alignment with the symbolic rituals of June 12, Nigeria’s Democracy Day.

In 460 pages spread over 12 chapters, Cyber Politics: Social Media, Social Demography and Voting Behaviour in Nigeria gives expression to a critical phase within the distinct trajectory of Nigerian democracy through its elections.

Like June 12, which created a watershed in the country as Nigerians sought to rupture the yoke of military rule through the ballot, this book by Omoniyi P. Ibietan engages with another national watershed moment, as the nascent digital culture involving Internet use, and particularly the social media, converges with the articulation of voter choice, ultimately impacting Nigeria’s electoral fortunes in the process.

Nigeria’s 2015 presidential election is utilised as the sounding board from which analyses that offer great insights into the future of voting behaviour in the country are made in this new title, that is both skilful in its rendition and ground-cutting in its intellectual approach.

In an Introduction he wrote for the book, Dapo Olorunyomi, the Chief Executive Officer of the Premium Times Group, said “The universe of this new book is intriguing in its exploration of the “digital effect on elections.”

He also pointed out how Mr Ibietan’s work demonstrates “clearly that social media systems do enrich electoral democracy by expanding access to registration, participation, voting and organising at a scale we have never contemplated.”

He further observed that, “In the context of the Nigerian market framework, we also get to appreciate, through his lenses, the comparative appeal of each of the social channels. WhatsApp is the battle axe, while Twitter, hysterical though it is, remains limited.” Also, “Ibietan demonstrates how Facebook appeals to age and its abstract commitment to attention and community makes its credentials for advancing democracy a suspect.”

Equally, in his Foreword to the book, Umar Danbatta, a professor and executive vice chairman of the Nigerian Communications Commission, noted that: “the author situates the historical context of Nigerian politics and democracy” and more so “…the nexus between social media and voting behaviour, and the influence of the social media ecosystem among others in the electoral process.”

Importantly, as Professor Danbatta put it: “The book is a compelling narrative, a scholar’s guide and companion on the various political communication themes it interprets. It is difficult to put down this work once you are drawn by its alluring and free-flowing prose and incisive analysis.”

For a prominent commentator, who is also a former Minister of Information and Communication in Nigeria, Frank Nweke II, “the book represents an uncommon body of work by an intellectual visionary”, and he is of the conviction that the “extrapolation of the lessons and recommendations of this book will find perfect expression in other climes beyond the 2015 Nigerian general elections scenario.” Nweke thus commends “Dr Ibietan for this remarkable work, and…recommend(s) this book for practitioners and academics in the fields of strategic communications, new technologies, and social change.”

The author of this new book, Omoniyi P. Ibietan, holds a doctorate in Political Communication from North-West University in South Africa, and earlier degrees in Communication Arts from the Universities of Uyo and Ibadan.

With a career spanning journalism, stints in the civil society and academia, he is presently a directorate cadre staff in the Nigerian Communications Commission (NCC), where he heads the media relations management unit.

Over the past two decades, Mr Ibietan has researched deeply in the emergent interface between communication studies and psephology, which explains his richly nuanced understanding and far sight into issues involved.

Cyber Politics: Social Media, Social Demography and Voting Behaviour in Nigeria is available as physical copies both in the hard back and soft back versions in bookstores across the country from today, 12 June. The electronic copies of the book can also be purchased on online platforms, including Amazon.

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Big technologies

Solad and Arizona State University to Utilise AI for Nigeria Mini Grids

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Solad Power Group, one of Nigeria’s leading distributed energy solutions providers, has agreed to a partnership with Arizona State University (ASU) to utilise the university’s proprietary artificial intelligence data platform to assess mini-grid projects in Nigeria quickly and efficiently. 

As a participant in the World Bank supported Rural Electrification Agency (REA) Mini-Grid programme, Solad is rolling out solar solutions to markets across Nigeria. The Company has a near-term pipeline of 12 priority projects. The partnership with ASU’s Laboratory For Energy And Power Solutions (LEAPS) enables the accelerated deployment of 25 new sites. Data will be collected through LEAPS’ existing partnerships with YouthMappers and Nigerian universities, whose students will deepen their knowledge of and exposure to distributed energy solutions.

Mini-grid companies must conduct site feasibility studies before they can design and install a project. This is often a limited but protracted process built on insufficient data from short site visits, which can compromise the outcome. Solad is focused on leveraging the latest technology to enhance its feasibility assessments using global satellite imagery, AI-aided mapping models and advanced power engineering software.

Commenting on the alliance, Solad’s Chairman Constantine ‘Labi Ogunbiyi said: “We are proud to be collaborating with the largest research university in the United States. By combining ASU’s unique data platform with our own project portfolio and market access, we can deliver new power solutions much more efficiently. This means we can rapidly expand and validate our project pipeline while ASU grows its knowledge and understanding of market viability with Nigerian students participating in the process. Once the first phase is successful, we intend to expand collaboration to include hundreds of additional sites. Using ASU’s accurate technical and business data metrics, we will continue to invest in energy as a service allowing us to connect Nigerian MSMEs to the world, beginning with clean energy systems providing consistent power supply, and expanding our services through a mobile first, digital eCommerce portal.” 

Dr. Nathan Johnson, Director of ASU LEAPS, remarks about the importance of innovation and partnerships: “The public-private partnership with Solad will accelerate identification and development of mini-grid sites to expand access to reliable, affordable, and renewable energy. The technical analysis provided by ASU is paired with innovative business models by Solad to create bankable mini-grid investments that address the goals of all stakeholders. Solad’s approach provides a tangible return on investment to facilitate site expansion and economic development.” 

Solad focuses on under-served segments of the energy market, prioritising support for the millions of market traders who struggle with access to unreliable or prohibitively-expensive energy solutions. SMEs make up 96% of all businesses operating in Nigeria, contributing nearly 50% of GDP and providing 84% of all jobs in the country. They consistently reference access to electricity as the single most important obstacle that they face. With Lagos alone having a population of 20 million people, the opportunity set is huge. Solad already has 10,000 existing small business customers and an expansion programme that targets an additional 20,000 businesses within 2 years.

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Financial

Global Online Traders Grows to 15 Million- Infinox

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Online trading is becoming increasingly popular, with Modern Trader reporting that the number of global online traders has grown from 9.5 million four years ago, to more than 15 million today.

Dany Mawas, Regional Director at INFINOX, a leading CFD and FX broker with an international presence including in Africa, attributes this growth to technological advances, which makes trading convenient and fast. Traders can now trade from anywhere and at any time, and will get quick, easy access to the markets.

“Apart from the potential of achieving lucrative financial returns, additional benefits of online trading includes greater financial knowledge and developing associated skills with trading like discipline and emotional control,” he adds. 

How to start trading

There are those that are apprehensive about starting online trading, due to the associated financial risk. To put them at ease, Mawas notes that while fine-tuning trading skills comes with experience, the best way to start is to open a demo account with one of the many online trading partners available today.

“A demo account is a simulation account that provides users with the opportunity to place trades and to become accustomed to how markets move,” he says.

Additionally, some online trading brokerages provide bonus incentives to boost traders initial deposit and give them a better platform to start on. With INFINOX, traders are only required to deposit as little as US $50 and will, in turn, receive an additional US $25 bonus. Meaning that 33% of their at risk capital is the bonus.

However, he points out that traders should also do their due diligence when selecting the brokerage to partner with and not only base their decision on the starting bonus. “This includes investigating where the brokerage is regulated, and ensuring it has a physical presence instead of merely being an online entity,” says Mawas. 

Determining your plan of action

Mawas notes that although there are several game plans that beginner traders can adopt to gain profits on their investments, the old adage of ‘over-analysis leads to paralysis’ couldn’t be more true. “When developing a strategy it is vital to spend time researching and learning what works best. The more you perfect managing your risk, the better you become. If I could give one piece of advice, it would be to start simple and keep it simple.”

Mawas emphasises that trading is a humbling experience due to its binary outcome of either making the right or wrong decision. “As such, it is important for traders to have emotional control and the willingness to learn from their trading mistakes.” 

Being emotionally invested can be detrimental to success, he adds. “Often, when the market dips, traders will make the emotional decision to continue trading in the hopes that they recover quickly, which often doesn’t happen. It’s imperative to assess each situation for what it is and to make the most informed decision.”

Why trading is more accessible

Current affairs such as COVID-19, the U.S election, and Brexit have prompted people to stay more up-to-date with current news, says Mawas. “This is important as the outcomes of these events have an affect on the markets. Nowadays people are more clued up than they think they are when it comes to knowing what is happening and what could impact their trading. This knowledge makes trading more accessible for those that wish to start.”

He also states that the internet is full of useful information for new traders to digest, and that websites such as IX Intel offers manuals and how-to guides to help traders learn the basics of a successful trading career.

Mawas points out that the rise of social trading has also increased accessibility for beginner traders. “Social trading apps such as IX Social, allows users to access all the financial markets at their fingertips with the added bonus of tapping into other traders’ knowledge. Users can auto-copy top traders and receive the same results that they do.”

“Today, online trading is an easily accessible journey, and anyone can be successful if they use the right tools and spend time developing the necessary skills and acumen,” concludes Mawas.

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