The Federal Executive Council (FEC), on Wednesday, authorised the finance ministry to directly deduct the federal allocation of any state or local councils found imposing illegal taxes on mining operations.
The Minister of Information and Culture, Alhaji Lai Mohammed, made this known when he briefed State House correspondents on the outcome of the Council’s virtual meeting, presided over by President Muhammadu Buhari, in Abuja.
The decision, according to the minister, followed a memo by the Minister of Mines and Steel Development seeking the Council’s approval to address major challenges facing the nation’s mining industry.
He said the challenges as highlighted by the minister include double taxation, insecurity in parts of the country and collusion between some stakeholders, including some traditional rulers.
He said the menace of double taxation was driving a lot of investors out of the country.
Mohammed, therefore, maintained that the Council’s decision on direct deductions from the federal allocation of any state or local council involved in double taxation was to save the mining industry.
He said: “On the issue of double taxation, whereby mining companies are taxed by local and state governments, two decisions were taken.
SIJUADE RAJI TAOHEED (ZOBO): A VISIONARY LEADER WITH AN UNCOMMON AMELIORATION AGENDA
SIJUADE RAJI TAOHEED (ZOBO): A VISIONARY LEADER WITH AN UNCOMMON AMELIORATION AGENDA _”Between stimulus and response, there is a space....
Eid Il Fitr: FPE Alumni President Felicitates With Muslims
Eid Il Fitr: FPE Alumni President Felicitates With Muslims May 13, 2021 The National President of Federal Polytechnic...
Face Of Osun State 2021 Unveil Winners, Releases Stunning Photos
A beautiful Student of Osun state, Obafemi Awolowo University osun state, Queen Bakare Hasiat who emerged the winner Face...
Kizz Daniel welcomes set of twins
Popular Nigerian singer, Kizz Daniel, has announced the birth of his sons. The singer revealed this on Instagram on Saturday...
BBNaija: Big Brother announces date for Season 6 audition, lists criteria
Organizers of Big Brother Naija, BBNaija reality show has announced a new date for auditioning of season 6. A post...