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TAX: Plateau Revenue Service targets over N20b for 2023

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Plateau Revenue Service

The Plateau state internal revenue service, an agency of the Government that is saddled with the responsibility of collecting all taxes in the state, said that it has set its sights on generating over 20 billion Naira by the end of the year 2023.

The Chairman of Plateau State Internal Revenue Service (PSIRS), Mr. Dashe Arlat, stated this while speaking to journalists on Tuesday at the quarterly media parley held at the conference room of the Revenue House in Jos Plateau.

Mr. Arlat stated that the Agency since 2015 is striving as a leading and efficient modern revenue agency in the country that promotes regulatory compliance, and standards and ensures that all collections of taxes are optimized for the well-being of Plateau People.

Highlighting the efforts of the service in terms of revenue collection, the chairman said that the revenue service has seen a steady increase from 7Billion in 2015 to generating 20 billion in 2021 with a slight drop in 2022 to 16 billion.

He, however, assured that the service was already seeing positive signs in the current year of 2023 with the revenue collection already 7Billion as of March 2023 which is an indication that the service is on a move to surpass previously generated revenue in the state.

He said in the year 2022/2023 the Revenue body has worked with the theme of developing an enthusiastic professional team, embarrassing modern processes, and technologies to deliver customer focus service that enhances compliance and revenue collection optimization.

Mr Dashe Arlat said “We have also deployed technology which is the Plateau Integrated Revenue Collection System. The new Technology assists us to work towards ensuring that taxpayers are comfortable in terms of payment and also the assessment that we put to them.”

“We use taxpayers’ unions and associations to come up with a fair assessment, ensuring voluntary compliance, accessing them within their various income reach and group them into clusters to ensure a clean revenue collection.

“That has been the drive that has scored us from 7Billion in 2015 to 20 billion in 2021 and 16 billion in 2022 despite the challenges where persons run away from tax persons.

‘The way forward in 2023, the staff of the service is motivated to work in team spirit to reengineer all the business processes and we are also encouraged by the recent report from the national bureau of Statistics that has scored the state high in terms of revenue generation.” He further stated

Mr. Dashe Arlat also urged citizens to see the payment of tax as a duty and responsibility to ensure that government, in turn, is able to deliver on its set objectives in the state.

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Alleged Criminal Conversion: EFCC Recovers N4.4bn Worth of AGO in Lagos

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The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Monday, August 17, 2026 recovered 2.3 million litres of Automotive Gas Oil, AGO, valued at N4.485 billion from Mamemo Ibru of Ibafon Oil and Gas, during an investigation into an alleged case of stealing and criminal conversion.

The recovery followed a petition submitted by Prudent Energy and Services Limited, alleging that petroleum products entrusted to Ibafon Oil and Gas for storage had been unlawfully converted, resulting in a significant shortfall in the company’s stock.

The petitioner also alleged that periodic withdrawals were made from the stored products until the outstanding balance stood at 2,574,031 litres.

However, during a subsequent physical measurement and reconciliation exercise, only 206,761 litres remained in the storage tanks, leaving a deficit of 2,367,270 litres.

Investigation revealed that Ibafon Oil and Gas is involved in the purchase and sale of Automotive Gas Oil (AGO) and also stores its petroleum products at the same depot alongside products belonging to its customers.

It was further revealed that Ibru allegedly used his position as the owner of Ibafon Oil and Gas to truck out petroleum products in excess of the quantity owned by the company, thereby converting the petitioner’s products for his own use.

Following the Commission’s intervention, the suspect handed over the recovered products to the petitioner, Prudent Energy and Services Limited.

The post Alleged Criminal Conversion: EFCC Recovers N4.4bn Worth of AGO in Lagos appeared first on Business Today NG.

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DOJ’s probe into Andreessen Horowitz over board seats baffles VCs

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The Justice Department has launched a probe into Andreessen Horowitz regarding the firm’s partners serving on the boards of competing companies, Bloomberg reported.

The nearly year-long investigation focuses specifically on the firm’s board seats at Databricks, which is valued at $190 billion, and Fivetran, which combined with dbt Labs in June. The firm’s co-founder, Ben Horowitz, serves on the board of Databricks, while partner Martin Casado serves on the board of Fivetran.

Several VCs told TechCrunch they were surprised by news of the probe. Databricks and Fivetran are competitors now, but the two companies weren’t rivals when a16z invested in the startups, according to another Databricks investor who spoke on condition of anonymity. Databricks is largely known for its cloud storage products but, with its Lakeflow product, has expanded into AI data pipelines and application connectors. That’s Fivetran’s main business.

Given that Andreessen Horowitz has backed hundreds of companies, it’s almost inevitable that some startups will pivot or expand into the same markets, becoming competitors.

While backing direct rivals has become more acceptable recently, as evidenced by the many VCs that funded both Anthropic and OpenAI, holding a board seat on competing startups creates a far greater conflict of interest. Directors are generally privy to much more sensitive strategic information than non-board investors ever see.  

Such conflicts can be resolved by having a partner step down from one of the boards. However, because Databricks and Fivetran have different individuals from the same VC firm on their boards, a16z can institute a so-called Chinese wall between Horowitz and Casado, which would prevent the two partners from sharing confidential information about the two companies with each other, one investor said.

The investigation invokes Section 8 of the Clayton Act, a 112-year-old law stating that an individual or entity is barred from serving on the boards of competing companies. Since regulators have rarely targeted venture capital with this rule, the industry is watching the DOJ’s probe closely. If a16z is forced to surrender a seat, founders may place less value on board commitments from top-tier VCs, given that those investors might be forced to step down if a portfolio overlap creates a future conflict.

Andreessen Horowitz did not immediately respond to our request for comment, nor did it respond to Bloomberg. Databricks and DOJ declined comment.

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