Nigeria central govt. saves N24.7bn monthly via TSA, IPPIS/BVN implementation

President Buhari presents 2018 budget

President Muhammadu Buhari has said that the Federal Government has leveraged information and communication technology (ICT) as well as the enforcement of bank verification number (BVN) to make monthly savings of about N24.7 billion. The president disclosed this when he declared open the 2017 eNigeria Conference, organised by National Information Technology Development Agency (NITDA) at […]

China’s central bank chief warns of ‘sudden, contagious, hazardous’ financial risks

China’s financial system is becoming significantly more vulnerable due to high leverage, according to central bank governor Zhou Xiaochuan, who has made a series of blunt warnings in recent weeks about debt levels in the world’s second-largest economy. Latent risks are accumulating, including some that are “hidden, complex, sudden, contagious and hazardous,” even as the […]

$2.9bn tax hole looms over South Africa’s finance minister as revenue gap likely to reach 40bn rand, survey reveals

Malusi Gigaba, South African finance minister

Malusi Gigaba, South African finance minister faces a gaping budget hole and will have to consider cutting spending, raising taxes and selling state assets if he wants to avoid further rating downgrades. According to the report by Bloomberg, the economy he oversees is hampered by a deteriorating growth outlook, partly stemming from a battle for […]

European tax on digital giants faces resistance led by Ireland

France’s campaign to institute a new levy for digital companies such as Amazon.com Inc. and Facebook Inc. ran into early difficulties as the European Union seeks to align its tax policy with more modern and technologically focused businesses. French Finance Minister Bruno Le Maire told colleagues at a meeting in Tallinn, Estonia, that the bloc […]

U.A.E. excise tax starts in October to boost nations revenue

Younis Al Khoori, Undersecretary at Ministry of Finance,

The United Arab Emirates will start imposing a tax on selected goods starting October 1 as Gulf Arab nations seek to deepen government revenue to counter the drop in oil prices. A levy on designated goods; tobacco, energy drinks, and soft drinks, will include those sold at airports and free zones, Younis Al Khoori, Undersecretary […]

FG to auction N135bn bonds August 23 – DMO

Patience Oniha Director-General, Nigeria’s Debt Management Office (DMO)

The Federal Government has offered for subscription by auction, N135 billion bonds in its Aug. 23 auction, according to the Debt Management Office (DMO). The offering circular obtained from the DMO’s website on Tuesday in Abuja indicated that it would sell N35 billion of a bond, to mature in July 2021, at 14.50 per cent. […]