At last, Port Harcourt refinery begins production
After several postponements, the Port Harcourt refinery has finally commenced fuel production.
The Nigerian National Petroleum Company Limited confirmed this to our correspondent on Tuesday.
NNPC spokesperson, Olufemi Soneye, said the loading of trucks would start today.
“Port Harcourt Refinery begins production. Truck loading starts today, Tuesday,” Soneye told our correspondent.
It was learnt that the refinery would start with 60,000 barrels capacity per day, releasing Premium Motor Spirit, diesel, and others into the Nigerian market.
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Nigeria introduces bill mandating Tax ID for finance professionals to operate bank accounts
According to its provisions, financial professionals must provide a TIN before operating accounts, ensuring they are properly registered for tax purposes.
Non-resident individuals who earn only passive income from investments in Nigeria are exempt from this requirement but must submit relevant information to tax authorities.
The bill grants tax authorities the power to automatically register individuals who fail to apply for a TIN and notify them of their registration.
By automatically issuing TINs to individuals who fail to register, tax authorities aim to close gaps that have historically enabled tax evasion.
This automatic registration will simplify the process for both the government and citizens, reducing bureaucratic delays and ensuring that individuals are compliant without needing to take extra steps to register manually.
Penalties for non-compliance include a fine of N50,000 for the first month and N25,000 for each subsequent month of failure to register.
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