THE CABLE
Here are the seven top business stories you need to track this week — August 28 to September 1.
FINANCE ACT 2023 TAKES EFFECT SEPT 1
From September 1, 2023, the Federal Inland Revenue Service (FIRS) will begin to charge the 7.5 percent value-added tax (VAT) on items excluded from building.
The revenue agency announced the development in a public notice released on Friday and signed by Muhammad Nami, its executive chairman.
According to FIRS, examples of items excluded from building are radio and television masts, transmission lines, cell towers, mobile homes, caravans and trailers.
The commission said the provision is contained in the Finance Act of 2023, which had a commencement date of May 1 but was later deferred to September.
NBS PEGS UNEMPLOYMENT RATE AT 4.1%, UNDER NEW METHODOLOGY
The National Bureau of Statistics (NBS) says Nigeria’s unemployment rate was 4.1 percent in the first quarter (Q1) of 2023 and 5.3 percent in the previous quarter.
In the fourth quarter (Q4) of 2020, the bureau had pegged the country’s unemployment rate at 33.3 percent.
The NBS, in a statement on Thursday, said the latest unemployment report adopted a new methodology and presented an in-depth analysis of the labour market.
Read more on how the new methodology was used here.
NBS REPORT
The NBS also is expected to release a report on pension asset and membership data for the second quarter (Q2) of 2023
The bureau also intends to publish a report on telecoms data on active voice, internet, porting and tariff information for Q2 of 2023.
LOCAL MANUFACTURERS MADE N55 BILLION FROM SIM CARDS IMPORT BAN
The Nigerian Communications Commission (NCC) says the ban on the importation of whole-body SIM cards raked in over N55 billion for local manufacturers.
Umar Danbatta, executive vice-chairman (EVC) of NCC, disclosed this on Wednesday, at the second edition of the Nigerian Telecommunications Indigenous Content Expo (NTICE) in Lagos.
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