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Neymar set to pay $2.5m fine to Brazil tax authorities

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Brazilian football star Neymar is willing to pay a fine of $2.5 million to settle tax evasion allegations in his country, his lawyer said Friday.

The 25-year-old wants to leave the fight with Brazilian authorities behind him as he prepares for a new professional life with Paris Saint-Germain after his record $261 million (222 million euro) transfer buyout from FC Barcelona, Neymar’s lawyer Marcos Neder told a press conference.

“This process has stretched on for more than three years and our goal is to move ahead with the new phase that Neymar has begun,” Neder said.

In September 2015, Brazilian tax authorities seized what was then the equivalent of $55.7 million in Neymar’s assets to cover what they said were unpaid taxes from 2011 to 2013, plus penalties and interest.

The case has been snaking its way through the courts ever since. Neymar has scored some victories such as having the amount of seized assets reduced.

However, it is now up to tax authorities to decide whether they accept the amount that Neymar’s defense team has calculated that he owes.

Neymar also faces corruption charges in Spain stemming from his transfer to Barcelona from the Brazilian team Santos in 2013.

Source: (AFP )

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2020 Finance Bill Exempts Minimum Wage Earners From Tax: Buhari

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President Muhammadu Buhari has revealed that the recently proposed 2020 Finance Bill will exempt workers earning the minimum wage from paying tax.

Buhari disclosed this on Monday in a speech delivered virtually by Vice President, Yemi Osinbajo at the opening session of the 26th Nigerian Economic Summit Group Conference themed: “Building Partnerships for Resilience.”

Also Read: Recession: Nigeria’s Economy On Way To Recovery, Says Osinbajo’s Aide

“We are proposing in the new Finance Act that those who earn minimum wage should be exempted from paying income tax,” he was quoted as saying in a statement issued by the Senior Special Assistant to the President on Media and Publicity, Laolu Akande.

“These provisions which complement the tax breaks given to small businesses last year will not only further stimulate the economy but are also a fulfilment of promises made to take steps to help reduce the cost of transportation and the impact of inflation on ordinary Nigerians.”

 

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Nigeria Will Exit Recession By First Quarter Of 2021 – Finance Minister

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Nigeria Will Exit Recession By First Quarter Of 2021 – Finance Minister

Zainab Ahmed

Minister of Finance, Budget and National Planning, Zainab Ahmed has revealed that Nigeria would emerge from recession in the fourth quarter of this year or by the first quarter of 2021.

Recall that on Saturday, Nigeria officially went into recession for the second time under President Muhammadu Buhari‘s administration.

Speaking on Monday at the ongoing 26th Nigerian Economic Summit organized by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning, Zainab said the current recession would be short-lived.

Also Read: Recession: Nigeria’s Economy On Way To Recovery, Says Osinbajo’s Aide

She blamed COVID-19 for the current recession, saying it followed the pattern across the world where many countries had entered an economic recession.

“Nigeria is not alone in this, but I will say that Nigeria has outperformed all of these economies in terms of the record of a negative growth,” Ahmed said.

 

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Court Remands Nigerian Senator, Ali Ndume, In Prison

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Court Remands Nigerian Senator, Ali Ndume, In Prison

Ali Ndume

Senator Ali Ndume, the lawmaker representing Borno South Senatorial district has been ordered on Monday by a federal high court to be sent to prison.

The order follows his inability to produce Abdulrasheed Maina, the former Chairman of the defunct Pension Task Team, whom he stood as surety for in his corruption and money laundering trial.

The high court, sitting in Abuja was presided over by Justice Okon Abang and ordered Senator Ndume to be remanded in Kuje correctional centre.

Also Read: Alleged Money Laundering: Court Orders Arrest Of Abdulrasheed Maina

Justice Abang, however, gave three conditions upon which Ndume can regain his freedom namely payment of N500m bail bond into the Federation Account of the Federal Government and present evidence of such payment in court or the FG sells the property situated in Asokoro, Abuja which Ndume pledge as security for the bond and present evidence of sale and payment of the N500m realised into the Federation Account or he (Ndume) produces Maina, who is believed to have now jumped bail, in court.

Shortly after the pronouncement by the Judge, Senator Ndume was led away from the courtroom by security operatives.

 

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