Business
Sanwo-Olu Signs VAT Bill Into Law
Lagos State Governor Babajide Sanwo-Olu on Friday signed into law the State VAT Bill.
By this act, the Bill has now become a Law to impose and charge VAT on certain goods and services.
Consequently, Lagos State Internal Revenue Service (LSIRS) has been empowered to administer and implement the law and account for money collected in accordance with the law.
The VAT law titled, “Lagos State Value Added Tax Law: A Bill for a Law to Impose and Charge Value Added Tax On Certain Goods And Services, Provide for the Administration of the Tax and for Related Matters,” empowers the state to charge VAT at the rate of six per cent on the value of goods and services in the state.
It also states that “the value of taxable goods and services shall be determined in the following ways: where the supply is for a money consideration, its value shall be deemed to be an amount which with the addition of the tax chargeable is equal to the consideration.”
The law further states that revenue accruing from VAT would be shared on a ratio of 75 per cent to 25 per cent between the state government and the Local Government Council Areas.
Meanwhile, a Federal High Court in Port Harcourt in August delivered a judgment restraining the FIRS from collecting VAT and personal income tax in Rivers State.
FIRS on Wednesday said it has appealed the judgment which held that it does not have the right to collect VAT in the state.
“Be assured that FIRS has filed an appeal and that one is in process and that is why we are not able to speak,” FIRS Group Lead, Special Tax Operations, Matthew Gbonjugbola told a news conference on Wednesday.
Business
Can African Engineers Compete Globally? ChipMango Is Creating Opportunities in the semiconductor Industry
The semiconductor industry requires highly specialised engineering knowledge.
For African engineers, gaining access to professional tools, industry experience and international opportunities can open
important doors.
ChipMango is working at the intersection of talent development and commercial engineering, creating pathways for African expertise to contribute to a global industry.
The growth of businesses like ChipMango also highlights the importance of investment in Africa’s innovation ecosystem. Through Boost Africa, a joint initiative of the EIB and African Development Bank, supported by the European Union, the European Investment Bank helps mobilise financing through venture capital funds for innovative African businesses. Watch the video to hear the story behind ChipMango.
Watch the video:
Business
From Classroom to Industry: How ChipMango Is Preparing African Engineers for the Semiconductor Market
Studying engineering is one thing. Having the opportunity to apply that knowledge to real industry projects is another.
ChipMango connects industry-aligned learning with practical semiconductor design and verification work, giving
engineers a pathway to develop skills relevant to commercial projects.
Its work illustrates why investment in African innovation must also consider the talent, technical expertise and infrastructure required to build competitive businesses.
Through Boost Africa, the European Investment Bank (EIB) supports African entrepreneurship by investing through venture capital funds, helping innovative businesses access the capital and support they need to develop and grow.
Watch the video to learn more about ChipMango’s approach.
Watch the video:
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