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The Nigerian Customs Service has granted the sum of N2.29trillion as Customs’ tax exemptions in 2021.
According to reports, this represents a 194.65 per cent increase from the N779.74billion waivers granted in 2020.
The report revealed that the highest jump in aggregate Customs’ exemptions was in the Common External Tariff levy, which jumped from N223.99billion in 2020 to N1.42trillion in 2021.
A Shanghai Court has sentenced Chinese-Canadian Billionaire Xiao Jianhua to 13 years in prison. According to the Shanghai First Intermediate Court, Xiao and his Tomorrow Holdings were charged with illegally absorbing public deposits, betraying the use of entrusted property, and the illegal use of funds and bribery. The Court, however, fined Xiao $954,655 for the crimes.
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