FIRS To Introduce e-invoice platform
FIRS To Introduce e-invoice platform The Federal Inland Revenue Service has announced plans to implement an e-invoicing platform to advance Nigeria’s tax administration system. New Digital Platform The new digital platform, named FIRS e-Invoice, is set to streamline invoice management in alignment with the Tax Administration and Enforcement Act of 2007. The Executive Chairman of FIRS, Zacchaeus Adedji, made the announcement during the LCCI-FIRS Organised Private Sector Stakeholders Engagement held in Lagos on Wednesday. Adedeji emphasised the importance of e-invoicing for modernising and enhancing the efficiency of Nigeria’s tax system, stating “Our collective efforts will pave the way for a more prosperous and resilient Nigeria. As we advance, we encourage support for these initiatives through constructive feedback and collaboration.” PUNCH reported that the Federal Inland Revenue Service has assured businesses in the country of a friendly tax administration. Adedeji explained that the ongoing restructuring at the agency had led to the creation of a one-stop shop for taxpayers according to their turnover thresholds.
GBP: UK inflation remains in line with expectations – Commerzbank
Wednesday’s UK inflation figures did not come as any major surprise. CPI inflation was in line with the median of analyst estimates. The subcomponents did not surprise either. Nevertheless, the currency market took the release as an opportunity to trade the Pound Sterling (GBP) stronger, Commerzbank’s Head of FX and Commodity Research Ulrich Leuchtmann notes. Visible price movements in GBP are expected “The initial market reaction shows very clearly that the Pound Sterling (GBP) is currently benefiting particularly from the fact that the Bank of England (BoE) appears to be lagging behind. While the ECB has already cut its key rate twice and the Fed started with a big move, the market expects the BoE to make rather more leisurely interest rate cuts. That is what makes the pound so attractive.” “Of course, this would quickly come to an end if inflation in the United Kingdom were to fall very rapidly (as is expected for the euro area and the US). Therefore, UK inflation figures are always a cause for nervousness for those who hold long GBP positions.” “But the flip side of this previous nervousness is that if the figures do not give cause to question the BoE’s positive outlook on GBP, relief will prevail. Relief does not mean massive GBP strength, but it does mean visible price movements.”
Gold hovers close to new high of $2,600 after Fed meeting
Gold (XAU/USD) edges higher and trades back in the $2,580s on Thursday after falling to the $2,540s following the US State Reserve (Fed) decision on interest rates the prior day. The yellow metal popped to a new record high of $2,600 on Wednesday before quickly falling back following the much-anticipated Fed meeting, at which they decided to implement a 50 basis point (0.50%) cut to the fed funds rate. This lowers the Fed’s base rate to a range of 4.75%-5.25% from 5.25%-5.50% previously. Gold peaks after Fed meets Gold hit a record high of $2,600 after the Fed went ahead with a 50 bps rate cut on Wednesday, although the yellow metal failed to sustain its new highs. Several analysts explained the lack of volatility (financial asset prices changed only modestly after the announcement) due to the Fed’s easing cycle having already been priced in by financial markets ahead of the event. Gold hit a record high of $2,600 s the easing cycle already priced in?” opined Thomas Mathews, Head of Markets, Asia Pacific for Capital Economics in a note on Thursday. “Markets barely reacted to the Fed’s 50 bps rate cut, on balance, and our base case is that further cuts won’t move the needle too much either.” Gold upside may have been capped by the basically clean bill of health assigned to the US economy by the Fed. Gross Domestic Product (GDP) growth forecasts were only slightly revised down to 2.0% in 2024 from 2.1% previously and is expected to remain at that level until the end of 2027.
