Pre-tax profits at Europe's largest bank HSBC slumped by 48 percent in the first three months of 2020, as the lender felt the impact of the Covid-19 pandemic on its business. The bank has set aside $3 billion to cover losses from unpaid loans, 417 percent higher than the same period last year. Also today, US oil prices slumped again in early trading after an investment fund sold all its short-term contracts to buy crude. A plunge in demand for oil due to lockdown measures has resulted in a massive glut of supply in the market.
Calls for exhaustive dialogue continue to trail the passage of Nigeria’s Finance Bill 2019. Taiwo Oyedele, Partner and West Africa Tax Leader at PwC Nigeria, says the bill is in line with global best practices and offers potential positive impact for Nigeria’s economy. He joins CNBC Africa’s Christy Cole on the side-lines of the Executive Session on Finance Bill and Tax Strategy where Nigeria’s Finance Minister, Zainab Ahmed convened with stakeholders to discuss the country’s 2019 Finance Bill.
Nigeria's Finance Bill seeks to shore up the government's revenue base by amending seven acts of the National Assembly relating to taxes. Ken Erikume, Partner of Tax Reporting and Strategy at PwC Nigeria joined CNBC Africa's Kenneth Igbomor to breakdown the Finance Bill, as members of Nigeria’s House of Representatives boycotted the public hearing slated for Tuesday.
President of Association of Telecoms Companies (ATCON) of Nigeria, Olusola Teniola says the planned 9 per cent Communication Service Tax represents an additional burden to telecoms subscribers. To discuss the implications of this move, Olusola Teniola joins CNBC Africa for more.