INEC tightens guidelines ..

 by Fidelis Mac-Leva

Prof. Jega Attahiru

 for party registration  - The Independent National Electoral Commission (INEC) has proposed an upward review in the ‘administrative fee’ for political associations seeking registration as political parties from the current N100, 000 to N1 million.

The review which drew mixed reactions by stakeholders was contained in the draft of new guidelines for political parties which were presented to all the registered political parties during a consultative meeting with INEC in Abuja yesterday.

In addition to the new administrative fee for party registration, INEC also proposes to carry out inspection of the national headquarters of political associations seeking registration to verify the claims of the association for registration.

Similarly, every association seeking registration as a political party, under the new guidelines, is expected to submit 50 copies of the minutes at which the name, symbol or logo of the association in addition to submitting 50 copies each of the proposed party constitution and manifesto and minutes of the meeting of members of the association indicating approval and adoption of both.

The new guidelines also requires associations seeking registration as political parties to provide evidence of valid occupation their national headquarters in the Federal Capital Territory while the Commission shall carry out inspection of the national headquarters  to confirm the continued existence and functioning of the address  as the party’s national headquarters.

Addressing representatives of registered political parties at the consultative meeting, INEC chairman, Attahiru Jega said the commission had also worked out a plan for the delimitation of constituencies which it shall strive to carry out before the 2015 elections.

Reacting to the development,Acting national secretary of the PDP, Solomon Onwe said the proposed N1million administrative fee by INEC was on the high side and would deny many Nigerians the opportunity of registering associations as political parties.

On his part, the national secretary of the ANPP, Tijani Tumsah, said the consultative meeting was a noble initiative by INEC, adding that it would go a long way in making improvements in the electoral process, especially ahead of the 2015 general elections.

DailyTrust

Russians threaten to leave Cyprus over IMF deposits tax Added by Ehi on March 20, 2013. Saved under World News Tags: Cyprus, Deposit tax, Imf, Limassol, russians, World 1.1K inShare 1 digg Email Share on Tumblr Share Protests in Cyprus over bailout tax Protests in Cyprus over bailout tax LIMASSOL, Cyprus(AFP) – Angry Russian residents of Cyprus are talking of giving up on the Mediterranean island over a eurozone bailout deal which they say unfairly targets their money. “We are asking ourselves if we should stay here,” says Anastasia, a young Russian who grew up in the southern coastal city of Limassol, nicknamed “Limassolgrad” for the tens of thousands of Russians who live there. “We trusted this country and its banks, then all of a sudden they take our money,” she says. The Cypriot parliament voted on Tuesday to reject a debt bailout deal which included an unprecedented one-time levy on bank savings of up to 9.9 percent, to raise 5.8 billion euros ($7.47 billion) in return for a 10 billion euro rescue package. Figures vary but the Moody’s rating firm estimates that Russian companies and banks keep up to $31 billion on the Mediterranean island, which accounts for between a third and half of all Cypriot deposits. “Cyprus was a paradise until it joined the eurozone,” said Yana, who works for a real estate agent on the Limassol seafront. “But in recent months the Cypriots have started to point fingers at us. We feel more and more like foreigners here,” she says. “Some think they are in this situation because of the Russian money, and others are jealous.” Yana’s colleague and fellow Russian, Tatiana, said that as soon as the banks reopen “the Russians are going to transfer their money”. “We’re not going to give the island a second chance.” As a condition for the desperately-needed Cyprus bailout, fellow eurozone countries and international creditors on Saturday agreed a levy on all deposits in the island’s banks. Under a revised plan, drafted on Tuesday in response to an angry backlash at home, the bank levy was dropped on savings below 20,000 euros but retained at 6.75 percent on deposits of 20,000-100,000 euros and at 9.9 percent for amounts above 100,000. Of the estimated 5.8 billion euros which the measures would yield, nearly two or three billion would have come from Russians living on the island, analysts said. After parliament rejected it, the government was expected to try to renegotiate the terms of the deal with the EU and IMF, although with no clear options on how to make up the 5.8 billion euro shortfall. In Limassol, a city of four-star hotels, luxury cars, fur retailers and trendy restaurants, the Russian community has its own radio station, newspapers and schools. “All the Russians are hanging on a conclusion to this crisis. We give them information hour by hour, trying not to make them afraid. Aside from that, we prefer to keep quiet,” says Ilias Antoniades, a Cypriot who manages the Russian Wave radio station. German Finance Minister Wolfgang Schaeuble, who regretted the Cyprus parliament vote, on Tuesday said that “whoever (invested) his money in countries where they (paid) lower taxes” ought to assume responsibility, a message to the Russian fortunes in Cyprus. Several analysts said the levy meant to ensure that Brussels did not spend billions propping up possibly ill-gotten gains of Russia’s super-rich that may be kept in Cypriot accounts. “People put clean money in the banks. The mafia put theirs in safe boxes but they aren’t touched. It’s the more honest ones who are punished,” said an angry Larissa, who owns Rus Market minimart. “Me, I pay my taxes, I do my accounts. I don’t have any dirty money,” the Russian woman in her 40s said. “All my customers are telling me that Cyprus, for them, is finished.” One Limassol banker estimated that 30 percent of foreign clients are going to leave. “Some want to keep their head offices here but they will send part of their funds elsewhere, to dilute the risk,” said the banker who declined to be named. Antonis, who manages a restaurant frequented almost exclusively by Russians, said targeting Russian money is unjust. “I don’t know if all the Russian money here is clean. But it’s no better in Germany or in England. Over there the oligarchs buy football clubs,” he said. A fur merchant simply fumed: “It’s the end of my business.”

Read More at http://www.naijacenter.com/russians-threaten-to-leave-cyprus-over-imf-deposits-tax/, Copyright © Naija Center News

Russians threaten to leave Cyprus over IMF deposits tax Added by Ehi on March 20, 2013. Saved under World News Tags: Cyprus, Deposit tax, Imf, Limassol, russians, World 464 inShare 1 digg Email Share on Tumblr Share Protests in Cyprus over bailout tax Protests in Cyprus over bailout tax LIMASSOL, Cyprus(AFP) – Angry Russian residents of Cyprus are talking of giving up on the Mediterranean island over a eurozone bailout deal which they say unfairly targets their money. “We are asking ourselves if we should stay here,” says Anastasia, a young Russian who grew up in the southern coastal city of Limassol, nicknamed “Limassolgrad” for the tens of thousands of Russians who live there. “We trusted this country and its banks, then all of a sudden they take our money,” she says. The Cypriot parliament voted on Tuesday to reject a debt bailout deal which included an unprecedented one-time levy on bank savings of up to 9.9 percent, to raise 5.8 billion euros ($7.47 billion) in return for a 10 billion euro rescue package. Figures vary but the Moody’s rating firm estimates that Russian companies and banks keep up to $31 billion on the Mediterranean island, which accounts for between a third and half of all Cypriot deposits. “Cyprus was a paradise until it joined the eurozone,” said Yana, who works for a real estate agent on the Limassol seafront. “But in recent months the Cypriots have started to point fingers at us. We feel more and more like foreigners here,” she says. “Some think they are in this situation because of the Russian money, and others are jealous.” Yana’s colleague and fellow Russian, Tatiana, said that as soon as the banks reopen “the Russians are going to transfer their money”. “We’re not going to give the island a second chance.” As a condition for the desperately-needed Cyprus bailout, fellow eurozone countries and international creditors on Saturday agreed a levy on all deposits in the island’s banks. Under a revised plan, drafted on Tuesday in response to an angry backlash at home, the bank levy was dropped on savings below 20,000 euros but retained at 6.75 percent on deposits of 20,000-100,000 euros and at 9.9 percent for amounts above 100,000. Of the estimated 5.8 billion euros which the measures would yield, nearly two or three billion would have come from Russians living on the island, analysts said. After parliament rejected it, the government was expected to try to renegotiate the terms of the deal with the EU and IMF, although with no clear options on how to make up the 5.8 billion euro shortfall. In Limassol, a city of four-star hotels, luxury cars, fur retailers and trendy restaurants, the Russian community has its own radio station, newspapers and schools. “All the Russians are hanging on a conclusion to this crisis. We give them information hour by hour, trying not to make them afraid. Aside from that, we prefer to keep quiet,” says Ilias Antoniades, a Cypriot who manages the Russian Wave radio station. German Finance Minister Wolfgang Schaeuble, who regretted the Cyprus parliament vote, on Tuesday said that “whoever (invested) his money in countries where they (paid) lower taxes” ought to assume responsibility, a message to the Russian fortunes in Cyprus. Several analysts said the levy meant to ensure that Brussels did not spend billions propping up possibly ill-gotten gains of Russia’s super-rich that may be kept in Cypriot accounts. “People put clean money in the banks. The mafia put theirs in safe boxes but they aren’t touched. It’s the more honest ones who are punished,” said an angry Larissa, who owns Rus Market minimart. “Me, I pay my taxes, I do my accounts. I don’t have any dirty money,” the Russian woman in her 40s said. “All my customers are telling me that Cyprus, for them, is finished.” One Limassol banker estimated that 30 percent of foreign clients are going to leave. “Some want to keep their head offices here but they will send part of their funds elsewhere, to dilute the risk,” said the banker who declined to be named. Antonis, who manages a restaurant frequented almost exclusively by Russians, said targeting Russian money is unjust. “I don’t know if all the Russian money here is clean. But it’s no better in Germany or in England. Over there the oligarchs buy football clubs,” he said. A fur merchant simply fumed: “It’s the end of my business.”

Read More at http://www.naijacenter.com/russians-threaten-to-leave-cyprus-over-imf-deposits-tax/, Copyright © Naija Center News