THE TAXAIDER NEWSLETTER VOL 2, ISSUE 6 (June 2020)

First Thoughts: The Glass Half Full

In recent times I have seen and heard reactions from a lot of people I know concerning how the year has turned out in a way most didn’t quite envisage. Some have even wished they had magic wands they could wave and make the entire year disappear or perhaps, restart. I would confess that I was one of these people for a while. Many of us had very high hopes for 2020 just like we always do at the beginning of every New Year. 2020 was quite significant however; perhaps because of the way it sounds when you pronounce it. At least, 2020 sounds a whole lot better than 2019 (or any other year before now) on the lips, don’t you think?

In a few days, it would be six full months into the year or better still, we would have completed half of the year. Now, the ‘half empty or half full’ narrative comes to mind. What do you see? A wasted six months that makes you wonder if the year has been worth it at all or a chance to make the next six months the best you could ever have? That is a question you would have to answer. In spite of the challenges in recent months, I have also met people who have said 2020 so far has been their best year ever. Obviously, those people have been seeing something many others are not seeing, either in the literal sense or by sheer optimism. I guess it wouldn’t hurt to join this group. Let’s see the glass as half full and not half empty!

So, we have some deadlines approaching. June 30 marks the deadline for a couple of tax obligation and regulatory filings including the Personal Income Tax filing (for Lagos State and some others) and the Statutory Data Protection Audit Filing with the National Information Technology Development Agency (NITDA) among others. I trust we would do the needful and avoid the penalties that come with defaulting. It would be pretty nice to begin the second half of the year without unnecessary compliance issues hanging over you.

In this Issue:

  • We discuss how to Stay Ahead of The Personal Income Tax (PIT) Filing Deadline. The deadline is practically here now!
  • Earlier in the month, precisely on June 11th, Taxaide celebrated its 6th year anniversary. We reproduce Taxaide CEO, Bidemi Olumide’s ‘2020 Annual Letter to Stakeholders’. It is definitely worth reading.
  • We review the tax incentives on Customs and Excise Tariff and Custom and Excise Management Act in Nigeria including the relevant incentives in the Finance Act, 2019. Don’t miss this. Read HERE.
  • The latest World Economic Outlook Report (June 2020) by the International Monetary Fund (IMF) has revealed that the Global Economy is set to shrink by -4.9%. This 1.9% points below the April 2020 World Economic Outlook (WEO) forecast (-3.0%). Read more here and here.
  • The Enugu State Government has granted tax reliefs & incentives to Its residents to cushion the effect of COVID-19 pandemic. Read more here.
  • The Federal Inland Revenue Service (FIRS) in its Public Notice dated June 24, 2020 has listed items that are not exempted from Value Added Tax (VAT). Read here
  • Please remember that the deadline for Lagos State Residents who are either individual taxpayers or self-employed to file their Personal Income Tax (PIT) returns is less than 1 week! (Tuesday, June 30, 2020). Taxaide’s Professional Personnel are more than able to assist you with the PIT Filing Returns process. You can read more about the process in ‘How to Stay Ahead of The Personal Income Tax (PIT) Filing Deadline’

Stay tuned to our TaxThursday bulletins, our website and of course our mobile application, TBook.

Please don’t forget to follow us on Social Media. You can find us on Twitter, Facebook, Instagram and LinkedIn. We appreciate your feedbacks as usual. Please continue to send them. Feel free to read more of our publications on our website. You can email us on intelandcomms@taxaide.com.ng or if you prefer, call us on 0700TAXAIDE.

Till Next Time

GB (g.sile@taxaide.com.ng)