THE TAXAIDER NEWSLETTER VOL 2, ISSUE 7 (JULY 2020)

First Thoughts:
Use and Disuse

Jean Baptiste Lamarck’s law of use and disuse remains a vital point of discourse for me. In summary, the law emphasizes that certain traits or characteristics develop based on their use or disuse and can be transferred hereditarily to progenies. I would prefer not to dwell on the somewhat controversial nature of the law, its criticisms or comparison to Charles Darwin’s Theory of Evolution among other lines of thought. Rather, I would relate the salient points of this law to our reality today.

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A Series of Tax Relief Part 2

Welcome to the second part of this series.

Last week, we looked at some of the tax reliefs that have made available by the federal government to taxpayers to cushion the effects of the COVID-19 pandemic. However, various state governments have also made some tax reliefs available to taxpayers. Some of these tax reliefs available in various states include:

The Lagos State Internal Revenue Service (LIRS) has made the following tax reliefs and palliatives for taxpayers in the State:

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A Series on Tax Reliefs Part 1

A few months back, I heard the story of a young man who was in a rather unfortunate situation. I could only sympathize with his predicament. Before the COVID-19 pandemic disrupted economic and business activities in the country, this young man had a stable job but had undergone an interview with a prospective new employer in the hope of securing a better job. Based on his performance at the interview, he had been given assurances that he would get the job. However, he was yet to receive an employment letter. This young man went ahead to quit his job at the time and was waiting for the call from his “new employers”. Fast-forward to a few months later; this young man was told that the new company could not offer him the job as the COVID-19 pandemic had seriously affected their operations and ability to recruit new personnel.

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Stamp Duties to the Rescue

Kola, an entrepreneur in Lagos State woke up to see multiple bank alerts on his phone much to his greatest surprise. No, those were not credit alerts but debit alerts, the worst alerts you can receive especially for transactions you did not initiate. As we progress in this article you would understand what those debits alerts were and no, he was not scammed either.

I am sure you realize that we are in unprecedented times. More than ever before the Federal Government of Nigeria is intensifying efforts to ensure that all non-oil revenue sources are revived.

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VAT Public Notice on Non-Exempt Items

The Federal Inland Revenue Service (FIRS) issued a Public Notice on Wednesday, June 24, 2020. The Public Notice seeks to provide clarification to Paragraph 2 of the Value Added Tax (VAT Modification) Order 2020 (Modification Order) made by the Minister of Finance, Budget and National Planning (Minister) on February 3, 2020. We provide below, our synopsis and remarks on the Public Notice here. You can also find the Modification Order here.

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