THE TAXAIDER NEWSLETTER VOL 3, ISSUE 1 (JANUARY 2021)

First Thoughts

Happy New Year to you, my dear friends. It sure feels great to return with your favourite newsletter, The TaxaideR for the third year running and the first issue in 2021. With the events of 2020, I would bet most of you would simply want to wish away the year like it never happened but hey, it happened and here we are still picking up the pieces of what the year left for us and looking up with optimism for this year. Some of last year’s realities have not exactly disappeared; at least the Covid-19 pandemic is still very much around with us, with the second wave proving to be more viral and deadly.

According to the World Health Organisation, the total number of discovered infections worldwide is set to hit 100 million this week. This is a most alarming reality to say the least. USA, Brazil and a number of countries in Europe continue to lead the charts as far as the number of Covid-19 infections and deaths go. The release of vaccines worldwide has also provided a glimmer of hope and it is expected that the speed of distribution improves, and the impact of the pandemic is drastically reduced. In some strange way, January 2021 has sped by so fast and while things have not exactly metamorphosed into perfection, it is safe to remain optimistic that things would get better as the year unfolds.

Let’s talk compliance issues for a bit. The deadline for the annual PAYE Returns Filing is tomorrow, Friday, 29th January 2021 and the Personal Income Tax (PIT) Returns Filing deadline remains 31st March 2021. You might want to pay close attention to these deadlines as a business owner or stakeholder especially if you do not want to begin the new year on the wrong side of the law as far as compliance is concerned. You would find more details on this as you read on.

In this Issue:

  • We take a brief review on PAYE FILING IN NIGERIA: KEY REQUIREMENTS AND VARIATIONS ACROSS STATES.
  • We discuss the 2021 PAYE Filing Returns process in ‘TAX REMITTANCE AND FILING: WHEN IS COMPLIANCE ACTUALLY COMPLETE’
  • We examine the recently signed 2020 Finance Act in: ‘THE 2020 FINANCE ACT – 30 KEY TAX CHANGES TO NOTE’
  • The Central Bank of Nigeria says Nigeria’s Foreign Exchange Reserves rose from $34.94 billion in November 2020 to $36.23 billion as at January 21.  Read more Here
  • The Central Bank of Nigeria (CBN) says it has disbursed a total of N2 trillion through its various intervention programmes, as at January 2021. Read more Here.
  • The Federal Inland Revenue Service (FIRS) collected Value Added Tax (VAT) worth N454.69 billion in the fourth quarter (Q4) of 2020. This is a 7.06% increase over the N424.71 billion collected in the preceding quarter of the same year. Read more here

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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.