THE TAXAIDER NEWSLETTER VOL 3, ISSUE 2 (FEBRUARY 2021)

First Thoughts:

Love don’t cost a thing!

OK I know you’re wondering what’s going on. Has your favourite The TaxaideR Newsletter somehow metamorphosed from its primary assignment which is educating and enlightening you on matters relating to tax management and recreating a nation whose citizens are proud to be builders of the nation together, pitching in their own contributions to creating a better society? What’s with new RnB and romantic vibe? Well, the month of love is not quite over yet so why not bask in the euphoria for another 72 hours or thereabout?

Read More

SNAPSHOTS OF NIGERIA’S Q4 2020 GDP REPORT

I heaved a sigh of relief while I read the latest Gross Domestic (GDP) Report published by Nigeria’s National Bureau of Statistics. Nigeria is finally out of a recession. Nigeria’s GDP grew by 0.11% (year-on-year) in real terms in Q4 2020, representing the first positive quarterly growth in the last three quarters.

Although Nigeria has marginally escaped a recession, it is at least some positive news amidst the series of negative news the COVID-19 Pandemic has caused the global economy.

Read More

DIRECTORS UNDER PAYE SCHEME: CRACKING THE PUZZLE

There has been a long running argument on the filing of Directors under the self assessment scheme. Directors are captured under the PAYE (Pay As You Earn) scheme as part of the organization in which they function. Therefore, when a company files its Employers’ Annual Personal Income Tax (Pay As You Earn – PAYE) Returns, the directors are included. However, Directors are considered as High Networth Individuals (HNI) and can still be assessed if they earn income from other sources other than the employment income.

Read More