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?

Let’s go back to the title of this editorial. So, would it actually be correct to say ‘love don’t (doesn’t) cost a thing? Jennifer Lopez might have said this with all confidence in her 2001 hit track but let’s come home and think about this together. Is love really priceless? Can you place a cost on the love you give? Can you love without boundaries, no conditions attached, regardless of anything? Let’s take this a notch higher. How much do you love your country, your community, your environment, your alma mater, your family? How far would you go for these entities? When you have an answer to these, then you would know the true extent of your love.

At every point or location you find yourself – village, town, city, state, nation etc., a task is placed in your hands by default and that task is to take care of that place and ensure its survival. That place is home to you and if that place refuses to thrive, sooner or later you would be out in the cold. Home is where you are, and you need to keep that home alive. That is the picture we have about taxation at Taxaide. We refuse to see taxation just as an obligation of citizens but rather as the opportunity for citizens to be part of the success story of that place. It is simply our own contribution to the emergence of the nation of our dreams and this should be a selfless act not borne out of expectations (of course it is OK to have expectations but that should not be what drives you to do what is needful). That is what love is about. Indeed, true love don’t cost a thing!

The Personal Income Tax Filing Season is still upon us. Self-Employed Individuals, Business Owners, Directors and others who receive, earn or derive income in form of gain or profit either from trade, business, profession or vocation within or outside Nigeria are mandated by the Personal Income Tax Act (PITA) to file their annual Income Tax Returns for income earned in 2020 with the relevant State’s Internal Revenue Service within the first 90 days of the following year. In this case, the deadline stands at 31st March 2021. This is one way to show that love! Make your own contribution to the story of your society today. Talk to us at Taxaide and we would guide you through this process.

In this Issue:

  • We are still very much in the Personal Income Tax Filing season and we discuss key details in ‘Direct Assessment: What you should Know’. This is a must-read!
  • The Minister of Finance, Budget and National Planning, Zainab Ahmed, stated that the Finance Bill 2020, was designed to reduce import duties on some commodities, including vehicles. Read more Here
  • Nigeria plans to hire an asset manager for its new Infrastructure Corporation of Nigeria Ltd, designed to raise as much as 15 trillion naira ($36.7 billion) for projects and to accelerate growth in Africa’s biggest economy. Read more Here
  • The Minister of Communications and Digital Economy, Dr Isa Pantami, stated that the Information and Communications Technology sector recorded the highest growth rate among all the sectors of the Nigerian economy in both the fourth quarter of 2020 and the entire year 2020. Read more Here.
  • Experts across the nation’s economic sectors have stated that Nigeria might be playing with serious food crisis, if it fails to address, very quickly, the rising food inflation being witnessed in the country. Read more Here.
  • The Organization of the Petroleum Exporting Countries Plus (OPEC+) will consider loosening the grip on crude oil price as it skyrockets to its highest in a year after crashing to the oil price war and COVID-19 last 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.