THE TAXAIDER NEWSLETTER VOL 3, ISSUE 4 (APRIL 2021)

First Thoughts

The Twin Goals of Safety and Security.

In the words of Jodi Rell, ‘at the end of the day, the goals are simple; safety and security’. This is as true as it comes! Safety is defined as ‘the condition of being protected from or unlikely to cause danger’ while Security is defined as ‘the state of being free from danger or threat’. Both terms are synonymous and emphasize the existence of an apparatus that ensures one has no need to worry about danger or threat. The absence of safety and security in any society renders such a society a lifeless one and effectively takes away its ability to reach its full potentials.

Read More

Corporate Tax Incentives: What You Need to Know

An incentive is a bullet, a key: an often-tiny object with an astonishing power to change a situation” – Steven Levitt.

Do you know when our brains are low on glucose, we are more likely to feel angry and hungry at the same time? Well, that was what I saw on the internet today and I believe it to be true because I confirmed that statement from a number of authoritative sources. Interestingly, the simplest way to restore glucose to your brain is to eat! I hope I will not turn to a foodie in the name of restoring glucose to my brain, and if I do, well, it is what it is! Welcome to Tax Thursday.

Read More

Free Trade Zones: Taking Advantage of the Incentives

I trust this week has been good on your side. Are you preparing for the weekend already or are you still struggling to get all your tasks in check? Maybe you have not even done much, because you think you have the whole time to yourself. Here is a quick reminder, time waits for nobody, so do what you got to do!  For me, the week as been good, with exception of the incessant traffic I have had to deal with to and from work. I also noticed recently that I have lost some weight! Well, I have been looking for a way to avoid the back and forth running on the tread mill and I guess I have one now. Welcome to Tax Thursday!

Read More

Taxation: A Vital Tool in Economic Growth

Sustainable development is the pathway to the future we all want” Ban Ki-moon  

Having the right perspective for something is not only important but also necessary for carrying out the right actions. Taxation plays a crucial role in the development of any economy. Tax is a major source of government revenue and tax proceeds are used by the government to render their traditional functions such as: provision of good roads, maintenance of law and order, defence against external aggression, regulation of trade and business to ensure social and economic development, etc.  All these and more can only be achieved if you and I play our part in contributing to the funds (taxes) that will make this development a reality. The development of any economy cannot be achieved if there is a high level of non-compliance to the payment of taxes.

Read More

Automating Your Tax Processes

Happy new month all.

I can see this month is going to be a great one with the way it kicked off with some good news. The Lagos State Internal Revenue Service (LIRS) has extended the deadline for the filing of Annual Tax Returns by another two weeks from March 31, 2021 to April 14, 2021. There is still enough time to reach Rome!

So many users all over the world still use desktop spreadsheets in managing their tax and statistical filing processes. However, tax departments do not just spend a lot of time building the tax processes; they also spend a lot of time maintaining the tax codes.

This is labour-intensive work, and there remains a risk of failure to spot possible errors thereby leaving the tax process with rigorous control and administrative challenges. There are several challenges that comes with the manual process and they include:

  • Lack of workflow controls: Working papers built on desktop technology exist without security and functionalities that support data management, workflow management and archiving. The tax department either operates without these important workflow controls, or the company spends time and resources trying to piece together a unique solution.
  • Inconsistency in Work Operations: In a large enterprise with global operations, manual working papers may differ across entities and countries, leading to inconsistencies or extra work to keep everyone operating in sync.
  • Data Policing: Additional manual processes may require their own intensive data-checking processes.

Taxaide Professional Services and its technology flagship, Taxaide Technologies (Taxtech) offer products that help automate tax processes in a way that relieves pressure on company’s resources. It offers additional advantages by keeping pace with changing tax systems and installing needed controls.

Two of Taxaide’s tax automating products include:

PITApp: This is a web-based and mobile application service designed to simplify the Personal Income Tax (PIT) returns filing and remittance process for Nigerian taxpayers.

CITApp: This is a system that demystifies the complexities around Company Income Tax (CIT) computations and makes the process of computation, preview, modification, and report generation a breeze as far as company taxes and other related levies are concerned. CITApp tackles the problem of repeated computation by applying cutting-edge algorithms to the determination of required parameters for subsequent year computations.

For more info, contact 0700TAXAIDE

Email: pitdesk@taxaide.com.ngbusiness@taxaide.com.ng