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.

Looking at this from a global perspective, we have had real cases of nations that have seen their economic fortunes dwindle and vanish due to massive onslaughts of terror and insecurity over the years. Nations like Liberia, Sudan, Libya, Rwanda, Sierra Leone, Afghanistan and Iraq among others have experienced their share of terror and these unfortunate events have left scars, some of which they are still yet to fully heal from. The impact of the Nigerian Civil War almost over 50 years ago still resonates in conversations even today.

The events of recent weeks have caused the Nigerian nation to be shaken to its very foundation with unprecedented levels of violence being recorded in the South West, South East, South South, North West, North East and North Central parts of the nation simultaneously. The news headlines on Monday, 26th April 2021 recorded all sorts of security threats ranging from arson, gruesome killings, kidnappings, armed robberies and violence in various forms. Circulars from the CBN, Ministry of Interior and other agencies have been flying all over signaling potential threats all over the nation.  A curfew has also been imposed in Rivers State. Numerous attacks of innocent citizens and commuters on their way to and from work have also become the norm, especially in Lagos and inter-state travel by road is now a dreaded venture.

It is safe to say insecurity in Nigeria has taken scary dimensions recently and we simply cannot function as a nation this way. I appeal to the leadership of the nation – the Presidency, the National Assembly and the security forces – to rise to the occasion and summon the willpower to bring the nation back from this brink of destruction we have found ourselves. While we hope sanity gets restored soon, it is also important that we as citizens take adequate precautions to ensure we and our families stay as safe and secure as possible. Organizations should also endeavor to take relevant measures to ensure their staff and office premises are safe. In the final analysis, it is only those who are alive and well that can work to earn a living.

In this Issue:

  • We reproduce one of our pieces from our archives: ‘Common Reporting Standard: What You need to know’.
  • We also take a look at another titled: ‘Free Trade Zones: Taking Advantage of the Incentives’.
  • We also discuss the taxation and the corporate tax incentives in: ‘Taxation: A Vital tool in Economic Growth’ and ‘Corporate Tax Incentives: What You need to know’.
  • The Nigeria Customs Service recorded the highest revenue in March with N169.4 billion, followed by the January with N157.6 billion while the sum of N138.9 billion was generated in February. Read more HERE.
  • Nigerian utilities get paid for only a half of electricity they receive. However, businesses in Nigeria lose about $29bn annually because of unreliable electricity. Read more HERE.
  • The Nigeria Ports Authority (NPA) has announced the suspension of the Electronic Call-up for Trucks (ETO) for cargoes bound for AP Moller Terminal (APMT) in Apapa. This follows the disruption of operations at the terminal which is a fallout of the dispute between members of the Maritime Workers Union and the management of AP Moller Terminals. Read more HERE.
  • The Central Bank of Nigeria (CBN) has further moved against bad debtors as it said it will extend its Credit Risk Management System (CRMS) to the other financial institutions (OFIs) in the country. This follows the successful implementation of the CRMS to the other financial institution (OFIs) in the country. Read More HERE.

Please stay tuned to our TaxThursday bulletins, our website and of course our mobile application, TBook. Also, don’t forget to follow us on Social Media. You can find us on Twitter, Facebook, Instagram and Linkedln. 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.

Till Next Time

GB (g.sile@taxaide.com.ng)