THE TAXAIDER NEWSLETTER VOL 3, ISSUE 5 (MAY 2021)

First Thoughts

Thoughts for the Coming Generation

So today is Children’s Day. This is a special day celebrated all over the world to recognize children and their existence. The joy of every home is the presence of these special creatures and every moment where a child is born is always one to be celebrated. In fact, about 80% of marriages all over the world are contracted with plans for procreation, which remains a major reason among others for marriages today. The Bible also expressly states in Psalm 127 verse 3 that ‘Children are the heritage of the Lord and the fruit of the womb is his reward’. It goes further to say in the next verse that ‘as arrows are in a man’s quiver so are the children born in a man’s youth’. Don’t fret, people. I am not about to take you into a church service. However, we cannot over emphasize the importance of children who are indeed the hope for the continuity of mankind and as we like to say around here, they are the ‘leaders of tomorrow’ or ‘the coming generation’.

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Taxation of Non-Resident Companies in Nigeria (Part 1)

Taxation of Non-Resident Companies in Nigeria (Part 1)

It is no news that the Non-Resident Companies (NRCs) have been on the FIRS’ watchlist to drive revenue generation in Nigeria. Prior to the creation of the Non-Resident Persons Tax Office (NRPTO) as a separate department, the tax laws have had specific provisions for income generated by NRCs in Nigeria and as such, tax compliance by NRCs in Nigeria has been ever present. However, following the amendments by the Finance Act 2019 and creation of the NRPTO department at the FIRS, there has been an increase in tax compliance for NRCs receiving income from Nigeria which includes NRCs with significant economic presence (SEP) in Nigeria, providing management, professional and technical services in Nigeria etc.

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Tax Audit Triggers: What You Should Know

“Remember that even if you haven’t been audited in the past, it doesn’t mean you won’t be in the future. And it only takes one audit to ruin your day”. Kathy Burlison
 

This Thursday came with a special occasion. Eid Al Fitr! Happy Eid Al Fitr to everyone. Remember not to fill your belly with more than you can digest. Well, you would be able to digest your food, but there is no point in dealing with constipation first. Anyway, enjoy and have a fun filled day. Welcome to Tax Thursday.

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Tax Audit Management: Understanding Its Significance

Management is above all, a practice where art, science, and craft meet” – Henry Mintzberg.

There is something special about Thursdays. Thursday is the best day to start a new habit. You are less inclined to be caught up with contending needs, as on Monday and you can pursue that routine on the next Friday and consistently, increasing the odds that the change will stick. Happy new month and welcome to Tax Thursday.

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