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’.

I saw a meme sometime last week where a man was asked what his advice to the coming generation was. His response was short but hilarious: ‘Don’t come!’ As funny as this sounds, we can take a lot from this especially when we choose to narrow down on Nigeria and the African continent in general and the realities of the African child in today’s world. How safe are the children? What are their chances of survival? What hopes for the future do they have? The United Nations International Children’s Education Fund (UNICEF) remains the highest global authority on the furtherance of the welfare of children all over the world and its recommendations have been the yardstick on which the state of child welfare is measured.

The sad reality is that the story of the average African child leaves so much to be desired especially when compared with their counterparts in other continents of the world. This disparity continues to be a cause for concern and the resulting desire for people to ‘escape’ to Europe, America and other continents especially on the grounds of securing a better future for their children is no longer a surprise. More than ever, we need to rise to the challenge to secure a better future for our children and create the Africa of our dreams where our children can grow to be responsible men and women who would comfortably rub shoulders with their counterparts in other parts of the world and challenge for the highest recognition and honours. Happy Children’s Day!

In this Issue:

  • We gave an insight into the 2021 Q1 GDP report
  • We also discuss the following topics:
    • Taxation Of Non-Resident Companies In Nigeria (Part 1)
    • Tax Audit Triggers: What You Should Know’.
    • Tax Audit Management: Understanding Its Significance
  • The corporation and its Production Sharing Contract (PSC) partners namely Shell Nigeria Exploration and Production Company (SNEPCo), Total Exploration and Production Nigeria Limited (TEPNG), Esso Exploration. and Production Nigeria Limited (EEPNL), and Nigerian Agip Exploration (NAE) have executed agreements to renew Oil Mining Lease (OML) 118 for another 20 years. Read more HERE.
  • Director General of National Information Development Agency, NITDA, Inuwa Abdullahi, has said there’s need to position Nigerian economy for the fourth industrial revolution. Speaking at an interactive session with the media on 19th of May,2021 in Lagos, he said Nigeria has the two key enablers which include talents and youthful population. Read more HERE.
  • According to the data published by the National Bureau of Statistics (NBS), the total value of Company Income Tax (CIT) collected in Q1 2021 was N392.8 billion, a growth of 32.8% when compared with N295.7 billion collected in Q4 2020. Yearly, CIT revenue also improved by 32.8% when compared with N295.7 billion generated in Q1 2020. Read more HERE.
  • The National Bureau of Statistics (NBS) says the country’s revenue from value-added tax (VAT) increased by N171.81 billion in one year.According to the recently released sectoral value-added tax (Q1 2021) report, N496.39 billion was generated in the first quarter of 2021 (Q1 2021), as against N324.58 billion in Q1 2020, representing a 52.93 percent increase year-on-year. Read more HERE.

Please stay tuned to our TaxThursday bulletins, our website and of course our mobile application, TBook. Please 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)

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