THE TAXAIDER NEWSLETTER VOL 3, ISSUE 7 (JULY 2021)

First Thoughts: Between Self Determination and Freedom of Choice

As much as I do not particularly like to get political or join issues with the current realities on the nation’s administrative and political landscape, I have to admit I have been quite fascinated by the occurrences of the last few weeks. Two public figures have been at the center of the storm and interestingly, they come from two major parts of the country.

The stories of Mazi Nnamdi Kanu and Chief Sunday Igboho makes for an interesting read. I have tried to understand the basis for the agitation from both ends with this struggle for self-determination of the Biafran nation and the Yoruba nation respectively and as much as I find myself unconsciously sympathizing with these men’s causes, I also look at the big picture and wonder the effect on the collective good of the millions of people who are affected by the choices these men have made.

Is there anything as absolute freedom of choice? Would it actually be okay to push this narrative when we find our choices changing the course of other people’s lives because of the influence we wield? I would leave it at that.

In another development, I followed the local government elections in Lagos last weekend and while the ruling party carried the day in a landslide victory, it was easy to see that just about 7% of the collective eligible voters across the various local government areas (LGAs) and local council development areas (LCDAs) in the state actually came out to vote. Now, how is that a fair way of assessing people’s choices when just a tiny percentage of people get to determine the realities of the majority?

Again, we would be wrong to consider it unfair especially when the rules are clear and open for all to follow. Rather than sit and complain, it is important to be make our voices heard by coming out and exercising our fundamental human rights. The more we get conscious of this and do the needful, the easier it becomes to see our freedom of choice take a life of its own and begin to define our realities.

In this Issue, we discuss:

  1. Tax Compliance: What You Need To Know
  2. Impact Of Taxpromax On Taxpayers With Respect To Tax Filings
  3. Key Principles Of A Quality Tax Audit
  4. Key Things To Know About State Internal Revenue Service (SIRS)Tax Audit

The National Bureau of Statistics (NBS) says the total value of capital importation into Nigeria declined to $875.62 million in the second quarter (Q2) of 2021. The National Bureau of Statistics made this known in its latest report titled, ‘Nigerian Capital importation (Q1 & Q2 2021),’ released on Tuesday. In 2020, Nigeria’s capital importation plunged by 59.65 percent at $9.68 billion – the lowest level in four years. Read more HERE

The International Monetary Fund retained its growth outlook for both Nigeria and the global economy for the year 2021, stating that the global economy is projected to grow 6.0 percent in 2021 and 4.9 percent in 2022, while Nigeria’s growth outlook has been maintained at 2.5% for the period. Read More HERE

The Central Bank of Nigeria (CBN) has said it will henceforth stop the licensing of new Bureau De Change (BDC) operators and further processing of BDC application for forex across the country. This might not be unconnected with the huge number of applications that the apex bank receives monthly and the reported illegal activities of some of the forex dealers. Read More HERE

The Federal Government has said that the total value of investments in Nigeria declined from $8.42 billion in the first quarter (Q1) of 2021 to $1.69 billion in the second quarter (Q2) of 2021, indicating a drop of about 80%. However, the total value of investments for H1 of 2021 is $5.05 billion higher compared with the same period for the previous year where the total value of investments is $5.06 billion. Read more HERE

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

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Till Next Time

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