THE TAXAIDER NEWSLETTER VOL 3, ISSUE 9 (SEPTEMBER 2021)

First Thoughts: 4th Quarter Musings

So, it’s that time again when we finally usher in the final lap of the year. Welcome to the last quarter of the year. Well, technically this would not begin until tomorrow, but it wouldn’t hurt to start enjoying the feeling already. Tomorrow, 1st October marks our dear nation’s 61st Independence Day celebration and ushers us into the fourth and last quarter of the year.

For most corporate entities, this is the period to start planning for 2022 as they tidy up the books and review how 2021 has been. This is period most people begin to make key decisions for the coming year. The big question is, why would you want to wait until the wee hours of the year or the last days of the year to start planning when you can make the best of the time.

It might look like there’s still a long time left; precisely 92 days or about 13 weeks left but the same way the whole of the year has run by swiftly, the remainder of the year would also go so fast, and the best decision would be not to get caught up in the rush of the wee hours but find ourselves ready enough with some time to spare.  

I wish you a Happy New Month and I say Happy Independence Day, Nigeria. 

In this Issue, we discuss:

  1. VAT Politics and the Search for Focus
  2. VAT Politics and the Search for Focus (Part 2)
  3. August 2021 Vat Compliance: What to Know and Do
  4. Tax Compliance (Contd.)
  • The Nigeria-South Africa Chamber of Commerce (NSACC) has called for visa-free entry into all African nations to ensure the success of the Africa Continental Free Trade Area (AfCFTA) agreement. Osayande Giwa-Osagie, NSACC president, said this on Thursday in Lagos during the chamber’s September breakfast forum themed, ‘Perspectives on the Africa Continental Free Trade Area in Relation to Nigeria’. Read more HERE.
  • The Debt Management Office (DMO) says the federal government raised $4 billion through eurobonds. The amount, the agency said it was raised after an intensive two days of virtual meeting with investors across the globe.The federal government had listed its $3 billion eurobond in three tranches for investors, offering up to 8.6 percent for a 30-year tenor. It also appointed JP Morgan, Chapel Hill Denham and six others as transaction advisers for the issuance. Read more HERE.
  • Ms. Patience Oniha, Director-General of the Debt Management Office, DMO, revealed yesterday that the country’s public debt stock stood at N35.465 trillion as of June 30. Oniha, in a virtual media chat yesterday, said the country risked the debt sustainability issue if it failed to grow the current low revenue profile, which places the country in the poorest category among its peers. Read more HERE.
  • The Central Bank of Nigeria (CBN) in an effort to boost Micro, Small and Medium Enterprises (MSMEs) access to credit, has developed guidelines for regulation and supervision of credit guarantee companies in Nigeria.This is according to a circular titled “EXPOSURE DRAFT of GUIDELINES FOR REGULATION AND SUPERVISION OF CREDIT GUARANTEE COMPANIES IN NIGERIA,” signed by I.S. Tukur, Director, Financial Policy and Regulation Department. 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)