THE TAXAIDER NEWSLETTER VOL 3, ISSUE 10 (October 2021)

First Thoughts: Staying On Top Of Your Game

“How do I stay on top of my game”? This is a question I often get about self-development. The answer is simple, but not easy. However, it’s key to being the best version of yourself, thus maximizing your potential.

If you want to hit the top of your field, it’s important to understand what that really means. To stay on top isn’t just about winning, it’s about winning consistently. That means if this whole winning thing works out, you want to be able to keep doing it. I’m not saying that it’s impossible for someone to maintain their prowess forever with no help, but it gets harder with age, and the younger you are the better chance you have of staying on top.

To remain on top, an effort should be maintained to stay at the forefront of science. This means continually researching new approaches and technologies, as well as keeping up with advancements in other fields that impact your own lines of research. In addition, it’s important to inspire a solid rapport with colleagues both within and outside of your field. Just as no single person can have all the skills needed for a project to be a success, no single person can foresee every possible objection or difficulty that will arise. Thus, a team atmosphere is vital for a first-class effort. Having a good reputation is key to being able to attract capable people to work with you. Finally, there is no substitute for hard work. Achieving greatness requires discipline and persistence.

In this issue, we discuss:

  1. Tax Incentives For Business In Export Processing Zones (EPZ) And Free Trade Zones (FTZ)
  2. Tax Implications Of Mergers And Acquisitions
  3. Transfer Pricing (TP): What You Need To Know
  4. Tax Reform In A Digital World: Strengthening The Nigerian Tax System

The International Monetary Fund (IMF) says economic recovery in sub-Saharan Africa will be the slowest in the world. In its October Regional Economic Outlook for sub-Saharan Africa report released, the Bretton Woods institution projected the region’s economy to grow by 3.7 percent and 3.8 percent for 2021 and 2022, respectively. Speaking on the report, Abebe Selassie, director of the IMF’s African department, blamed slow COVID vaccine rollout and stark differences in policy space for the slow recovery. Read more HERE

Nyesom Wike, governor of Rivers, says the state is not in a fight with the federal government over the collection of value-added tax (VAT). Wike said this in Abuja at a public lecture to mark the 60th birthday of Ahmed Raji, a senior advocate of Nigeria (SAN). The Federal Inland Revenue Service (FIRS) and some state governments are currently embroiled in a legal tussle over VAT collection. Rivers and Lagos state governments had enacted laws and called for decentralisation of collection, while some states want centralised collection. Read more HERE

The Central Bank of Nigeria (CBN) has launched a new policy to financially support 100 targeted private sector companies in 100 days. Godwin Emefiele, CBN governor, said this in Abuja during the launching of the eNaira project. The financial instrument titled “The 100 for 100 PPP – Policy on Production and Productivity,” Emefiele said the CBN would advertise, screen, scrutinise and financially support 100 targeted private sector companies in 100 days, beginning from 01 November 2021. Read more HERE

The Bureau of Public Enterprises (BPE) recently revealed that a total of 234 public enterprises have so far been successfully transformed through the privatisation, commercialisation and concession of assets. This was disclosed by Mr Alex Okoh, Director-General, Bureau of Public Enterprises (BPE), after his public hearing organised by the House of Representatives Committee on Privatisation and Commercialisation of Government Assets. Read more HERE

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Till Next Time

EK (e.abdulrahman@taxaide.com.ng)