THE TAXAIDER NEWSLETTER VOL 3, ISSUE 11 (November 2021)

First Thought: The Art of Minimalism

In a world that seems to be constantly increasing in complexity, it is comforting to imagine that happiness relies on simplicity. Minimalism is the art of knowing how much you need and then showing gratitude for just that.

Minimalism is centred around removing unnecessary elements from your life. The idea is to move every part of your life to its most efficient form and remove all but the core essentials. You wind up with less clutter, fewer expenses, less stress, and less worry for more money in your pocket and more time on your hands.

Being a minimalist does not mean you have no possessions; it means owning only the things you use and loving them deeply. Minimalism is not about counting how many things you have or even checking to make sure they aren’t excessive. It’s about being attentive to the things you use so they can provide more value to your life. And this starts with getting rid of the excess stuff so the right stuff can work harder for you.

Minimalism is not something you can accomplish overnight. It is achieved by practicing what I call slow living. Slow living means doing more with less so that everything one does has maximum, long-term value. By taking things slower, making better use of your time, and economizing on the things you don’t need to have in your life, you can do more that truly matters. Also, let your style be formed by integrity, not by limitation. Be yourself, not the person you think you should be. Prosper in rationality.

In this issue, we discuss:

  1. Vat (Modification) Order: What You Need To Know
  2. Tax Implication Of Free Trade Zone Transactions
  3. Guidelines On Simplified Compliance Regime For Value Added Tax (VAT) For Non-Resident Suppliers
  4. Tax Technology: What You Need To Know

Nigeria’s economy is expected to grow by 2.8% in 2022 on the back of stronger household spending and an increase in crude oil export value. This is according to projections in the Nigeria Country Risk report, by Fitch Solutions. The projections were made following expected growth of 2.1% in 2021 from the 1.9% contraction recorded in the previous year, which was affected by the covid-19 lockdown measures. Read more HERE

The International Renewable Energy Agency (IRENA) says that Nigeria’s renewable energy capacity was 2,153 megawatts (MW) in 2020. The figure is a 0.02 percent increase from 2,152 MW in 2019 — placing the country at the tenth position in Africa. This is according to its latest statistical report released recently. Read more HERE

The African Import and Export Bank (Afreximbank) says about $36 billion deals were sealed at the just concluded Intra-African Trade Fair (IATF).  Kanayo Awani, managing director of IATF at Afreximbank, said this at the closing ceremony of the fair. Read more HERE

The major listed companies operating in Nigeria reported a cumulative cash flow of N1.307 trillion in the first 9 months between January to September 2021. Based on the data sourced by Nairalytics , the N1.307 trillion in cash flows generated thus far through September 2021 is 3.5% higher compared to N1.262 trillion of free cash flow generated same period last 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 feedback as usual. Please continue to send them. Feel free to read more of our publications on our website. You can email us at intelandcomms@taxaide.com.ng or if you prefer, call us on 0700TAXAIDE.

Till Next Time

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

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