2021 - Page 2 of 4

Tax Audit Triggers: What You Should Know

“Remember that even if you haven’t been audited in the past, it doesn’t mean you won’t be in the future. And it only takes one audit to ruin your day”. Kathy Burlison

This Thursday came with a special occasion. Eid Al Fitr! Happy Eid Al Fitr to everyone. Remember not to fill your belly with more than you can digest. Well, you would be able to digest your food, but there is no point in dealing with constipation first. Anyway, enjoy and have a fun filled day. Welcome to Tax Thursday.

Management is above all, a practice where art, science, and craft meet” – Henry Mintzberg.

There is something special about Thursdays. Thursday is the best day to start a new habit. You are less inclined to be caught up with contending needs, as on Monday and you can pursue that routine on the next Friday and consistently, increasing the odds that the change will stick. Happy new month and welcome to Tax Thursday.

First Thoughts

The Twin Goals of Safety and Security.

In the words of Jodi Rell, ‘at the end of the day, the goals are simple; safety and security’. This is as true as it comes! Safety is defined as ‘the condition of being protected from or unlikely to cause danger’ while Security is defined as ‘the state of being free from danger or threat’. Both terms are synonymous and emphasize the existence of an apparatus that ensures one has no need to worry about danger or threat. The absence of safety and security in any society renders such a society a lifeless one and effectively takes away its ability to reach its full potentials.

Corporate Tax Incentives: What You Need to Know

“An incentive is a bullet, a key: an often-tiny object with an astonishing power to change a situation” – Steven Levitt.

Do you know when our brains are low on glucose, we are more likely to feel angry and hungry at the same time? Well, that was what I saw on the internet today and I believe it to be true because I confirmed that statement from a number of authoritative sources. Interestingly, the simplest way to restore glucose to your brain is to eat! I hope I will not turn to a foodie in the name of restoring glucose to my brain, and if I do, well, it is what it is! Welcome to Tax Thursday.

Free Trade Zones: Taking Advantage of the Incentives

I trust this week has been good on your side. Are you preparing for the weekend already or are you still struggling to get all your tasks in check? Maybe you have not even done much, because you think you have the whole time to yourself. Here is a quick reminder, time waits for nobody, so do what you got to do! For me, the week as been good, with exception of the incessant traffic I have had to deal with to and from work. I also noticed recently that I have lost some weight! Well, I have been looking for a way to avoid the back and forth running on the tread mill and I guess I have one now. Welcome to Tax Thursday!

Taxation: A Vital Tool in Economic Growth

“Sustainable development is the pathway to the future we all want” Ban Ki-moon

Having the right perspective for something is not only important but also necessary for carrying out the right actions. Taxation plays a crucial role in the development of any economy. Tax is a major source of government revenue and tax proceeds are used by the government to render their traditional functions such as: provision of good roads, maintenance of law and order, defence against external aggression, regulation of trade and business to ensure social and economic development, etc. All these and more can only be achieved if you and I play our part in contributing to the funds (taxes) that will make this development a reality. The development of any economy cannot be achieved if there is a high level of non-compliance to the payment of taxes.

Automating Your Tax Processes

Happy new month all.

I can see this month is going to be a great one with the way it kicked off with some good news. The Lagos State Internal Revenue Service (LIRS) has extended the deadline for the filing of Annual Tax Returns by another two weeks from March 31, 2021 to April 14, 2021. There is still enough time to reach Rome!

So many users all over the world still use desktop spreadsheets in managing their tax and statistical filing processes. However, tax departments do not just spend a lot of time building the tax processes; they also spend a lot of time maintaining the tax codes.

This is labour-intensive work, and there remains a risk of failure to spot possible errors thereby leaving the tax process with rigorous control and administrative challenges. There are several challenges that comes with the manual process and they include:

Lack of workflow controls: Working papers built on desktop technology exist without security and functionalities that support data management, workflow management and archiving. The tax department either operates without these important workflow controls, or the company spends time and resources trying to piece together a unique solution.
Inconsistency in Work Operations: In a large enterprise with global operations, manual working papers may differ across entities and countries, leading to inconsistencies or extra work to keep everyone operating in sync.
Data Policing: Additional manual processes may require their own intensive data-checking processes.

Taxaide Professional Services and its technology flagship, Taxaide Technologies (Taxtech) offer products that help automate tax processes in a way that relieves pressure on company’s resources. It offers additional advantages by keeping pace with changing tax systems and installing needed controls.

Two of Taxaide’s tax automating products include:

PITApp: This is a web-based and mobile application service designed to simplify the Personal Income Tax (PIT) returns filing and remittance process for Nigerian taxpayers.

CITApp: This is a system that demystifies the complexities around Company Income Tax (CIT) computations and makes the process of computation, preview, modification, and report generation a breeze as far as company taxes and other related levies are concerned. CITApp tackles the problem of repeated computation by applying cutting-edge algorithms to the determination of required parameters for subsequent year computations.

For more info, contact 0700TAXAIDE

Email: pitdesk@localhost, business@localhost

Accessing your 2021 ITF Refunds

Do you know that your organisation’s compliance with its 2020 Industrial Training Fund (ITF) Contributions as well as notification to ITF of its 2021 Training Budget are the first steps in potentially getting a refund of up to 50% of its 2021 Training Budget? Yes, the Federal Government of Nigeria through ITF, can refund you up to 50% of your approved and expended training budget!

THE TAXAIDER NEWSLETTER VOL 3, ISSUE 3 (March 2021)

First Thoughts:

Of Quarters and Pennies

“Hey there, can I have a quarter?”

This line is quite familiar with Americans who find themselves having to use the slot machine in a café, supermarket, office, bank reception etc. A quarter basically is a 25-cent coin that could come in handy for very basic and meagre expenses – a chocolate bar, a Coke can etc. A quarter is of course worth way more than a penny which is just once cent. Over the years like in every other economy in the world, the value of the ‘quarter’ has also greatly reduced, and it can hardly buy you anything of serious value. However, its value in the slot machine can hardly be ignored.