It’s another International Women’s Day! You might be wondering why women deserve to be celebrated the way they are often celebrated. You really do not need to think too far. If one were to make a list of reasons, we would probably run out of writing space. Women are indeed special, and you can hardly place a price on what they are worth. The strength and courage women exude in dealing with life’s physical and emotional challenges bears testament to the fact that the Almighty God took his special time to create these super creatures called women!Read More
It’s another week to experience a smooth and enlightening ride on your favourite Tax Thursday bulletin. Grab your chair, sit back and relax as I share with you a few benefits you can enjoy from filing your Personal Income tax (PIT).Read More
Love don’t cost a thing!
OK I know you’re wondering what’s going on. Has your favourite The TaxaideR Newsletter somehow metamorphosed from its primary assignment which is educating and enlightening you on matters relating to tax management and recreating a nation whose citizens are proud to be builders of the nation together, pitching in their own contributions to creating a better society? What’s with new RnB and romantic vibe? Well, the month of love is not quite over yet so why not bask in the euphoria for another 72 hours or thereabout?Read More
I heaved a sigh of relief while I read the latest Gross Domestic (GDP) Report published by Nigeria’s National Bureau of Statistics. Nigeria is finally out of a recession. Nigeria’s GDP grew by 0.11% (year-on-year) in real terms in Q4 2020, representing the first positive quarterly growth in the last three quarters.
Although Nigeria has marginally escaped a recession, it is at least some positive news amidst the series of negative news the COVID-19 Pandemic has caused the global economy.Read More
The 2021 Personal Income Tax (PIT) Returns filing season is upon persons who are tax residents in Nigeria. The PIT Return is typically due to be filed with the Internal Revenue Service (IRS) of your State (including the Federal Capital Territory, Abuja (FCT)) of residence in Nigeria.Read More
There has been a long running argument on the filing of Directors under the self assessment scheme. Directors are captured under the PAYE (Pay As You Earn) scheme as part of the organization in which they function. Therefore, when a company files its Employers’ Annual Personal Income Tax (Pay As You Earn – PAYE) Returns, the directors are included. However, Directors are considered as High Networth Individuals (HNI) and can still be assessed if they earn income from other sources other than the employment income.Read More
Filing of PAYE for employers of labour is a seasonal exercise. It comes in the first month of every year. Employers of labour are mandated by section 81 of the Personal Income Tax Act (PITA) to file annual returns which contains the income paid to their employees, PAYE deducted and remitted to the relevant tax authorities on behalf of the employees in an assessment year.Read More
Happy New Year to you, my dear friends. It sure feels great to return with your favourite newsletter, The TaxaideR for the third year running and the first issue in 2021. With the events of 2020, I would bet most of you would simply want to wish away the year like it never happened but hey, it happened and here we are still picking up the pieces of what the year left for us and looking up with optimism for this year. Some of last year’s realities have not exactly disappeared; at least the Covid-19 pandemic is still very much around with us, with the second wave proving to be more viral and deadly.Read More
There is a common saying that the only thing certain in life are death and taxes. For the purpose of this piece, we would narrow down on the taxes bit. Taxes are always seen as burden to taxpayers and most individuals seek for various means to reduce their tax liabilities. The focus of this piece is to address some misconceptions that exist on the question of when tax compliance can actually be said to be complete. A lot of taxpayers believe once they make the relevant payment of their taxes then compliance is complete. They would rather not have any further interaction with the Relevant Tax Authority/ States’ Internal Revenue Service (SIRS).Read More