THE TAXAIDER NEWSLETTER VOL 4, ISSUE 4 (APRIL 2022)

When you ask people what personal development is, they might give you an answer like “being true to yourself” or “working to become the best version of yourself.” But sometimes, those answers don’t help you understand what it is.

I like to think of personal development as having a little internal dialogue on the matters that matter most. When something is bothering me, I like to discuss it with myself until it feels right. Sometimes this discussion is civil and rational, sometimes heated and emotional. Sometimes the conversation lasts a few days or weeks, sometimes it’s over in an hour. But after my internal dialogue on the matter is over, I usually feel empowered by my decision-making.

For you, being vocal about your development matters might be the way to go. Maybe you’d feel better if you discussed your situation with a close friend or a family member. Maybe you’d feel empowered by talking to a professional who could help you tackle your problems head-on.

 Regardless of how you decide to make personal development work for you, I’m sure it won’t be hard for you to recognize its effects in your life: I feel more confident and ready for whatever lies ahead after having dealt with my problems and resolved my inner demons. If that sounds good to you too, then what are you waiting for? Start talking!

 In this issue, we discuss:

  1. Heritage Energy Vs RMAFC & EFCC: What You Need To Know
  2. Taxation Of Intangible Assets: What You Need To Know
  3. Tax-Efficient Organization: How Covered Are You?
  4. Taxation Of Telecommunications Companies

The federation account allocation committee (FAAC) says it shared N725.57 billion with the federal government, states, and local governments for March 2022. The figure represents an increase of 23 percent to N135 billion compared to the February allocation. For February, the three tiers had shared N590.546 billion. The details are contained in a communiqué issued at the end of a virtual meeting of the FAAC for March 2022. Read more HERE

The federal executive council (FEC) has approved three contracts to boost the electricity supply in the country. The council approved on Wednesday during the weekly meeting presided over by President Muhammadu Buhari. Abubakar Aliyu, minister of power, while briefing state house correspondents after the FEC meeting, said all three memos presented by his ministry got approved. He said the memos were for the purchase of major electricity transmission equipment. Read more HERE

The Central African Republic (CAR) has adopted Bitcoin as legal tender, making it the first country in Africa to do so and the second globally, after El Salvador. In a statement on Wednesday, Obed Namsio, chief of staff to President Faustin Archange Touadera, confirmed that the president had signed a bill into law to make Bitcoin a legal tender alongside the CFA franc. Namsio said lawmakers had unanimously passed the bill, which would make the cryptocurrency legal tender in the country. Read more HERE

Nigerian Exchange Limited (NGX) says it will introduce more futures contracts in response to market demand. A futures contract is a standardized legal agreement to buy or sell a particular commodity asset, or security at a predetermined price at a specified time in the future.

The development is coming after the exchange launched West Africa’s first exchange-traded derivatives (ETDs) market with equity index futures contracts. Read more HERE

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Till Next Time

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