1. Employees of Employers that are compliant with their contribution obligations under the Employer Compensation Act (ECA) are entitled to be compensated by the Nigerian Social Insurance Trust Fund (NSITF) in the event of: injury, accidents, mental stress, terminal illnesses or death (altogether “Compensable Event”).

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Top 5 States by IGR

The top 5 performing states by Internally Generated Revenue (IGR) which consists of revenue from Taxes and Ministries Departments and Agencies (MDA) are;

• Lagos State – As usual Lagos state leads with the highest IGR of N205.16 billion
• Rivers State – Rivers follows at a distant second with IGR of N75.97 billion
• Delta State – Delta comes in at third place with IGR of 36.39 billion
• Ogun State – Ogun is in fourth position with IGR of 29.58 billion
• Kaduna State – In fifth place comes Kaduna with IGR of 22.40 billion

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On October 8, 2019 President Muhammadu Buhari presented the 2020 Budget of Sustaining Growth and Job Creation to the National Assembly.

The Budget Highlights

• The proposed 2020 budget is N10.33 trillion. This is N1.41 trillion higher than the 2019 budget of N8.92 trillion.
• The total estimated revenue is N8.155 trillion. This is N1.15 trillion higher than the 2019 budget of 7.00 trillion
• The 2020 budget deficit stands at N2.18 trillion. This is N0.26 trillion (N260 billion) higher than the 2019 budget deficit of N1.92 trillion.

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Value Added Tax (VAT) is definitely the best-known tax in Nigeria. Apart from the fact that we find VAT on receipts given to us almost everywhere e.g at the mall, the cinemas, etc, the Federal Government has practically made Nigerians memorise everything about the proposed increase in VAT like some form of national anthem.  

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Hearty Cheers to the ‘Giant of Africa’ at 59. Why again are we called the giant of Africa? Is it because of our great achievements such as having the largest economy in Africa with a GDP of about $380billion or because of our enormous population of about 201 million with over 250 ethnic groups or because we are the one of the largest oil- producing nations? I’d leave that for you to decide.

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Introduction:
The recent revenue drive arising from fall in oil prices and the need to diversify Nigeria’s revenue away from oil to non-oil sources, such as taxation, has led to increase in the frequency of tax audits and investigations conducted by both the Federal Inland Revenue Service (FIRS) and the State(s) Boards of Internal Revenue (SBIR).

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The third quarter of this year is slowly coming to an end and we prepare to usher in the fourth and last quarter of 2019. A question ringing loudly in my ears is: How did time fly so fast? It seems just like yesterday when we said, ‘Happy New Year’ and in another twelve weeks or thereabout, we would be saying ‘Merry Christmas’. OK, ignore me. I get that way sometimes.

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1. What is Transfer Pricing?

Transfer Pricing (TP) is described as the method by which connected organisations or related parties price goods, assets, services, intellectual properties, loans, guarantees and other commercial transactions between them.

The prices paid for goods or services delivered or received have a direct impact on the profits of the seller and buyer and by implication, on tax. Unlike transactions between independent parties, related parties tend to place less emphasis on ensuring that the price charged for a transaction reflects market circumstances.

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It used to be news, but it is becoming less of a catchy headline now that unemployment rate is high in Nigeria. That it has, in fact, climbed upwards for nine consecutive quarters to hover at about 14.2% in the last quarter of 20161 and then, like the eagle, surged higher to crest at an increased 18.80% of the total population, by the third quarter of 2017.

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A few weeks ago, precisely on 31^st July 2019, Taxaide Technologies Limited (Taxtech) and about 10 other firms were issued the Data Protection Compliance Organisation (DPCO) license. If you’ve been reading our recent bulletins on #TaxThursday, you would notice our emphasis on the Ws of DPCO; basically, discussing the what, who, why, when, how etc. If your company houses any data, internally or externally-related (and I can bet this implies virtually every organisation today), you need our services as a DPCO-licensed firm to protect and secure your data.

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