Intellectual property is not just an important asset for the running of companies, but it actually can help in catapulting the profits of companies. Multinational corporations use intellectual property to avoid taxes on massive scale, by transferring their intellectual property to tax havens for artificially low prices.
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“Tax is the new oil”
I’m not exactly a fan of this phrase. Actually, I’m not a fan of it at all. I first heard it at a tax conference I attended in September 2017. I could understand the rationale behind the phrase – the glory years of 2011-2013 and triple digit oil prices were long gone and as a nation, we had no idea how else we could stay afloat. Deep introspection showed us how much we were bleeding ourselves by ignoring entities who made a killing and failed to give Caesar what was due to him.
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1. Why are DPCO’s necessary to Nigerian Firms?
A 2012 study of by the National Cyber Security Alliance found that 60% of small businesses fold within 6 months of a data breach. It is undeniable that Nigerian firms are making radical advancements and putting themselves on the global map in their respective industries, but this could be the downfall should they fail to implement the right security protocols for their data management systems and procedures.
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In Nigeria, when you hear ‘the North’, the first thing you think of are the Hausas. The Former Military Head of State, General Ibrahim Babangida created a state out of the “old Sokoto” known as “Kebbi state” in the North-West geopolitical region, that was and is predominantly agricultural. Kebbi State is divided into four emirate councils (Gawande, Argungu, Yauri and Zuru) and twenty-one local government areas.
The first thought that comes to mind when I think of the South-South region is the fact that most of the states are large oil producers, but is that all the region has to offer? You must be familiar with the phrase ‘tax is the new oil’ and it is not merely a phrase but a reality that is being birthed.
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- What is a DPCO?
A ‘Data Protection Compliance Organisation’ (DPCO) means any entity duly licensed by the National Information Technology Development Agency (NITDA) for the purpose of training, auditing, consulting and rendering services and products for the purpose of compliance with this Regulation or any foreign Data Protection law or regulation having effect in Nigeria’.
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Introduction
The world’s most popular media company Facebook, creates no content. The world’s most popular retailer Ali Baba carries no stock, and the world’s largest accommodation provider, AirBnB, owns no property.
The above quote is as pertinent as it is trite. Straits Times notes that digitization has led to the emergence of new business models and increased international trade, while removing the need for a company to have physical presence in a country to conduct business with its residents.
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On Tuesday, July 23, President Buhari released the list of his ministerial candidates. Nigerians breathed a huge sigh of relief as this meant that certain policies would be implemented, and actions would be taken towards the achievement of the new administration’s “Next Level” goals.
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FIRST THOUGHTS
I saw the recently released Ministerial List and immediately I heard the news break, a wave of excitement came over me. I had been a little bothered after the inauguration of the new administration since 29th May 2019 about this and considering it was almost two months since then, I had cause to wonder if we would not be seeing a repeat of 2015 where it took about six months before the ministers were named. I believe an economy can only be steered properly when people are at the helm of affairs and every delay in setting this in motion only gives room for uncertainty and a loss of faith in the system.
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- What is Companies Income Tax (CIT)? CIT is tax on the profits of incorporated entities in Nigeria. It also includes the tax on profits of non-resident companies who accrue or derive profits from Nigeria or bring or receive their income in Nigeria. It is therefore commonly referred to as corporate tax. CIT was created by the Companies Income Tax Act (CITA or the Act), it is one of the taxes administered and collected by the Federal Inland Revenue Service (“FIRS” or “the Service”)
