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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- 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 31st 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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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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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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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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