According to the World Bank, Free Trade Zones (FTZs) are duty-free areas, offering warehousing, storage, and distribution facilities for trade, trans-shipment, and re-export operations. FTZs have also been described as as a class of special economic zones, where goods may be landed, stored, handled, manufactured or reconfigured and re-exported under specific customs regulations and generally not subject to customs duty. We are more inclined to the latter definition because it expands the definition of a FTZ. We surmise that a FTZ is an economic model designed to improve the socio-economic development of the FTZ’s host by the FTZ attracting local and foreign investors through vast tax and reduced-regulation incentives.
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Personal Income Tax (PIT) is a statutory obligation imposed by the government on the incomes of individuals, communities and families, trustees or executors of any settlement. In Nigeria, PIT is guided by the Personal Income Tax Act Cap P8 LFN 2004 (as amended).
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When BD called me up on June 12, 2014 and told me his company had finally taken off, I was more than impressed. It was a dream he had been nursing for some time and to hear him say it with such joy in his heart was music to my ears.
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June 12 would forever be a memorable day in the lives of Nigerians. Although I wasn’t yet born when the late Chief Moshood Kashimawo Olawale Abiola (M.K.O) won the ill-fated June 12, 1993 elections, the stories I have heard would always linger in my mind.
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The role of Tax is instrumental to the development of any country. As most countries, the United States of America is also deeply involved in the taxation system. Taxes paid in America vary depending on the type. Today, we discuss the similarities and disparities between the taxes in Nigeria and United States of America.
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FIRST THOUGHTS
In a flash, it’s 20 years already! I don’t think we could call our democracy nascent anymore. In fact, we honestly shouldn’t. I think this one has come to stay and what better way to prove this by surviving for 20 years. I recall that fateful day on May 29th, 1999 when we ushered in Nigeria’s fourth republic with the swearing in of President Olusegun Obasanjo.
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A Boring Story about Pension
At the end of the day whether you’re a client, techie, tax professional, or even an intern; you should spend more time creating new solutions instead of going through the motions. Oh wait, sorry that’s meant to be my closing paragraph… Ok ignore that and let’s start again.
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2019 BUDGET OF 36 STATES (EXCLUDING FCT) WITH A REVIEW OF THEIR RECURRENT AND CAPITAL EXPENDITURE
Highlights of various states 2019 budget according to their geographical locations, namely;
- North Central: Benue, Kogi, Kwara, Nasarawa, Niger, Plateau, Federal capital Territory (FCT)
Nigeria tops the chart as Africa’s most populated country and ranks 7th in the world with a population of approximately 201 million according to United Nation’s Population Fund . This is an increase of 5 million compared to that of 2018 of approximately 196 million .
I feel pretty elated today for lots of reasons, but I would mention just a few. I am currently attending the Annual Tax Conference of the Chartered Institute of Taxation of Nigeria (CITN), the biggest gathering of tax practitioners and professionals in Nigeria. It is no doubt that in recent times, taxation has indeed come to take its seat at the table as the mainstay of the economy and the sporadic shift from reliance on oil some years ago to the reliance on the revenue from taxation has made most Nigerians take taxation more seriously.
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