Nigeria signed the Country-by-Country Multilateral Competent Authority Agreement (CbC MCAA) on the 27th of January 2016 and thereafter introduced the Income Tax (Country-By-Country Reporting) Regulations in 2018 as an administrative framework for CBC reporting in Nigeria. 

First Thought: The Art of Minimalism

In a world that seems to be constantly increasing in complexity, it is comforting to imagine that happiness relies on simplicity. Minimalism is the art of knowing how much you need and then showing gratitude for just that.

VAT (Modification) Order of 2021 which was signed in September 2021 was issued by The Minister of Finance, Budget, and National Planning in October with a commencement date of 30th July 2021. The Order modifies and expands the list of exempted goods and services in the First Schedule to the Value Added Tax (VAT) Act and provides clarification on the exempted items already listed in the Value Added Tax (VAT) Act.

Nigeria as a country is always looking for ways to increase foreign and local investments, businesses, and participation in the country and one way of doing this is the establishment of Free Trade Zones. This is not alien to only Nigeria but other countries like Tanzania, Libya, Liberia, Egypt, Mauritius, China Hong Kong, Turkey, etc. Nigeria has 42 licensed Free Trade Zones and 14 functional and operational Free Trade Zones

First Thoughts: Staying On Top Of Your Game

“How do I stay on top of my game”? This is a question I often get about self-development. The answer is simple, but not easy. However, it’s key to being the best version of yourself, thus maximizing your potential.

As the economic policies of the country are evolving, businesses are always looking for ways to restructure their businesses in a bid to develop strong and efficient business policies to remain in business or stock quotation. Corporate restructuring could also be because of the failure of a business, a need for expansion, or an example when the government increased the minimum capital for banks and insurance companies. There are many ways in which a company can achieve business or corporate restructuring or reorganization.

Transfer Pricing (TP) is described as the method by which connected organizations or related parties price goods, assets, services, intellectual properties, loans, and other commercial transactions between them. Transfer Pricing can be reasonably considered as an economic and legal tool used by business entities for the optimization of their tax burden. If the framework in which TP is implemented is legal, it provides significant tax benefits to businesses.

First Thoughts: 4^th Quarter Musings

So, it’s that time again when we finally usher in the final lap of the year. Welcome to the last quarter of the year. Well, technically this would not begin until tomorrow, but it wouldn’t hurt to start enjoying the feeling already. Tomorrow, 1^st October marks our dear nation’s 61^st Independence Day celebration and ushers us into the fourth and last quarter of the year.