Happy new month all.
I can see this month is going to be a great one with the way it kicked off with some good news. The Lagos State Internal Revenue Service (LIRS) has extended the deadline for the filing of Annual Tax Returns by another two weeks from March 31, 2021 to April 14, 2021. There is still enough time to reach Rome!
So many users all over the world still use desktop spreadsheets in managing their tax and statistical filing processes. However, tax departments do not just spend a lot of time building the tax processes; they also spend a lot of time maintaining the tax codes.
This is labour-intensive work, and there remains a risk of failure to spot possible errors thereby leaving the tax process with rigorous control and administrative challenges. There are several challenges that comes with the manual process and they include:
- Lack of workflow controls: Working papers built on desktop technology exist without security and functionalities that support data management, workflow management and archiving. The tax department either operates without these important workflow controls, or the company spends time and resources trying to piece together a unique solution.
- Inconsistency in Work Operations: In a large enterprise with global operations, manual working papers may differ across entities and countries, leading to inconsistencies or extra work to keep everyone operating in sync.
- Data Policing: Additional manual processes may require their own intensive data-checking processes.
Taxaide Professional Services and its technology flagship, Taxaide Technologies (Taxtech) offer products that help automate tax processes in a way that relieves pressure on company’s resources. It offers additional advantages by keeping pace with changing tax systems and installing needed controls.
Two of Taxaide’s tax automating products include:
PITApp: This is a web-based and mobile application service designed to simplify the Personal Income Tax (PIT) returns filing and remittance process for Nigerian taxpayers.
CITApp: This is a system that demystifies the complexities around Company Income Tax (CIT) computations and makes the process of computation, preview, modification, and report generation a breeze as far as company taxes and other related levies are concerned. CITApp tackles the problem of repeated computation by applying cutting-edge algorithms to the determination of required parameters for subsequent year computations.
For more info, contact 0700TAXAIDE
Email: pitdesk@localhost, business@localhost
Do you know that your organisation’s compliance with its 2020 Industrial Training Fund (ITF) Contributions as well as notification to ITF of its 2021 Training Budget are the first steps in potentially getting a refund of up to 50% of its 2021 Training Budget? Yes, the Federal Government of Nigeria through ITF, can refund you up to 50% of your approved and expended training budget!
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“Better to be three hours too soon, than a minute too late” William Shakespeare.
Are you a football fan? Do you know one of the best ways a football coach can refine his team to become prolific is to sign valuable players before the transfer window is shut? If Manchester United didn’t get Bruno Fernandes, maybe they will also be in a pitched battle in the league like my favorite team. 10th position is not up to par! Sorry for the jab my fellow Gunners.
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Welcome to another week of #TaxThursday.
The deadline for the filing for the Personal Income Tax (PIT) Annual Returns is just a tick away. In our last bulletin, we shared several benefits that comes with filing of the PIT Annual Returns and these include easy access to loans, moving forward capital losses, claiming of tax refunds etc. The deadline for filing of the PIT Annual Returns remains 31st March 2021 and that is exactly 20 days from now.
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It’s another International Women’s Day! You might be wondering why women deserve to be celebrated the way they are often celebrated. You really do not need to think too far. If one were to make a list of reasons, we would probably run out of writing space. Women are indeed special, and you can hardly place a price on what they are worth. The strength and courage women exude in dealing with life’s physical and emotional challenges bears testament to the fact that the Almighty God took his special time to create these super creatures called women!
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Hi there
It’s another week to experience a smooth and enlightening ride on your favourite Tax Thursday bulletin. Grab your chair, sit back and relax as I share with you a few benefits you can enjoy from filing your Personal Income tax (PIT).
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First Thoughts:
Love don’t cost a thing!
OK I know you’re wondering what’s going on. Has your favourite The TaxaideR Newsletter somehow metamorphosed from its primary assignment which is educating and enlightening you on matters relating to tax management and recreating a nation whose citizens are proud to be builders of the nation together, pitching in their own contributions to creating a better society? What’s with new RnB and romantic vibe? Well, the month of love is not quite over yet so why not bask in the euphoria for another 72 hours or thereabout?
Read MoreI heaved a sigh of relief while I read the latest Gross Domestic (GDP) Report published by Nigeria’s National Bureau of Statistics. Nigeria is finally out of a recession. Nigeria’s GDP grew by 0.11% (year-on-year) in real terms in Q4 2020, representing the first positive quarterly growth in the last three quarters.
Although Nigeria has marginally escaped a recession, it is at least some positive news amidst the series of negative news the COVID-19 Pandemic has caused the global economy.
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The 2021 Personal Income Tax (PIT) Returns filing season is upon persons who are tax residents in Nigeria. The PIT Return is typically due to be filed with the Internal Revenue Service (IRS) of your State (including the Federal Capital Territory, Abuja (FCT)) of residence in Nigeria.
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