Free Trade Zones: Taking Advantage of the Incentives

I trust this week has been good on your side. Are you preparing for the weekend already or are you still struggling to get all your tasks in check? Maybe you have not even done much, because you think you have the whole time to yourself. Here is a quick reminder, time waits for nobody, so do what you got to do!  For me, the week as been good, with exception of the incessant traffic I have had to deal with to and from work. I also noticed recently that I have lost some weight! Well, I have been looking for a way to avoid the back and forth running on the tread mill and I guess I have one now. Welcome to Tax Thursday!

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Taxation: A Vital Tool in Economic Growth

Sustainable development is the pathway to the future we all want” Ban Ki-moon  

Having the right perspective for something is not only important but also necessary for carrying out the right actions. Taxation plays a crucial role in the development of any economy. Tax is a major source of government revenue and tax proceeds are used by the government to render their traditional functions such as: provision of good roads, maintenance of law and order, defence against external aggression, regulation of trade and business to ensure social and economic development, etc.  All these and more can only be achieved if you and I play our part in contributing to the funds (taxes) that will make this development a reality. The development of any economy cannot be achieved if there is a high level of non-compliance to the payment of taxes.

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Automating Your Tax Processes

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


Accessing your 2021 ITF Refunds

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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First Thoughts:

Of Quarters and Pennies

“Hey there, can I have a quarter?”

This line is quite familiar with Americans who find themselves having to use the slot machine in a café, supermarket, office, bank reception etc. A quarter basically is a 25-cent coin that could come in handy for very basic and meagre expenses – a chocolate bar, a Coke can etc. A quarter is of course worth way more than a penny which is just once cent. Over the years like in every other economy in the world, the value of the ‘quarter’ has also greatly reduced, and it can hardly buy you anything of serious value. However, its value in the slot machine can hardly be ignored.

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PIT Deadline!!!

“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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Countdown . . . 20 days to go! Time to file your PIT Annual Returns

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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IWD 2021 – Celebrating Women of Strength and Courage

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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