First Thoughts:
The Downward Spiral and the Glimpse of hope.
So early last week, we had the official confirmation that Nigeria had sunk into recession yet again, the second one in five years. This was courtesy of the nation’s GDP contracting by 3.6 percent in Q3 2020 after shrinking by 6.1 percent in the previous quarter. According to the International Monetary Fund (IMF)’s forecast, the Nigerian economy will contract by 4.3 per cent this year, which would be the largest contraction in nearly 40 years. What a year it has been!
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Internal Generated Revenue by State Government in H1 2020: Summary
The realities of the Covid-19 pandemic affected internally generated revenue across various states in Nigeria but in spite of the significant drop in revenue, the economy has rapidly gotten back up from the Q1 to the Q2.
The National Bureau of Statistics recently published the Internally Generated Revenue at State level for the Half year of 2020. The 36 states and FCT IGR figure hits N612.87bn in H1 2020 compared to the N693.91bn recorded in 2019. This shows us a negative growth of -11.7% from the previous year.
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Value Added Tax (VAT): The Major Highlights
A quick question for you.
Have you ever tried to play smart and ended up regretting it? Chances are you have. Well that is exactly how it feels when you fail to remit your taxes by the due date, and it comes biting back.
Let us take a little trip down memory lane. The Value Added Tax (VAT) Decree of 1993 was the first to introduce VAT to the Nigerian economy. Since then, it has witnessed series of amendments including the most recent Finance Act 2019. The amendments are geared towards ensuring simplicity and compliance. The regulation that currently governs the administration of VAT in Nigeria is the Value Added Tax Act CAP V1 LFN 2007 (as amended) and the Finance Act 2019.
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Q2 2020 experienced one of the toughest economic disruptions with the novel COVID-19 Pandemic having drastic effects on most sectors of the economy. The Nationwide lockdown also aggregated this and led to the poor performance of most sectors of the economy. However, the economy gradually picked up in Q3 2020.
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First Thoughts: Like the Phoenix; Like Nigeria.
I grew up reading a lot of fantasy story books and believed for a very long time in the existence of a lot of mythical creatures. I looked forward to encounters with fairies, centaurs, bush babies, unicorns, dinosaurs and mermaids among others. I was almost a teenager before I got to finally accept that I was never going to actually see any of these creatures and so had to settle for the encounters with them in these story books and movies. I read all the 7 Harry Potter Books by J.K. Rowling from my early teens and into my early twenties and of course watched every single one of the movie adaptations and this simply reinforced my fascination with the imaginary world.
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It’s hardly news that we are in the last few months of 2020 and just like you have visions and goals every year, you should adopt same for your tax obligations in 2021.
The first quarter of every year is a crucial period in the tax compliance space in Nigeria. The first quarter ushers in the PAYE and PIT returns filing process. In this piece we would review the PAYE returns filing process as this is what is required first before the PIT filing returns.
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Following the recent release of the 2021 budget by the President of the Federal Republic of Nigeria, there have been concerns over Nigeria’s debt stock as the nation plans to fund the 2021 budget deficit with N4.28 trillion new borrowings, a situation that has attracted huge backlash from the citizens. The proposed new borrowings represent about a third of the proposed budget. We explain further details on the proposed budget below while comparing it to the 2020 budget.
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Tax compliance: PAYE
In Nigeria today about 75% of potential taxpayers are not in the tax net, and about 65% of registered taxpayers are not fully compliant. This is a worrisome reality that needs to be critically addressed as the average level of tax compliance in Nigeria is put at about 10% based on our research findings.
A taxpayer must ensure that his/her taxes are paid and are also duly accounted for from time to time. This means taxes are paid as and when due and that relevant returns are submitted to the tax authorities in prescribed forms and formats. Going by the news emanating from many State Boards of Internal Revenue, the level of compliance with the requirements for filing of Personal Income Tax returns as prescribed by the Personal Income Tax Act (PITA) remains low across the country.
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According to the latest Federation Account Allocation Committee (FAAC) Disbursement Report, released by the National Bureau Statistics (NBS), the sum of N676.41bn was disbursed to the three tiers of government in August 2020 from the revenue generated in July 2020. Compared to the amount disbursed in the previous month (July 2020) this brings about a 2.83% decrease.
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First Thoughts: The Underdog Story
The idea of politics fascinates me to no end. While I wouldn’t necessarily call myself partisan, I am honest enough to say I do a lot of watching on the side lines. I am not a registered member of any political party in Nigeria, but I have always tried to be a good citizen and cast my votes a couple of times since the first time I voted in 2007. I had missed the 2003 elections by whiskers as I was yet to hit the voter eligibility age of 18 at the time. Elections, both in Nigeria and outside Nigeria have continued to thrill me even till date. For instance, I can hardly wait for the U.S.A Presidential Elections in November.
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