Kola, an entrepreneur in Lagos State woke up to see multiple bank alerts on his phone much to his greatest surprise. No, those were not credit alerts but debit alerts, the worst alerts you can receive especially for transactions you did not initiate. As we progress in this article you would understand what those debits alerts were and no, he was not scammed either.
I am sure you realize that we are in unprecedented times. More than ever before the Federal Government of Nigeria is intensifying efforts to ensure that all non-oil revenue sources are revived.
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The Federal Inland Revenue Service (FIRS) issued a Public Notice on Wednesday, June 24, 2020. The Public Notice seeks to provide clarification to Paragraph 2 of the Value Added Tax (VAT Modification) Order 2020 (Modification Order) made by the Minister of Finance, Budget and National Planning (Minister) on February 3, 2020. We provide below, our synopsis and remarks on the Public Notice here. You can also find the Modification Order here.
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First Thoughts: The Glass Half Full
In recent times I have seen and heard reactions from a lot of people I know concerning how the year has turned out in a way most didn’t quite envisage. Some have even wished they had magic wands they could wave and make the entire year disappear or perhaps, restart. I would confess that I was one of these people for a while. Many of us had very high hopes for 2020 just like we always do at the beginning of every New Year. 2020 was quite significant however; perhaps because of the way it sounds when you pronounce it. At least, 2020 sounds a whole lot better than 2019 (or any other year before now) on the lips, don’t you think?
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Introduction:
In the first part of this series; ‘How to Reduce Your Personal Income Tax (PIT) Liabilities: The Voluntary Pension Contribution (VPC) Option!’ we discussed how Voluntary Pension Contribution (VPC) can be a Personal Income Tax (PIT) savings option as it is a tax-deductible contribution. We also went further to explain the benefits of making the VPC to the contributor and how to contribute. In today’s piece, we will be looking at another Personal Income Tax savings option: National Housing Fund (NHF).
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As you may know, the 2020 Personal Income Tax (PIT) Returns filing season is upon all tax residents of Lagos State. As you may also recall, the Lagos State Internal Revenue Service (LIRS) had extended the deadline for 2020 PIT Returns filing from the statutory Monday, March 30, 2020 to Tuesday, June 30, 2020 (https://taxaide.com.ng/2020/05/21/lirs-notice-on-extension-of-2019-pit-returns-filing/) as a palliative in the face of the global health pandemic. We provide below, some information and updates on the compliance requirements of the 2020 PIT Returns filing process in Lagos State.
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Dear Stakeholder,
Of Evolution and Profitability; the Positives in Negatives
Thank you for another year. We have progressed; particularly, we have progressed at learning daily. This sums up our meaningful evolution. Outcomes were preset, some were achieved and some not; most importantly however, we knew which was which. Our consciousness of and the ability to rightly respond to preconceived expectations; especially aided by observable data and intelligent information sums up our crawls, walks, runs and the increased acceleration for flight. We are yet to fly.
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Capital Gains Tax (CGT) is a tax on the profit obtained from disposal or exchange of certain kinds of assets. In Nigeria, CGT is charged at a flat rate of 10% of chargeable gains. It is governed by Capital Gains Tax Act, Cap C1 LFN 2004 (as amended). All chargeable assets are subject to Capital Gains Tax when disposed at a gain, except those specifically exempted by the Act.
Here are the tax incentives on CGT in Nigeria including the relevant incentives in the Finance Act, 2019:
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If there is anything that is constant in life, it is change. Nothing stays the same. However, one unique quality the Creator deposited in every one of his creatures is the ability to adapt to changes.
It is pretty funny to imagine today that as at May 2000, about twenty years ago, there were less than 50,000 people who actually had mobile phones in Nigeria. Today, virtually every adult in Nigeria owns at least one mobile phone, be it a smartphone or a feature phone. The Nigeria Communications Commission (NCC) estimates that there are over 173 million mobile phone lines in Nigeria today. I have often wondered what would happen if for some reason, mobile telecommunication ceased. Would we be able to adapt to the new reality, especially considering that our lives now practically depend on it? I’ll answer that question in a bit. Allow me to digress a little.
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