My Blog - Page 22 of 25

The TaxaideR 1.6 – Special 5th Year Anniversary Edition

First Thoughts

So, it’s been one serious series of downpours recently. If it rains today, it would make it seven days straight . . . in Lagos, Nigeria that is. I am a little worried because I feel we haven’t even seen anything. It’s not even July yet! I work on the island and so I have a very good idea of how it could get when the rainy season hits its peak. I recall some folks in VGC and Lekki Phase 1

Nigeria’s Free Trade Zones: Locating Nigeria’s Tax-Free Goldmines

According to the World Bank, Free Trade Zones (FTZs) are duty-free areas, offering warehousing, storage, and distribution facilities for trade, trans-shipment, and re-export operations. FTZs have also been described as as a class of special economic zones, where goods may be landed, stored, handled, manufactured or reconfigured and re-exported under specific customs regulations and generally not subject to customs duty. We are more inclined to the latter definition because it expands the definition of a FTZ. We surmise that a FTZ is an economic model designed to improve the socio-economic development of the FTZ’s host by the FTZ attracting local and foreign investors through vast tax and reduced-regulation incentives.

PERSONAL INCOME TAX IN NIGERIA – What You Should Know

Personal Income Tax (PIT) is a statutory obligation imposed by the government on the incomes of individuals, communities and families, trustees or executors of any settlement. In Nigeria, PIT is guided by the Personal Income Tax Act Cap P8 LFN 2004 (as amended).

TAXAIDE AT 5 – THROUGH THE EYES OF AN INSIDER

When BD called me up on June 12, 2014 and told me his company had finally taken off, I was more than impressed. It was a dream he had been nursing for some time and to hear him say it with such joy in his heart was music to my ears.

JUNE 12 – A LASTING LEGACY

June 12 would forever be a memorable day in the lives of Nigerians. Although I wasn’t yet born when the late Chief Moshood Kashimawo Olawale Abiola (M.K.O) won the ill-fated June 12, 1993 elections, the stories I have heard would always linger in my mind.

The American and Nigerian Tax System – Similarities and Disparities

The role of Tax is instrumental to the development of any country. As most countries, the United States of America is also deeply involved in the taxation system. Taxes paid in America vary depending on the type. Today, we discuss the similarities and disparities between the taxes in Nigeria and United States of America.

The TaxaideR Newsletter Vol 1.5 (May 2019)

FIRST THOUGHTS

In a flash, it’s 20 years already! I don’t think we could call our democracy nascent anymore. In fact, we honestly shouldn’t. I think this one has come to stay and what better way to prove this by surviving for 20 years. I recall that fateful day on May 29^th, 1999 when we ushered in Nigeria’s fourth republic with the swearing in of President Olusegun Obasanjo.

A Boring Story about Pension

A Boring Story about Pension

At the end of the day whether you’re a client, techie, tax professional, or even an intern; you should spend more time creating new solutions instead of going through the motions. Oh wait, sorry that’s meant to be my closing paragraph… Ok ignore that and let’s start again.

Tax Audit??? No need to worry.

The Federal Inland Revenue Service (FIRS) has introduced measures to improve the tax audit experience for all taxpayers in the country.The New measure have reduced the tax audit cycle to 63 days from 90 days and cut out multiple tax audits by various tax authorities through an MoU signed with the Joint Tax Board (JTB)

THE APAPA WHARF – NIGERIA’S KING OF PORTS

The Ports in Nigeria play a crucial role in socio-economic development by being the cheapest mode of transferring cargoes for importation and exportation. The average number of vessels that enter the Nigerian ports yearly is about 4,876.

The major Nigerian imports include industrial supplies, capital goods, fuel and lubricants, vehicles, transport equipment and consumer goods. Most of the imports come in from Europe, Asia, Africa and America.