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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“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?
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I 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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There has been a long running argument on the filing of Directors under the self assessment scheme. Directors are captured under the PAYE (Pay As You Earn) scheme as part of the organization in which they function. Therefore, when a company files its Employers’ Annual Personal Income Tax (Pay As You Earn – PAYE) Returns, the directors are included. However, Directors are considered as High Networth Individuals (HNI) and can still be assessed if they earn income from other sources other than the employment income.
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