NSITF and NECA Agreement: What Implications for Non-NECA Members?
The might of a nation is expressed in the social security and welfare of its people. This was aptly put by Abraham Lincoln in his saying that “the purpose of government is to do for a community of people whatever they need to have done but cannot do at all or cannot do so well for themselves in their separate and individual capacities.” This underpins the provision of Chapter II of the 1999 Constitution of the Federal Republic of Nigeria, which provides that the security and welfare of the people shall be the primary purpose of government.
TAX ALERT: Nigeria considers new tax amnesty framework through VAIDS
In a bid to grow Nigeria’s tax revenue and raise non-oil tax to GDP ratio from current level of 6% to 15% by 2020, a Voluntary Asset and Income Declaration Scheme (VAIDS) is to be implemented. The National Executive Council (NEC) has granted approval-in-principle for this new scheme subject to finalization of the broader framework. The primary objective of VAIDS is to encourage voluntary declaration of undisclosed income and assets with consequential payment of applicable tax liabilities over a defined period. It is expected that this window offered to those who have not complied with extant tax regulations, will simultaneously generate revenue and encourage investment and economic activity. An estimated revenue of US$1 billion is projected from the scheme. Key highlights of VAIDS include: Commencement date: the scheme is expected to kick off from 1 May 2017 with incentives put in place to encourage early participation. Taxes covered: all taxes…
Regulatory Alert: Reform Intervention to Improve Ease of Doing Business in Nigeria
The Enabling Business Environment Secretariat (EBES), under the aegis of the Presidential Enabling Business Environment Council (PEBEC), recently organized a stakeholders meeting to sensitize the public on ongoing economic reforms. This follows the set-up of PEBEC by President Muhammad Buhari with the mandate of making Nigeria an easier place to do business.
Global risk management survey
Heightened uncertainty signals new challenges ahead In the years since the global financial crisis, financial institutions have had more time to understand the practical implications of these new regulations and what is required to comply.
Accounting for VAT in Nigeria – Cash or Accrual basis?
The Value Added Tax Act (VATA or the Law), 2007 governs the administration of VAT in Nigeria. VAT is levied at each stage of the production chain at 5% of the value of the taxable good or service supplied, but it is eventually borne by the final consumer, being a consumption tax.
Africa from the Inside: Spotlight on Risk in Africa
The Forecasting risk in Africa 2017 The blanket “Africa Rising” narrative led to an inability to foresee and mitigate risk on the part of many multinationals in the region. Intra-regional multinationals in Africa must now adapt to “Africa 3.0” – the emerging post-crisis African economy.
Increasing tax revenue: Is a new approach required?
The importance of taxation to a nation’s economic wealth and development cannot be overemphasised. However, the achievement of this goal is often undermined by tax evasion and deliberate attempts by multinationals to shift profits from one jurisdiction to another, amongst others.
Impact of the customer-driven economy on retail business strategies
Over the last 20 years we have seen a seismic shift in retail and the customers that retailers serve. Globally, we are living in an era where customers are in the driver’s seat more than ever before and they are craving authenticity, newness, convenience, and creativity – we are living in the customer-driven economy. What does this mean for retail business strategies?
Guiding the IoT to safety
The Internet of Things and the role of government as both user and regulator Regulations should do more than tell companies what they can’t do—rules should help guide corporate players through minefields of uncertainty. It’s a lot of responsibility, especially when it comes to still-developing IoT technology that holds great promise—and real risks. Introduction: Aligning regulation and transformation Imagine Pandora sitting and staring at her box. In a few moments, she will open its bronze lid and release fear, death, and plague into the world . . . but right now she is wracked with uncertainty. What’s inside? The box might contain untold riches to help her new kingdom—but Zeus warned her never to open it. Should she open it and risk punishment, or leave it shut and possibly leave valuable resources untapped?
Internally Generated Revenue: What are the short term options at State Level?
Internally generated revenues (IGR) are revenues generated by States within the Nigerian federation, independent of their share of revenue from the federation account.