The Voluntary Asset and Income Declaration Scheme (VAIDS) boat sets afloat
Nigeria’s Acting President, Prof. Yemi Osinbajo, signed a new Executive Order that provides legal backing to a new tax amnesty regime in Nigeria on Thursday, 29 June 2017. VAIDS offers Nigerian taxpayers (individuals and corporate organisations) who have not been compliant with their tax obligations to regularise their tax affairs by providing a soft-landing, which includes a waiver of penalties and interest as well as immunity from tax audit and prosecution. It also provides protection of confidential information.
Executive Orders: Key Enablers for Driving Execution & Impact
In recent times, the term “Executive Order” has become commonplace in global political and economic discourse. In early 2017, the current United States president signed a series of executive orders to address what he felt were the most critical and urgent matters for his administration.
Tackling tax leakages in the 21st Century – What lessons can Nigeria learn from the OECD?
Benjamin Franklin was apt when he said “In this world nothing can be said to be certain, except death and taxes ”. Centuries after that famous quote by the one-time American President, taxation remains a certain and consistent source of revenue for governments, albeit to varying degrees of reliance.
Acting President Osibanjo signs executive order backing implementation of VAIDS
The Acting President, Prof. Yemi Osinbajo on 29 June 2017 signed an Executive Order backing the implementation of the Voluntary Asset and Income Declaration Scheme (VAIDS), which will take effect from 1 July 2017 and last till 31 March 2018. The scheme will be jointly executed by the Federal and State Governments and will cover both corporate and individual taxpayers.
National Lottery Regulatory Commission issues notice on requirement to regularize operations
The National Lottery Regulatory Commission (NLRC or the Lottery Commission) on 21 June 2017; in furtherance of its mandate under the National Lottery Act (NLA), issued a general notice mandating companies conducting sports betting activities in Nigeria to regularize their operations with the Commission on or before 21 July, 2017 or face prosecution.
NECA holds meeting to chart way forward on the abuse of pioneer status
The National Employers’ Consultative Association (NECA) recently invited its members to a meeting to discuss the recent investigative activities of the National Assembly on organised businesses in Nigeria and to take a position on a way forward in this regard.
Bridging the Gap between IFRS 17 and IFRS 9
As insurers begin to understand the implications of implementing IFRS 17, a key consideration is the interrelationships between IFRS 17 and IFRS 9 and how these can be maximised to their advantage. Key takeouts from this report IFRS 17, the new Insurance Standard focusing on insurance liability reporting, will have far-reaching consequences for an insurer in terms of modelling, data, processes and systems; ultimately resulting in a fundamentally different statement of comprehensive income and more onerous disclosure requirements. However, as insurers contemplate the expected impact of the Standard, they need to be aware of the interrelationship with the Financial Instruments Standard – IFRS 9 – which impacts the valuation of insurers’ assets for accounting purposes. The synergy between IFRS 17 and IFRS 9 needs to be considered in terms of: the changes required by the two Standards; and the complications arising from having two separate effective dates that may be…
Investor’s Dream: How Close is Nigeria to the “Ease Agenda”?
There are multiple regulatory agencies in Nigeria operating on the framework of various laws and practices, with administrative authorities constituted at different levels to enforce compliance. With such plethora of regulatory authorities, overlap and duplicity of functions, operational models, resulting in sometimes multiplicity of charges and bureaucratic bottlenecks become the daily experience of stakeholders.
Public Sector Insights: Reinventing the public sector landscape
It is said that no government can build credibility if it downplays the need to internalise efficient and effective mechanisms in steering the wheel of governance. Hence, it is the duty of government, public policy makers and other key stakeholders within the government landscape to stay focused on maximizing the gains of governance to the citizenry through transparency and efficiency in the governance process.
Regulatory Alert: Nigeria’s Business Climate and Ease of Doing Business Initiatives
Nigeria is viewed by many as a country with enormous opportunities and business potentials. The sheer size of the country’s population, human and natural resources as well as its diverse culture place the country in a class of potentially great nations. It is, therefore, a sad narrative when the challenges faced by businesses and entrepreneurs are considered. According to the World Bank Doing Business Report 2017, Nigeria is ranked 169 among 190 economies in the ease of doing business.