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.
Directors’ Alert 2017 – Courage under fire: Embracing disruption
Disruption is a topic everyone is talking about. While many organizations fear it, others realize the many opportunities that disruptive technologies, processes, and social norms present. But with every opportunity comes an element of risk – not every disruption will positively impact your enterprise.
5 blockchain use cases in financial services
One of the most discussed topics in the financial services industry today is blockchain technology. We are beginning to understand what a blockchain is, but how can we best use this technology within our business?
Deloitte West Africa’s 2017 Restructuring Outlook Survey
Low commodity prices, exchange rate fluctuations and decline in government spending have left many West Africans under strain. Nigeria, for instance, has experienced a “perfect storm” of economic and political events which have placed significant pressure on the economy.
Africa Construction Trends Report 2016
Africa’s changing infrastructure landscape This edition of Deloitte’s Africa Construction Trends Report cumulates and compares data from the last four years, delivering insights on both a continental and regional level. The latest edition includes a special feature on water projects in Africa.
Kenya: Grounding Africa’s Economic Growth
Apart from being the largest and most advanced economy in East Africa, Kenya is also set to be among the fastest-growing countries in Africa, expected to continue to grow in excess of 5% per annum over the next five years.
Decoding the path to purchase: Using autonomous analytics for customer mapping
You could be forgiven for being overwhelmed by customer data. Every minute, for example:
Cybersecurity: Seeing the organization through the enemy’s eyes
Today’s public and private sector organizations continue to grapple with the devastating results of cyber attacks. Growing in sophistication and with no signs of slowing down, cybersecurity threats come with a hefty price tag. Estimates on the cost of cyber crime to business range from $400 billion annually in 2015 to an anticipated $2.1 trillion by 2019. With so much at stake, the United States federal government has increased its commitment to thwarting cyber crime, including $19 billion in Federal resources for cyber-security.
Over the horizon: Blockchain and the future of financial infrastructure
The transformation of the financial services industry is top-of-mind for everyone in the field. As digitization has “changed the game” for all industry sectors, distributed ledger technology, also known as blockchain, has emerged as a hot topic. But how can this technology help financial firms? This report from Deloitte and World Economic Forum takes a pragmatic approach to answering this question.