FEC approves new bilateral tax treaty between Nigeria and Singapore
In the bid to facilitate more trade between Nigeria and Singapore, the Federal Executive Council (FEC) on Wednesday, 16 November 2016 approved a bilateral tax treaty between the two countries. A bilateral tax treaty, also known as double tax treaty (DTT), helps to eliminate the double taxation of income arising in either of the countries and paid to residents of the other. Meanwhile, double taxation is the levying of tax more than once on the same declared income, asset or financial transaction, often by two or more jurisdictions.
Culture shift: Changing beliefs, behaviors, and outcomes
Culture is like an iceberg. The part that can be seen above the waves reflects the isolated behaviors and outcomes that can surprise and sometimes frustrate incoming executives. The bulk of it, though, the submerged part, comprises the “shared beliefs and assumptions” that are often shaped over generations and can sometimes punch a hole through titanic corporate initiatives.
FIRS introduces cut-over date for tax payments
The Federal Inland Revenue Service (FIRS) is pressing forward with implementation of the Integrated Tax Administration System (iTAS) platform. As part of its operationalization road map, FIRS has introduced a cut-over (transition) date for payment of tax liabilities arising from tax returns filed manually.
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.
TAT provides clarification on VAT and WHT implications of reimbursable expenses
The Tax Appeal Tribunal (TAT), on 2 June 2016, delivered a ruling on the applicability of value added tax (VAT) and withholding tax (WHT) on reimbursable expenses in the case between Brasoil Oil Services Company (Nigeria) Limited (Brasoil or the Company) and Federal Inland Revenue Service (FIRS). Other issues considered in the case include the applicability of WHT on extraterritorial income and the liability of taxpayers to interest and penalties on additional assessments, after validly objecting to FIRS’ assessments and subsequently filing appeal to contest such assessments.
FRC issues National Code of Corporate Governance
The Financial Reporting Council of Nigeria (FRC) has issued National Codes of Corporate Governance (the Code) for the private sector, public sector and not-for-profit organisations in Nigeria. The Code, which is effective from 17 October 2016, was issued by FRC following a Federal High Court ruling that FRC has the powers to issue the Codes.
Building your data analytics capabilities
Analytics is at the forefront of the C-suite’s agenda these days. Operating in today’s complex, highly regulated business environment, leaders can no longer just “trust their gut.” Most companies already have at least a subset of the capabilities they need to engage in business analytics. The challenge is to push those capabilities even deeper into the organization — from business executives to the front lines.
FIRS grants 45 days amnesty to tax defaulters
The Federal Inland Revenue Service (FIRS) has issued a notice to inform the public of a special window opened for taxpayers to avoid payment of penalty and interest charges on tax due between 2013 and 2015. The major objective of the waiver is to promote voluntary compliance and consequently generate revenue for government which otherwise, could have been lost.
FIRS seals business premises of defaulting companies
The Federal Inland Revenue Service (FIRS) has continued to seal business premises of defaulting tax payers in continuation of its compliance enforcement drive. The tax agency recently sealed business premises of tax payers in Lagos, Ibadan and Port-Harcourt for failure to settle outstanding tax liabilities, covering periods as recent as 2015.