FIRS invites stakeholders to engagement meeting
The Federal Inland Revenue Service (FIRS) has invited stakeholders to an engagement meeting to discuss tax processes and measures that can be taken towards ensuring that tax compliance process is easier and more convenient for taxpayers.
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…
PenCom issues reminder on requirement for annual certificate of compliance
The National Pension Commission (PenCom) has issued a general notice to remind employers who wish to bid or solicit for contract or business from any Federal Government Ministries Departments and Agencies (MDA), of the requirement to provide proof of compliance with the provisions of the Pension Reform Act, 2014 (PRA 2014). The notice states that only Pension Clearance Certificate (PCC) issued by PenCom will serve as proof of compliance with the provisions of PRA 2014.
Winning in business – Culture as a catalyst
Culture to drive business strategy Research consistently demonstrates that culture drives business value. Organisations with engaged and committed employees have higher levels of customer loyalty, revenues, profitability and employee retention.
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.
FIRS issues public notice on revised interest rate for unpaid taxes
The Federal Inland Revenue Service (FIRS) has issued a public notice announcing the approved penalty and interest rates to be applied as sanctions on all unpaid tax amounts.
FIRS introduces six electronic tax services
The Federal Inland Revenue Service (FIRS) has announced the introduction of six (6) new electronic tax services (e-services). The available e-services are: • e-Registration: for registration of new taxpayers with FIRS for the various taxes • e-Stamp Duty: for payment of stamp duties on qualifying documents • e-TaxPayment: for payment of all Federal Government taxes and levies through any of the following platforms – Nigeria Inter-Bank Settlement System (NIBSS), Remita and Interswitch • e-Receipt: for receiving and verifying e-receipts generated for taxes paid through the new e-TaxPayment • e-Filing: enables taxpayers file their tax returns through the FIRS’ Integrated Tax Administration System (ITAS) • e-TCC: this platform will enable taxpayers apply for, receive and verify authenticity of their electronic tax clearance certificates (e-TCC) The initiatives underscore the efforts of FIRS towards ensuring that key tax processes are automated in order to improve transparency, ease and speed of tax administration; for…