VAIDS: SEC moves to enforce compliance by CMO
The Securities and Exchange Commission (SEC or the Commission) on 25 July 2017, issued a general circular mandating Capital Market Operators (CMO) and Public Limited Companies (PLC) to ensure that they regularize their tax status under the Voluntary Assets and Income Declaration Scheme (VAIDS) recently signed by the Acting President – Professor Yemi Osinbajo.
African Powers of Consumer Products 2016
The inaugural African Powers of Consumer Products report examines and lists the Top 50 Consumer Product (CP) companies on the continent, based on publicly available data from 15 African stock exchanges. The period measured is financial year 2015 (FY15). Our FY15 definition encompasses companies’ with financial years ending through May 2016. It also discusses developing themes affecting African CP companies and provides an African economic outlook Key findings from the report include: Collectively, Africa’s Top 50 CP companies generated revenues of US$30bn in FY15 On average, FY15 revenues declined by 7.5% in US dollar and grew by 4.7% in local currency South Africa, Egypt, Nigeria and Morocco account for 64% of the Top 50 The largest company leads with a revenue of US$2.6bn in FY15 The lowest company recorded a revenue of US$147.7m in FY15 South Africa (8) and Nigeria (2) account for all the Top 10 CP companies The…
Tackling tax leakages in the 21st Century – What lessons can Nigeria learn from the OECD (2)?
In our last edition of InsideTax publication, we explored the concepts of tax avoidance and tax evasion and the impact of tax leakages on government revenue. We also highlighted some ways through which tax evasion occurs in Nigeria.
LIRS issues notices to employers to submit mid-year tax returns
The Lagos State Internal Revenue Service (LIRS) recently commenced issuance of notices to employers requesting submission of mid-year salary projections for employees in respect of 2017 tax year. LIRS cited reliance on Section 46 of Personal Income Tax Act, LFN Cap P8 of 2004, as amended, which grants it the power to call for further returns.
The OECD releases 2017 Revised Transfer Pricing Guidelines
The Organisation for Economic Cooperation and Development (OECD), on 10 July 2017, released the revised edition of the Transfer Pricing (TP) Guidelines for Multinational Enterprises and Tax Administrations.
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.