TAXATION OF INTEREST BENEFITS FROM EMPLOYEE LOAN (0) October 25, 2017 BACKGROUND September 25, 2017, the Chairman of the Lagos State Board of Internal Revenue issued a public notice to the tax payers in Lagos to clarify the tax implication of the interest on loan granted to employees by their employers. DEFINITION OF EMPLOYEE LOAN According to the public notice, employee loans are granted by employer to her employees for ... Read more about this post

FG APPROVED NEW INTEREST RATE ON DEFAULTERS OF UNPAID TAXES FOR 2017 FISCAL YEARS (0) October 25, 2017 BACKGROUND The Federal government of Nigeria through the Minister for Finance announced on May 22, 2017 a new interest rate which will be applicable on unpaid tax debts for 2017 fiscal year. According to the minister, new applicable interest rate shall be five percent over the prevailing Minimum Rediscount Rate of the Central Bank of Nigeria ... Read more about this post

NEWSLETTER ON TAX AMNESTY (0) October 25, 2017 BACKGROUND June 12, 2017, the Acting President (AP) signed a budget of N7.44 trillion into law with an anticipated deficit of N2.36 billion. It is no surprise that seventeen days after the 2017 budget became a law, the Federal government through the AP announced a nine month tax amnesty programme. The AP launched a Voluntary Assets ... Read more about this post

TAX AMNESTY IN NIGERIA: A SUCCESS OR A FAILURE (0) May 25, 2017 Overview of Tax Amnesty Tax Amnesty is a time restricted opportunity for a group of identified tax payers to pay a specified amount in exchange for forgiveness of a tax liability (including interest and penalties) with respect to past tax period or periods and without fear of criminal prosecution. In most circumstances, the same law that ... Read more about this post

REMITTANCES AND GROWTH (0) May 4, 2017 Migration study usually covers the movement of people and resources among different regions. It is concerned with globalization and the impact of these movements on economic growth and development. Migration (forced or voluntary) has and would continue to play an important role on the pattern of development experienced in most regions of the world. From ... Read more about this post

THE PRINCIPLES OF PAY AS YOU EARN (0) May 3, 2016 PERSONAL INCOME TAX IN NIGERIA THE PRINCIPLES OF PAY AS YOU EARN (PAYE) With the proposed 2016 budget of the Federal Republic of Nigeria and those of the State governments in Nigeria, it has been established that internally generated revenue is the major source of finance for budgets and not Oil as the case used to be. ... Read more about this post

WHT rates for resident companies/ individuals and non-resident companies or individuals. (0) March 7, 2016 The period for filing WHT is 21 days after the duty to deduct arose for deductions from companies. The penalty for failure to deduct or remit tax is 10% of the amount not deducted/remitted. Note that companies are required to submit, in electronic form, a schedule of all their suppliers for the month showing the tax identification ... Read more about this post

SUCCESSION PLANNING : BOTH SIDES NOW (0) July 10, 2015 The need for successsion and transition planning of tax and accounting practioioners and their firms has been growing in the past ten years. Part of this drive, of course, is an aging practitioner base. Another is the changing dynamics of clients – particularly their need for a more sophisticated assistance in the business and tax ... Read more about this post

2015 PROPOSED VAT INCREMENT: IT’S EFFECT ON NIGERIAN BUSINESSES (0) June 9, 2015 On 18th December 2014, the Coordinating Minister of the Economy and the Minister of Finance Dr. Mrs. Okonjo Iweala, laid the proposed budget before the House of Representatives and National Assembly called the transition budget and part of its parameters to generate revenue from taxes is the proposed increment in vat rate from 5% to ... Read more about this post

CONTINUOUS RELEVANCE OF THE YOUNGER GENERATION WORKFORCE IN THE MODERN DAY WORKPLACE THROUGH KNOWLEDGE TRANSITION. (0) April 8, 2015 INTRODUCTION The continuous relevance of the younger generation cannot be overemphasized in the 21st century workplace and this has brought about a wide range of transformation in different sectors of the economy. It is basically owing to the fact that they have grown to embrace the technological innovations that has rapidly increased over the modern age. Hiring ... Read more about this post