The Introductory Episode of #TaxWiseNG starts now. How would you like to get some tips about Nigeria tax and become tax wise? I’m happy to introduce a new weekly Twitter chat – #TaxWiseNG.
The sessions holds every Wednesday, 17:00 Nigeria Standard Time. Get ready to let it all out! Nigeria Standard Time is 1 hour ahead of Greenwich Mean Time (GMT+1). Nigeria is in West Africa Time Zone (WAT).
Today is our introductory episode. Let’s set the tone for what to come. Interesting tax time, I believe! Tweet at @YomiOlugbenro with your comments on topic of the day and be sure to use the hashtag – #TaxWiseNG. Reply, retweet, favourite and let’s share the message. .
Once we’re done with each week’s session, we will “storify” and post on www.yomiolugbenro.com, Facebook and LinkedIn. You can always catch up if you miss the session.
Each week, we will focus on a particular topic, share ideas and interact. Got questions, particularly if it’s different from topic of focus? Please tweet at @YomiOlugbenro to ask your questions and use the hashtag #AskYomiTax. You can expect to receive responses for questions with hashtag #AskYomiTax. I’ll treat as many as time permits.
Already, there are so many issues competing to feature in the first episode. Tax is undoubtedly the new oil. From direct to indirect tax, corporate to personal tax. Just so much to discuss about Nigeria tax.
You are probably aware of the decline in oil revenue and government’s focus on non-oil sources, but how well prepared are businesses for the new tax landscape? A new man now sits as FIRS’ chair. You’ll expect new focus for this important revenue agency of Government.
Lagos corporates and taxpayers know Dr. Babatunde Fowler while he presided as LIRS Chairman until his appointment as Ag FIRS Chairman. What would (or should) be the focus of the new FIRS boss? What is he saying? What will the landscape look like?
Many are already talking about possible increase in VAT rate. Well, this speculation is fuelled by the fact that Nigeria has one of the lowest VAT rates in the world at 5%. If a rise in VAT rate is to be pursued, will this come via amendment to VAT Act? Will the change come by Presidential, Executive or Ministerial order?
By the way, the new FIRS boss doubles as Chairman of Joint Tax Board (JTB). With the huge experience in managing personal income tax, how will the Chairman of JTB, influence Chairmen of State IRS? Already, within his few days in office, the new FIRS’ boss is already exploring ways of partnership to shore up government revenue. Taxpayers must need watch this space!
Few months ago, a new law – Federal Capital Territory Internal Revenue Service Act 2015 (FCT IRS Act 2015) was enacted. FCT IRS Act 2015 establishes a new tax authority for the FCT to administer and collect taxes from residents of FCT. With FCT IRS Act, what should the Abuja residents expects? FCT IRS have the status of a State Internal Revenue Service (SIRS) for matters relating to collection of revenue. Improve in revenue generation is expected in FCT, particularly income tax from high net-worth individuals. Property tax on my mind! Abuja property owners, how far? PAYE remittances from government ministries, departments and agencies and Abuja-based NGOs should increase. You also wish to ask: How is the transition from FIRS to FCT IRS going as far as personal income tax in Abuja is concerned? We will explore this at some time.
Did you hear about the introduction of luxury tax? What must you do to remain tax compliant and still manage to smile? Well, not sure I know many people that smile paying tax. Do you know anything about the current challenge of connecting the airlines’ payment portal with FIRS’ platform? There’s a drive for real-time reporting of VAT on tickets sold by Airlines.
Are you aware of FIRS’ e-filing? Yes, e-filing! As in electronic filing! Things are happening, you know! I suspect some will ask about withholding tax administration and vent their frustration on how things are.
Oh! We must talk about tax obligations of religious organisations and leaders too. Should church/mosque pay tax? We will also discuss responsible taxation. We will discuss different tax legislations.
Tax Appeal Tribunals rulings and court cases on tax issues will always offer an interesting debate. There are gray issues in our tax laws, as it is the world over. We could take on some of them.
Have you ever receive Best of Judgment (BOJ) assessment from any tax authority? Some taxpayers will be familiar with deemed income assessments. Lagos corporates and taxpayers should. Any idea what “dividends tax” is all about? How does this impact investment decisions? How can the government use taxation to direct flow of foreign investments into Nigeria?
Nigeria has double tax treaties with a few countries. You know how many we got? What benefits do DTAs offer? There is a recent directives by FIRS on taxation of non-resident companies operating in Nigeria. Lots of issues to discuss on this.
How far are we implementing the Nigeria Tax Policy? Yes, we got a National Tax Policy. LIRS says “it pays to pay your tax”. Well, let’s pretend we enjoy doing it. “Eko o ni baje”.
I told you, there’s just so much to discuss on tax. We’re just setting the tone today and getting you prepared for interest one hour every Wednesday evening, 5:00 WAT. So, spread the news. Let’s get a community together, squeeze out some fun to relieve our pains of paying taxes.
To commemorate this introductory episode, I got gift for all followers. If you use an android phone, you can download a free tax app from the Play store. Please feel proud to download Nigeria Income Tax Calculator from Play store. You may search for Nigeria Income Tax Calculator or Nigeria Tax/Net Pay Calculator from Play store.
With the Tax app, you may estimate your personal income tax and get tax wise. Soon, the tax app will be made available on apple store. Watch this space if you’re an iPhone user. Blackberry users won’t be left out. How can I?
So please, retweet, favourite, follow back, enlist your follower and share the news. Please mark out Wednesday, 5pm Nigeria Time, in your diary. That’s GMT+1. Let’s do it every week.
Till then, remain tax wise. This introductory episode closes out.
Thanks for sharing your time with me.
Recent Comments