Yomi Olugbenro’s Blog
Stretching the law on taxation of severance benefits via withholding tax on capital gains
Lagos State Internal Revenue Service (LIRS) has issued a public notice to notify employers of the exercise of its powers to appoint them as its agent in connection with employees’ tax obligation on severance benefits. It specifically request employers to deduct and remit applicable capital gains...
Nigeria Tax Roundup 2018
1. Here is a recap of my Top Twelve Tax Topics for 2018. I have selected the major developments that shaped Nigeria’s taxation landscape in 2018. Follow the thread. #TaxRecap2018 2. Tax Appeal Tribunals were reconstituted in July 2018, with one each in the 6 geopolitical zones, Lagos and Abuja,...
Taxing Nigeria’s Fledgling Economy: Between Tax Penetration and Economic Recovery
Nigeria has rolled out another tax amnesty scheme. Backed by Presidential Executive Order No 8 signed on 8 October 2018, Voluntary Offshore Assets Regularization Scheme (VOARS) became the latest effort at combating money laundering and tax evasion. For the next twelve months, all persons and...
Government chases after VIPs & HNIs to regularise their tax status in Nigeria
The tax landscape in Nigeria is changing fast and efforts at bringing taxable individuals into the tax net is gaining momentum. Those who have not been tax compliant in the past are being advised to take advantage of the 9-month tax amnesty scheme through Voluntary Assets & Income Declaration...
For young professionals and job seekers: Are you fit for purpose? Would you hire you?
I’ve been reflecting over my recent experiences while interacting with fresh graduates and how inadequately prepared they are for the corporate world. There’s crisis brewing as we unleash more into the labour market without the needed capacity and mentality. We seems to talk quite often about...
The latest business competitiveness ranking: How close is Nigeria to the Promised Land?
It is heartwarming to read the latest doing business report of the World Bank and Nigeria’s giant leap to 145th among 190 economies on the ease of doing business. Nigeria gained 24 places on the latest ranking, an improvement on the prior year’s ranking of 169, and exceeded the short term target...
Developing a holistic tax policy for smaller businesses
Micro, small and medium-sized enterprises (MSMEs) are the driving force for economic activity and innovation. They contribute to growth through job creation, investments, exports and taxation. In Nigeria, the economy is largely dominated by MSMEs, with an estimated 96% of all businesses...
Nigeria considers new tax amnesty framework through Voluntary Asset and Income Declaration Scheme
In a bid to grow Nigeria’s tax revenue and raise non-oil tax to GDP ratio from current level of 6% to 15% by 2020, Voluntary Asset and Income Declaration Scheme (VAIDS) is to be implemented. The National Executive Council (NEC) has granted approval-in-principle for this new scheme subject to...
Tax Risks: Some Questions Businesses Must Answer
It is expected that ramping up tax collection would be one of the default options to make up the deficit in revenue arising from the crash in crude oil prices. Thus, in the same manner that the tax authorities would feel the heat, businesses would not be spared. More than ever before, businesses...
Accumulated withholding tax credits and rights of taxpayer to offset tax liabilities: #TaxWiseNG Episode 24
In a bid to shore of government revenue, the Federal Inland Revenue Service (FIRS) is doing everything possible to expand the tax net and collect due taxes. The current fiscal landscape calls for no less response. Needless to say that the country is going through tough challenges. The Federal...
Know Your Tax Laws. It’s Your Right & Responsibility
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