Yomi Olugbenro’s Blog
The New Naira-Dollar Exchange Rate Policy
The Central Bank of Nigeria (CBN) has released the much-awaited guidelines for the operations of a Flexible Exchange Rate system in Nigeria. The CBN Governor, Mr. Godwin Emefiele, made the announcement on 15 June 2016 where he highlighted the key features of the new policy. This was followed by...
My Top Ten Tax Takeaways from NEC Retreat – #TaxWiseNG Episode 23
The National Economic Council (NEC) had a two-day retreat recently with far-reaching decisions. Vice President Osinbajo as Chair of NEC, 36 Governors, some Ministers and heads of relevant government agencies were present. The Retreat was declared opened by President Buhari at the Statehouse...
Should Nigeria’s VAT rate be increased? – TaxWiseNG Episode 22
There’s been a raging debate on possible increase in Nigeria’s VAT rate which is currently at 5%. While the pressure has been heightened by the sharp decline in oil revenue, the arguments dates back many years. The rate was increased to 10% in 2007 but was hurriedly reversed by FG under late...
FIRS Changes Gear With Compliance and Enforcement – #TaxWiseNG Episode 20
If you live, work or run a business in Nigeria, you should have sensed it that FIRS is changing gear with compliance and enforcement drive. “Boys are not smiling” is an appropriate expression for the mood at the Revenue house. How can they smile, when the weight of the country rest on their...
Tough Times, Trying Tax – #TaxWiseNG Episode 19
Every economy that depend largely on commodity export is facing one form of challenge or the other. The degree of impact is what varies. Nigeria is groaning under the weight of falling price of crude due to lack of foresight. Attention has been devoted to the metric of falling price of crude, but...
Matters Arising from CBN Circular on N50 Stamp on Transactions – #TaxWiseNG Episode 18
Nigeria has a long list of legislations that impose tax and levies on individuals and companies. The three tiers of government have statutory powers to collect and administer specific taxes and levies allocated to them. Whilst the Federal Government has exclusive rights to legislate on certain...
Dealing with multiplicity of taxes – #TaxWiseNG Episode 17
There are many tools at the disposal of government for the management of the economy. Monetary policy and fiscal policy are the two most widely recognized. These two policies have various mechanics available to government to drive the economy in a given direction. Monetary policy is primarily...
Employer’s Annual Return: 25 Days to Deadline – #TaxWiseNG Episode 16
A warm welcome to you. Happy New Year. It’s the first episode of our weekly tweetax session in 2016 - #TaxWiseNG. We are already 6 days into the year. If FG’s target of N1.45 trillion tax revenue is accrued daily, N23.8 billion should be in the kitty by now. It’s 25 days to the end of the month...
What Does 2016 Hold for Taxpayers? – #TaxWiseNG Episode 15
As 2015 draw to a close and 2016 eases in, it is appropriate to take a peep into the future and see what the year portends. A discerning mind can tell that great challenges lies ahead. Well, difficulties are blessings in disguise, the optimist will say. What Does 2016 Hold for Taxpayers? A lot!...
A recap of Nigeria’s foreign exchange control measures in 2015
It’s tough times for Nigeria’s economy. Nigeria’s source of FOREX receipts is mainly oil. Unprecedented decline in oil revenue means Government must take hard decisions to manage foreign exchange (FOREX). Imagine the impact of price falling from over $100 to less than $40 per barrel. With...
Know Your Tax Laws. It’s Your Right & Responsibility
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