Yomi Olugbenro’s Blog
Review of 2016 Budget of the Federal Government of Nigeria – #TaxWiseNG Episode 14
President Buhari presented the 2016 budget before a joint session of the National Assembly on 22 December 2015. It is the first time in recent years that the budget is presented in person by the President. The budget can be appropriately dubbed a non-oil budget as only 13% of the budget outlay is...
VAT on Petroleum Products – #TaxWiseNG Episode 13
Welcome to another episode of #TaxWiseNG. Today, we’ll focus attention on VAT and petroleum products. A note of caution please, I’m only talking about VAT on petroleum products, not where to buy fuel. For those who looking for where to buy fuel, I haven’t got PMS distribution license. Not yet!...
Nigeria’s Federal High Court’s ruling on fixed base for non-resident company – #TaxWiseNG Episode 12
Today, we will be reviewing a recent decision by the Federal High Court in a case involving taxation of a non-resident company. Tax is a creation of statutes. Without an enabling law, tax cannot be imposed. But laws are creations of men. As it is with every other human endeavours, laws themselves...
Tax Obligations of Not-For-Profit Organisations in Nigeria – #TaxWiseNG Episode 11
It’s another episode of our weekly “tweetax” session - TaxWiseNG. Today, we'll be discussing Tax Obligations of Not-For-Profit Organisations in Nigeria. Some people call them non-profit organisations, non-business entities and other similar names. Let’s refer to them as NFPO as that fits better...
Interim dividends and provisional income tax: matters arising – #TaxWiseNG Episode 10
These are interesting times for Nigeria’s economy with mounting pressure for “dividends of democracy” amidst dwindling revenue. Nobody is ready to listen to excuses for non-performance and government needs to become more creative. If you ask any Nigerian why he’s unable to lower his expectation...
Tax Consolidation – #TaxWiseNG Episode 9
Today is episode 9 of our weekly “tweetax” session - #TaxWiseNG. How time flies! What are we discussing today? We will be focusing on one of the tax regimes that I will like to see introduced into the Nigeria tax system – Tax Consolidation. Let me give a brief introduction, drawing from general...
Show Your Tax Clearance – #TaxWiseNG Episode 8
There are tax havens and there are jurisdictions where the taxman reign supreme. In any jurisdiction where taxes are levied, Tax Clearance Certificate (TCC) is a collector’s item. Nigeria is not one where the citizens enjoy the luxury of tax-free income. If you detest tax payment, you may...
Celebrity Tax Drive – #TaxWiseNG Episode 7
In this age of social media, it is common place to see celebrities show off how far they’ve come and how successful they are. The degree of opulence on Instagram may not all be real, some are “make-believe”, but no doubt, some earn decent income. Even if you’re too old fashioned to be on...
Love Dividends, Love Tax – #TaxWiseNG Episode 6
Last week, the Federal Inland Revenue Services (FIRS) published a notice in various national dailies regarding payment of provisional tax on interim dividends. FIRS directed attention to the provisions of Companies Income Tax Act (CITA), which requires every company that pays interim dividends to...
Abuja Tax Blues – #TaxWiseNG Episode 5
Welcome to another tweetax session. It’s Episode 5 of #TaxWiseNG. Today’s episode of #TaxWiseNG is titled Abuja Tax Blues. This is the season where many people eagerly await news flowing from the Federal Capital Territory. So, why not tax news? Without any iota of doubt, Nigeria is going through...
Know Your Tax Laws. It’s Your Right & Responsibility
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