Statutory filing of returns is provisioned for in sections of 41 (1)-(4) and 81 (1)-(3) of the Personal Income Act (PITAM) as Amended in 2011. Scenario 1: An individual in employment (with no other source of income): section 81 (1) – (3) of PITAM: Section 81 (2) states ‘Every employer shall be required to file
Read MoreVAIDS as a variable tool for increasing states’ Internally Generated Revenue (IGR) By: Francis Chavwuko Okoro, FCA, ACTI Principal Partner, F.C. Okoro & Co. (Chartered Accountants) 59 Hospital Road, Ekpan 08129506733 What is VAIDS The acronym ‘VAIDS’ stands for Voluntary Asset and Income Declaration Scheme. VAIDS was formally launched in Nigeria by the then Acting
Read MoreValue Added Tax: Introduction Value Added Tax (VAT) is an indirect tax based on the consumption of some specified goods and services. It was introduced into the Nigeria tax system through VAT Decree No 102 of 1993 which repealed the Sales Act of 1986 and it became effective 1 January 1994. Recent amendments to the
Read MoreHave you ever considered the role your mindset plays in how you approach your leadership? Mindset can be defined as the attitudes, beliefs and expectations you hold that act as the foundation of who you are, how you lead and the ways in which you interact with your team. Your mindset: Determines how you think
Read MoreWe see many instances where a business owner hasn’t maintained their books in over a year. Usually the result of this is an unexpected tax bill, the inability to understand their business from a financial point of view, and certainly the inability to make corrective actions during the year. Aside from the fact that the
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