There are very few bills that have become as famous as the Petroleum Industry Bill (PIB) and yet several years after its introduction, it is yet to be passed. It is becoming clearer that it may indeed never be passed; at least not in its current state.
One of the most interesting developments that democracy has brought us is the ability to criticise various governments in Nigeria. There was a time when it was impossible to criticize, let alone, say negative things about the different military junta that ruled Nigeria. Times have changed!
The Nigerian Stock Exchange (NSE) witnessed a number of stimulating initiatives in 2012, initiatives designed to encourage growth in capital market activities and give the market depth.
Nigeria is reported to have the highest population of goats in Africa. Whether this is true or not is irrelevant to the Watcher. What is important to me is the parallel between the life of a goat and that of many supposedly intelligent men.
Without a doubt, Nigeria is rife with corruption. The argument is around the extent of corruption and the number of countries that are more corrupt than Nigeria. Recently, Transparency International (TI), in its 2012 report, ranked Nigeria the 35th most corrupt country in the world. Nigeria scored 27 out of a maximum 100 marks to occupy the 139th place out of the 176 countries surveyed in the report.
The classic causality dilemma of which came to the world first between the chicken and the egg has been with us since ancient times. The question is no easier to answer today than it was at the time of the Greek philosopher Aristotle. In the lives of the ancient philosophers (as translated in 1825), François Fénelon quoted Aristotle as saying during the latter’s life time (384-322BC) that: “If there has been a first man, he must have been born without father or mother –which is repugnant to nature.
Presently, industries are challenged by changing operating environment characterised by the emergence of new competitors, diversification of demands and the rapid advance of globalisation. In this regard, firms’ innovative capabilities depend not only on firms’ internal competencies, but also on their capacity to develop organisational strategy for managing their innovation process.
A very common expression whenever tragedy, sometimes on a massive scale, has befallen Nigerian citizens is “it is a very unfortunate event”. Another common expression, perhaps to rub off on the religious sentimentality of Nigerians, is “may God grant the families the fortitude to bear the loss”. No one expresses disappointment, indignation and sadness better than the Nigerian President, Goodluck Jonathan. He has perfected the act of looking pained, resigned and even cries when the occasion justifies it.
Sometime ago, I titled an article “Reverend Sir, the Tax man needs your tithe”. I received a few emails questioning my motives. I also received some other emails applauding me. I got an epistle from one interesting fellow who questioned the title of the article and suggested I broaden this to include Imams and herbalists. I agreed with him without arguing. Some other fellow questioned why I should advocate tax compliance at all in an environment that is so overtly corrupt where it is guaranteed that the tax would be embezzled as soon as it is paid.
The Federal Inland Revenue Service (FIRS) placed a paid advertisement in The Guardian of Thursday February 28, 2013 requesting payment of taxes. That regulation cited section 55 of the Companies Income Tax Act (CITA) 2004 (as amended), Laws of the Federation of Nigeria CAP C21. The section cited stipulates the time within which a company is to file its returns. This is essentially within 6 months of financial year end for an existing business.
