Opinion

The ‘Passion’ Of The Nigerian Politician

Posted by Finintell on Friday, 8 March 2013

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.

Why We Need A Gift Tax

Posted by Finintell on Friday, 8 March 2013

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 FIRS Cannot Demand Taxes before a Self-Assessment is Filed

Posted by Finintell on Thursday, 28 February 2013

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.

The Taxpayer’s Rights

Posted by Finintell on Wednesday, 16 January 2013

Does a taxpayer have rights attached to the taxes he pays? If he does, how important are these rights to the tax authority? Are taxpayer’s rights (if any) subordinate or superior to the rights of the citizens and denizens of a state? Does the taxpayer have powers to decide how his money should be spent? These are questions that should frame debates on the economic and political governance of any nation on the path to development.  

Measuring Productivity

Posted by Finintell on Sunday, 6 January 2013

The measurement of productivity varies from nations, business, team and individuals. Some experts believe productivity is to measure labour input, such as the number of workers or the number of hours worked. But productivity in a simple term is output per unit of input.

In effect, productivity becomes the attainment of the highest level of performance with the lowest possible expenditure of resources. It represents the ratio of the quality and quantity of products to the resources utilised.

The State Of The Nation: The Police State

Posted by Finintell on Sunday, 6 January 2013

The Freedom House in its 2009 survey listed Nigeria as one of the 62 countries in the world that is partly free. The survey measures include political rights, economic rights and civil liberties. What is instructive is that the survey was carried out after 10 years of democracy in Nigeria and at a time we had a president whose claim to fame was his “respect for the rule of law.” Unfortunately, not much in terms of freedom has changed in Nigeria since 2009.

Is Oil & Gas Taxation In Nigeria A Mystery?

Posted by Finintell on Sunday, 6 January 2013

In "The Wealth of Nations" (1776), Adams Smith set forth four maxims, or canons, of taxation. These four maxims have been summarised in four words: Equity, Certainty, Convenience and Efficiency. When Adams Smith postulated these canons perhaps he did not envisage the complexities of business arrangements in today’s world. Otherwise he would not have added certainty and convenience to his list.

Tax Governance As An Index For Your Investment Decisions

Posted by Finintell on Monday, 17 December 2012

Sometime ago, I was daunted by the headlines of some newspapers that a bank has commenced winding up proceedings against a large oil marketing company in Nigeria over unpaid loans relating to certain transactions.  This was not the disturbing bit of the news.  Tucked in somewhere towards the end of that article was the information that the owner of the company (who is merely the majority shareholder; the owners being the investing public as this company is publicly traded) lives like a sheik, and owns several elite properties in highbrow Ikoyi, a collection of posh cars, private jets, and e

FOI: What Freedom Of Information?

Posted by admin (not verified) on Thursday, 22 November 2012

When the Freedom of Information (FOI) Act was signed into law by the Nigerian President, Goodluck Jonathan, many civil society organizations hailed the development as a step towards transparency and accountability in government. Essentially, the FOI guarantees (or is meant to guarantee) public access to information held by public institutions and provides protection for whistleblowers.

Adherence To Tax Governance & Your Investment Decisions

Posted by admin (not verified) on Thursday, 22 November 2012

There is a general perception that the tax man reaps where he has not sown.  There is some verity in this statement in that the tax man would wait for you to patiently cultivate your business and when it begins to yield fruits, he would demand a slice of your profits.  This slice could be up to 30% if you are a corporation. 

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