Friday, April 27, 2018
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Explainers

Explaining topical financial, business and economic information in a simple, informative and relatable manner.

TUNDE FOWLER, EXECUTIVE CHAIRMAN, FEDRAL INLAND REVENUE SERVICE

Federal High Court rules on VAT and cross border transactions

Andersen Tax| Introduction The increase in information technology and e-commerce activities has introduced some novel issues on the appropriate treatment of Value-Added Tax (VAT) on...

Explained: Centralised and decentralised cryptocurrency exchanges

Cryptocurrency exchanges play a key role in the cryptocurrency market, as they are the primary means of exchange in a market valued at over...

This proposed law seeks an additional tax on profit after tax

A new bill termed the Establishment of the Commission and Tribunal The Bill establishes a Federal Competition is being considered by the National Assembly and...

Explained: The Unexplained Wealth Order and how it affects rich Nigerians

On 27 April 2017, the UK Parliament passed the Criminal Finance Act 2017 (Act) into law amending the Proceeds of Crime Act 2002. The...

Pencom issues public notices on administration of Life Insurance Policy

The National Pension Commission (PenCom), on Wednesday, 14 February 2018, issued two-pronged notices to both employers and employees on the administration of life insurance...

These new revised guidelines are important if you are an importer

The Federal Ministry of Finance recently issued an addendum to the 2017 Revised Import Guidelines, Procedures and Documentation Requirements under the Destination Inspection Scheme...

Explained: Adding Naira to list of currencies used to pay for imports from Britain

Nigeria's currency, the Naira, is to be added to the list of “pre-approved currencies”, by the British Export Finance Agency. UK’s export credit agency UK...

Personal Income Tax – What does this mean to me?

There are some misconceptions with respect to statutory tax obligations of business owners as well as those in paid employment. For instance, many business...

Nigerian legislation and its shades of gray – Value Added Tax

In the last two years and within 7 months apart, two divisions of the Tax Appeal Tribunal (TAT), in Abuja and Lagos, gave conflicting...

Where should you invest N2 million won from lottery?

Everyday Money Matters (EMM) is live on @lagostalks913 every Wednesday between 7.30am-8.00am. On the show, we give answers to questions from our listeners and...

Accounting for Value Added Tax in the manufacturing industry

The manufacturing industry is a vital part of the Nigerian economy. Based on the sectoral distribution of Value Added Tax (VAT) released by National...

Making sense of Nigeria’s Federal Government budgeting efficiency

It is true that governments all over the world continually argue for and indeed deploy public expenditure to put their GDP on a desired...

Nigeria issues the income tax (country-by-country reporting) regulations 2018

Nigeria has issued the Income Tax (Country-by-Country Reporting) Regulations 2018 (the CbCR Regulations). The Regulations are part of the implementation plans under Action 13...

These fast food chains will make even more money in 2018

The fast food value chain recorded an impressive performance despite the economic recession of 2016 and early 2017. The growth recorded is not unconnected...

Are interest rates on treasury bills the same across all banks?

Everyday Money Matters (EMM) is live on @lagostalks913 every Wednesday between 7.30am-8.00am. On the show, we give answers to questions from our listeners and...

Is there really a statute of limitation in the Nigerian tax system?

Statutes of limitations are provisions within laws which set the maximum time after an event within which legal proceedings may be initiated. The statute...

The economic impact of Christmas

If I could reverse a trend, it will be the grandeur of self-indulgence during the festive periods of Christmas and the New Year. It...

How to know if your bank account is being overcharged

Banks are in the business of accepting deposits and lending money to customers. The advent of internet banking and online services has broadened the...
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Is it a good idea to open a joint account with your spouse?

Everyday Money Matters (EMM) is live on @lagostalks913 every Wednesday between 7.30am-8.00am. On the show, we give answers to questions from our listeners and...

If you own a side hustle, this is how much tax you could pay

Understandably, majority of income earned from “side hustles” in Nigeria escape taxation.  Recently the government announced its...

Explained: How startups are valued

Startup valuation is one of the most debated topics in the venture capital (VC) world. It has bred different schools of thoughts, various valuation...

Explained: All the risk associated with investing in Cryptocurrency by Manasseh Egedegbe

Disclosure: I hold cryptocurrencies. I may be a little biased when it comes to cryptocurrencies, but whenever I talk to an audience about it, I...

Explained: Bank Charges, Fees & Interest Rates approved by the CBN

Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN The Central Bank on Nigeria released a new set of guidelines to...

Explained: Why there is fuel scarcity in Nigeria

December 22, 2017| Fuel scarcity worsened on the last working day to Xmas due to a viscous combination of thin margins, supply chain issues...

The economics of Igbo Marriage explained

There has been a lot of assertions that Igbo Marriage in Eastern Nigeria is expensive. While this...
Land in Lagos

Basic guide to buying land in Lagos

Owning land in Lagos can be seen as a good business venture as well as a wise futuristic investment ...

Financial guide for traveling to have a baby in the US, Canada

Giving birth to a baby in the US, Canada or Ireland is often the wish of any immigrant, especially from...

Tax policy on SMEs in Nigeria – How fair?

Small and medium enterprises (SMEs) are the bedrock of the Nigerian economy. SME serves as an important source of employment generation, economic dynamism, competition...

Top reasons customers are not buying from you

Nothing can be more frustrating than hitting the hot Nigerian clime, product in hand, a ready smile and high expectations only to be rebuffed,...

How to use your phone to check your account balance

Technology has transformed banking and presently customers can perform as many functions as they want on their mobile devices without visiting banking halls. With...