Nigeria, Foreign Countries Share Data on Overseas Bank Accounts, Property Owned By Nigerians

 

 

The Federal Government of Nigeria and some foreign countries, including the United Kingdom Government, have commenced the Automatic Exchange of Tax Information (AETI), particularly on overseas assets held by Nigerians.

 

The Honourable Minister of Finance, Mrs. Kemi Adeosun, confirmed this on Friday in Abuja during the presentation of Progress Report on Tax Laws Reform by the Vice Chairman of the National Tax Policy Implementation Committee, Mr. Taiwo Oyedele.

 

The Minister expressed satisfaction with the data being supplied to Nigeria by foreign countries under the AETI, to which the country became a party in January 2018.

 

“The data received in Nigeria with regard to overseas assets held by Nigerians has been impressive and will underpin a long term improvement in the nation’s tax to Gross Domestic Product (GDP) ration, in turn, will improve life for the masses.

 

“The data on bank accounts, property and trusts, which has come automatically from a number of countries is being used to support the Voluntary Assets and Income Declaration Scheme (VAIDS) by allowing the tax authorities to check the accuracy of declarations received.

 

“The Federal Government is also using the data to generate ‘nudge’ letters which are being sent to those identified as being potential tax defaulters,” said Adeosun while responding to questions raised by journalists during the submission of progress report on tax laws reform.

 

She disclosed that Nigeria had written to a number of nations to request specific information about offshore trusts and bank accounts held by its citizens.

 

The Minister advised users of offshore structures to take advantage of VAIDS to regularise their taxes before the expiry of the amnesty programme.

 

“The offshore tax shelter system is basically over. Those who have hidden money overseas are being exposed and whilst Nigerians can legally keep their money anywhere in the world, they must first pay any taxes due to the Nigerian Government so that we can fund the needs of the masses and create jobs and wealth for our people.

 

“The moral argument against illicit financial flows and tax evasion and the strong international co-operation are such that every Nigerian tax payer should do the right thing. The needs of our people for development override any other argument against payment of tax,” she stated.

 

Adeosun stressed the need for a sustainable revenue that could deliver infrastructural development for Nigeria and improve the tax to GDP ratio of the country.

 

She assured that the Federal Government would build a robust tax system and implement the recommendations by the National Tax Policy Implementation Committee (NTPIC) on tax laws reform.

 

Earlier in the address, the NTPIC Vice Chairman, Mr. Taiwo Oyedele, who represented the Chairman, said the Committee considered three major policy documents namely; the Economic Recovery and Growth Plan (ERGP), the National Tax Policy and Ease of Doing Business Plan.

 

He disclosed that the Committee agreed that tax reforms should align with overall Government objectives as articulated in these documents, such that every action or recommendations would promote and catalyse the realisation of overall objectives.

 

The Committee, according to him, identified the seven major tax areas that would have the highest impact. These include: Company Income Tax (CIT), Value Added Tax (VAT), Customs & Excise Tariff (CET), Personal Income Tax (PIT), Pension Contributions, Industrial Development Income Tax Relief (IDITR); and Tertiary Education Trust Fund.

 

He disclosed that he proposed changes to the tax laws would achieve the following specific objectives: increase and diversify Government revenue, simplify paying taxes and doing business, promote Micro, small and medium enterprises, protect most vulnerable persons in the society, and remove obsolete, ambiguous and contradictory provisions in the law.

 

Oyedele added that the Committee’s work resulted in two executive orders and five amendment bills.

 

The executive orders include Value Added Tax Act (Modification) Order and Review of Goods Liable to Excise Duties and Applicable Rate Order, the proposed Amendment Bills are: Companies Income Tax Act (Amendment) Bill, Value Added Tax Act (Amendment) Bill, Customs, Exercise, Tariff (Consolidation) Act (Amendment) Bill, Personal Income Tax Act (Amendment) Bill and Industrial Development (Income Tax Relief) Act (Amendment) Bill

 

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#WCW: Deborah Sawyerr is on a mission to educate kids on money literacy

According to Sawyerrs’ House founder, Deborah Sawyerr, a passionate convener of Money Literacy among children and adult women, you are never too young to learn about money as a child, and never to old to learn how to manage your money better and create your future wealth as a woman. Read more about her entrepreneurial journey. She is our Woman Crush for this Week!

 

What does your company do?

Sawyerrs’ House provides online education in money literacy to kids aged 5 to 16 years old. We also offer money literacy in the form of wealth creation to women who have experienced domestic violence as a result of money issues in their relationships.

What inspired you to start your company?

I was inspired to start Sawyerrs’ House from both my personal and professional experiences with money illiteracy and the resultant domestic abuse. I knew that only do we not teach our children about money either at home or at school, there was the tendency for our kids to become abusers simply because of money challenges in their adult relationships. I had also experienced domestic violence in my own relationship whilst ironically supporting victims of domestic abuse despite fighting my own personal demons.

I had also experienced domestic violence in my own relationship whilst ironically supporting victims of domestic abuse despite fighting my own personal demons.

 

Why should anyone use your service or product?

With the best will in the world, everyone should use my service and have a copy of my books. However, children are never taught how to be financially smart and are expected to earn an income without giving them the right tools on manage money. It’s like expecting a person who has never taken flying lessons before to fly an aeroplane. The same goes for women who have experienced domestic abuse due to money challenges. Many women will stay in relationships simply because their abuser is the breadwinner in the home. My service will not only empower women to create their own wealth in simple ways, but it can also help alleviate some of the money challenges that they face in their homes too.

Share a little about your entrepreneurial journey. And, do you come from an entrepreneurial background?

I took a degree in Housing Management and Development and worked for many public sector organisations for 20 years. During that time, I moved up and across the ranks with my last role where I had the responsibility of managing a revenue of £1 million. Due to the constant job restructures and potential job losses, I decided to leave and start Sawyerrs’ House. I never really thought about it until an uncle of mine pointed out that I am following in the entrepreneurial footsteps of my late maternal grandfather. My grandfather was an uneducated man but a very well loved businessman in the heart of Lagos. He sold stockfish from Norway and bicycles.

What gives you the most satisfaction being an entrepreneur?

I get the most satisfaction when I hear these words, “You inspire me”.

“Feel The Fear But Do It Anyway”

What’s the biggest piece of advice you can give to other women looking to start-up?

Wow, I will say, “Feel The Fear But Do It Anyway”.

 

Find this post interesting?  Read more here

 

 

6 Success Quotes to Help Start off your Week Smartly

Learning from predecessors is one of the most practicable ways of achieving great success. We’ve highlighted some quotes from top leaders with wealth of wisdom that are very key for today’s aspiring leaders. By following in the footsteps of these leaders, you’re one step close to reaching your dreams. We hope you find the quotes motivating.

“Once you have found out what you love to do, there is only one goal. How can you be the best in the world at it. It doesn’t matter if you are a filing clerk, an athlete, an accountant or a bartender. All that matters is that you do whatever you can to be the best.” — Mark Cuban

“If you work hard and meet your responsibilities, you can get ahead, no matter where you come from, what you look like or who you love.” — Barack Obama

“It’s stunning to me what kind of an impact even one person can have if they have the right passion, perspective and are able to alight the interest of a great team.” — Steve Case

“The difference between successful people and others is how long they spend time feeling sorry for themselves.” — Barbara Corcoran

“Without an open mind, you can never be a great success.” — Martha Stewart

“The most important thing that entrepreneurs should do is pick something they care about, work on it, but don’t actually commit to turning it into a company until it actually works.” — Mark Zuckerberg

 

Hope you find the zeal to go for your gold!

 

How to use technology to grow your business this year

With the excitement of the holiday wearing off, this is a good time to take a look at your business and how you can make it better in 2018. Have you been thinking about improving your business by bringing in some innovation?

Embracing technology (if you haven’t yet) is a very good way to start. Even for those who aren’t confident using tech, it’s relatively simple to do. Here’s how:

Embrace social media

Still don’t have a business account on Instagram? You’re missing out on a lot of opportunity and so this is a way of using technology to grow another area of your business in 2018. People want to buy from a company that feels human and relatable when it comes to popularity online. They actively engage and seek out conversation with those buying from them and use feedback on social media to shape their business. And of cause, boast about happy customer feedbacks.

Facebook Live is another important tool to consider incorporating into your business’s marketing plan, to improve future growth. Customers want to see what goes on behind the scenes or what you are getting up to when it comes to seasonal events. Show them how something is made in-house (such as confectioneries or dresses).

Cloud based hosting

Having a website is integral to any business, it means customers can find all the information they need about what you offer and where to contact you all in one place. Many businesses host their website on a shared server. However, these can have limitations. Not only are they bad for the environment, the servers themselves are massive machines that are held in data centres around the world.

Cloud based hosting means your website is hosted online – imagine it like Google Drive or Office365 – which allows for more storage space, with sometimes unlimited options depending on who you opt to work with. It’s the future of website building, as it protects the environment and breaks down restrictions.

Consider these simple innovative technological developments and how they can grow your business in 2018, then look into incorporating them into your plan for the year. Now, get busy. 🙂

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2 BUDGET WAYS TO PLAN AND SPEND WISELY

Budgeting is very important if you want to have any savings at all. One of the key things to come to terms with as a woman, is that, money is never enough. So if you don’t have a budget and watch your spending you will find that you have nothing to show for your hard work.

There are two ways to spending wisely, spend according to what earn or decide how much you spend every month then find ways to force your income to match your spending.

1. Income-Expenses Budgeting Method

This is a 50/30/20 budgeting method which says devote 50% of your income to needs, 30% to wants and 20% to savings and debt reduction.

So you have to look at your income “how much do you make?” then base your spending on what you make, this approach is the most popularly budgeting method used by people.

The pro: It ensures that you live within your means

The con: You have to cut cost (rather than increasing income) and this might feel like you’re dieting, i.e. financially and can be hard for some people. This approach is best for salary earners who have a steady income.

2. Expenses-Income Approach

This approach is less common, but it works. In this approach, you have to make a list of things you spend money on on a daily basis, then instead of cutting out anything, you have to figure out how to make enough money to meet your expenses as well as have savings.

If for example you spend money on;

  • House rent
  • Foodstuffs and groceries
  • Fuel
  • Insurance and tax
  • Household supplies
  • Entertainment
  • Retirement savings
  • Home, car repair and emergency funds savings

And you spend NGN100,000 per month, but you’re currently earning NGN90,000 instead of cutting anything out of your expenses list, your target should be how to earn NGN150,000 or NGN200,000 per month. This way you can cover your expenses and still have some money left over to save.

You might decide to have a side hustle to increase your income or having an investment, you might even decide to start applying for jobs that’ll pay a higher salary.

This approach focuses on “generating more money to meet your expenses” instead of “cutting your expenses to meet your income.” But do not use this approach until you’ve actually found ways to make more money. And ensure that both your spending and savings increase with every pay raise.

The pro: It empowers you to double your hustle and make more money to meet your needs so instead of cutting cost, your attention is on making more money.

The con: It can lead to extravagant spending unless you intend to save a bigger percentage of your income.

It’s best for business-minded people who can dive into various fields and people who have multiple ways where they get money from.

 

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career women in the box: It’s All About Self-Acceptance

Women at the workplace are expected to fit into the role well played out by their male counterparts. They are expected to behave one way and any other way attracts negative vibes. Career women should be allowed to be who they are and not boxed into an endless maze as there is an unbalanced focus on the superficial instead of issues of substance.

Women are expected to look beautiful, but not superficial;  be smart, but not smarter than anyone else; look sexy, but not draw attention; be gentle, but not aggressive; be assertive, but not be a jerk.

Articles about women should focus less on what to wear and how to wear your makeup as to draw enough, but not “too much” attention. There should be more conversation around new business venture, research and new projects,  innovation for career mums, what interesting results achieved, and so much more.

There needs to be a place where women can find self-assurance and self-acceptance. If women accept that personal branding is about so much more than the way you look, it’s about the way you make others feel. It is about who you are and how you resonate with yourself. When we look at strong corporate branding, it is all about signage, colours, website, print materials and tone of voice. It even echoes through sales processes and procedures. Strong brands have a strong identity and know their customer well.

Once you know your true desires, your personal brand will develop into something a lot stronger.

What do you want out of life? Who do you aspire to be? Have you taken the time to search out your own longings? Families, office mates and clients aside, who are you, and do you accept that woman? When it comes to your personal brand, give yourself the support you need to stand behind your experience and present yourself the way you want to be seen.

It’s not about acting like a man. It’s not just about acting like a woman. It is about acting like yourself and knowing your audience. When you know and accept yourself, your brand messaging will become more clear.

Be your own self-affirmer, your own hero.

 

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So what does it take to be a good boss this holiday?

It’s the end of the year, people are getting more relaxed and looking forward to the holiday, however how short it is. 

Do you have anyone working with you? Employees have plans for the holiday and cutting them some slacks will be a good way to usher in the holiday. Do not forget they also have loads of expectation from you. This is the time to shine as a good boss. So what does it take to be a good boss?

Here are some of the best ways to celebrate the holidays

  1. Family moments over long working hours.

The importance of family moments can not be over-emphasised during the holiday so reducing working hours will give employees time to plan and shop for the holiday and more importantly, spend more time with their loved ones. Let family be the priority.

  1. Bring on the Party!!!

Host an end of the year party, award staffers and party hard.

Let there be surplus foods and drinks amidst with music and fun. Hype the party and give it a theme. Staff love it when the focus is not about the job for once.

  1. Treat yourself by fulfilling a personal goal

You can have personalized approach to employee treats by helping each of your team members achieve a personal goal. Ask your employees to write down one wish that is feasible for the company to sponsor. Pay for a short specialist course, meet a super star, learn to code or play the piano. The list is endless!

  1. Set the festive mood with an Office decor

Decorating the office in time for Christmas creates a buzz around the office. The sight of a well decorated Christmas tree will brighten up any stern face!  Get your staff involved with the decoration by creating a committee to coordinate this yearly.

  1. Do not forget the needy

Make arrangement to give to the less privileged. There is always something you do not need anymore but which will be very useful to another person. Visit an orphanage home, organise a Christmas carol for patients or throw a surprise party for children in a rural school.

So there you have them. What will you be doing for your staff this Christmas?

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