Victor Adegite Profile picture
Senior Manager, Tax & Transfer Pricing at KPMG in Nigeria. #Chartered Accountant. #Tax Consultant. #Transfer Pricing Professional. Avid Reader. Speaker. Writer.
15 Feb
Yesterday, we had our Tax Breakfast Seminar which focused on the budget and the Finance Act. In attendance was the Executive Chairman of the FIRS. I will share with you in few tweets some of the insights provided by the FIRS Chairman.

It's a thread !
The FIRS will deploy more of it's workforce to tax audit. Currently only 16% of the FIRS headcount handle tax audits. This will be scaled up to 30% of the headcount.
The FIRS is collaborating with tax authorities at the state level and there is going to be increase in the level of information sharing among the tax authorities.
Read 9 tweets
8 Oct 19
President Muhammadu Buhari presented the 2020 budget proposal of NGN10.33 trillion to lawmakers at the National Assembly today. #Budget2020
The following are the key fiscal highlights the 2020 budget proposal:

1The budget is accompanied by a Finance Bill with five strategic objectives, in terms of achieving incremental, but necessary, changes to Nigeria’s fiscal laws. These objectives are:

a. Promoting fiscal equity by mitigating instances of regressive taxation;

Read 10 tweets
14 Sep 19
Hello friends! Let’s talk about VAT in Nigeria and some perspectives on the proposed hike to the VAT rate.
It’s a thread! #NigeriaVAT
1. We are all aware of the plan by the FG to increase VAT rate from the current 5% to 7.5% come 2020. While several “experts” and public affairs commentators have complained about how low our VAT rate is compared to other countries in Africa...

2. ...they have failed to appreciate the deficiencies of the Nigerian VAT system.
There are reasons why it may be wrong to compare VAT in Nigeria with that of other countries. Our VAT is not a proper VAT. It is more of a sales tax than VAT. #NigeriaVAT
Read 85 tweets
29 Dec 18
2018, I read 18 solid books ! I already have at least 10 books lined up for 2019. I shall share the titles soon. #books #bookslover #BookWorm
Okay, here is my 2019 reading list, perhaps for the first half of the year.
1. Messenger: Sydney Elton and the making of Penticostalism in Nigeria by @AyodejiAbodunde
Read 21 tweets