FINANCE BILL and TIN for BANK ACCOUNTS

Concerns have been raised by many Nigerians on possible disruptions to the bank system come January 2 based on the provisions of Finance Bill 2019 which mandates provision of TIN to operate bank accounts. #TIN4Bank Banks have traditionally request TIN for opening bank accounts. But this is more of best practice & standard KYC rule but no specific legal mandate on this. While it’s expected for eligible taxpayers to obtain TIN, no law makes it a precondition to operate bank account #TIN4Bank

1.    Great session @DeloitteNigeria Breakfast Seminar on Common Reporting Standard Regulation for CFOs and CCOs of Financial Institutions. #DeloitteTaxCRS 2.    Speakers at the event include Mr Ogunjemilusi @FIRSNigeria Director Tax Policy & Exchange of Information Unit and John Ashilere, Deputy Manager Exchange of Information #DeloitteTaxCRS

Brace up for change people, the new Finance Bill is bringing some sweet changes to Nigeria’s tax landscape | Finance Bill 2019 passes second reading – seeking to change the Nigerian tax landscape - blog.deloitte.com.ng/finance-bill-2… Proposed changes in the tax laws will affect Nigeria companies, foreign companies, individuals. Some long standing pains are about to be removed and new wake up calls going out to taxpayers. There are strong positives on this new way of thinking. Let’s get the bill passed.

Nigeria has an opportunity to make its VAT law reflect the aspirations outlined in the National Tax Policy. Rate hike alone won’t fully solve the revenue challenge. There are other fundamental issues to be fixed in the VAT (+other) law. Otherwise, it’ll be problem changing name. One side of the story: Nigeria has lowest VAT around. But also true is that it’s one of few with no threshold for registration. Ghana, Kenya, SA exempt MSMEs with turnover below certain threshold to ease doing doing biz. Input VAT in Nigeria is also limited unlike most counties.

Here’s @firsNigeria ‘s revenue collection scorecard for the past 8 years. The previous highest collection was in 2012 with N5.01 trillion but now 2018 with N5.32 trillion. The growth in 2018 was influenced largely by oil which increased by 62% while non-oil grew by 14%. #TaxMoney Between 2011 and 2018, the least tax revenue collection was recorded in 2016 with a total of N3.31 trillion. It was the year with the least oil tax revenue of N1.16 trillion. Check out 2011 and 2012 with oil tax revenue of N3.07 trillion and N3.2 trillion respectively. #TaxMoney

1. .@lirsgovng has issued a public notice, appointing employers as its agent, requesting employers to deduct and remit capital gains tax on payments to employees as compensations for loss of employment. Let’s look at this issue of taxing severance benefits. #Thread #TaxingNigeria 2. Whilst @LIRSGovNG agrees that compensation for loss of employment are free of personal income tax, it seek ways to proactively collect capital gains tax as may be prescribed by Capital Gains Tax Act, by holding employers responsible. #TaxingNigeria #SeveranceBenefit

1. Here is a Tax roundup for 2018. I have selected the major developments that shaped Nigeria’s taxation landscape in 2018. Follow the thread. #TaxRecap2018 2. Tax Appeal Tribunals were reconstituted in July 2018, with one each in the 6 geopolitical zones, Lagos and Abuja, totalling 8. The Tribunals will help to accelerate the resolution of pending and new tax cases. More details here blog.deloitte.com.ng/federal-govern… #TaxRecap2018