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Nojeem 'Nudge' Yusuf
Tax expert; Advocate of a new Nigeria; Family life activist; Public policy enthusiast
Recent Activity
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I am aware the Lagos State and Ogun State Internal Revenue Services (LIRS and OGIRS) have recently notified companies of their intention to conduct investigation on Withholding Tax (WHT) ‘due’ on rebates and commissions. I have also heard from the grapevine that the Federal Inland Revenue Service (FIRS) may also... Continue reading
Posted Feb 22, 2018 at Nudge Tax Blog
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Background In Nigeria, the income of companies is primarily subject to tax under the provisions of the Companies Income Tax Act (CITA). Where a company is involved in petroleum operations on its own account, which is exploration and production of petroleum (crude oil and natural gas), the income from such... Continue reading
Posted Feb 17, 2018 at Nudge Tax Blog
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In Nigeria, the income of most individuals are taxed in their state of residence, irrespective of where they derive income from. If I live in Ogun State, but I work in Lagos State, my tax is payable to the Ogun State Government (OGSG). This is what is commonly known as... Continue reading
Posted Feb 9, 2018 at Nudge Tax Blog
@Alex', I assume your comment was for me. Please find me on LinkedIn and send me a connection request, I'll be glad to accept your request. I'll be coming up with practical tax classes, ones in a while; the first will be coming up soon. Pls watch this blog and my LinkedIn page for updates.
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Have you ever thought it was possible to be a real estate investor with less than 5k? Yes that is very possible with crowdfunding and also may be some other closely real estate investment alternatives. Crowdfunding is the practice of funding a project by raising money from a large number... Continue reading
Posted Jan 18, 2018 at Nudge Tax Blog
Nojeem 'Nudge' Yusuf is now following MustophaSodiq
Jan 16, 2018
@Gbenga Idowu, Thank you very much for your comments. Yes the fact that the tax authorities are not looking at demanding VAT on school fees is probably deliberate. I personally do not think school fees should be subject to VAT; unfortunately it does not change the fact that the law does not exempt school fees from VAT. I feel as a professional I have an obligation to enlighten people around me about taxes, so they are adequately guided in the conduct of their affairs. As ordinary Nigerians, we may be able to propose amendment bills to the National Assembly to accommodate VAT exemption on schools fees. Until then, if the tax authorities come around to demand VAT and for some reasons you don't pay and it ends up in court, the court will rule in their favour.
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Globally, tobacco is known to be responsible for several medical conditions that affect direct and indirect smokers. Imposing relatively high tax rates on tobacco is regarded as the singular most effective way of discouraging tobacco consumption. Many countries of the world impose some level of restriction on public smoking, which... Continue reading
Posted Jan 16, 2018 at Nudge Tax Blog
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Everyone is in business to make money. One way of making more money from business is to retain your current customers and get them to buy even more from you. When you retain your customers and they continuously buy from you, then those customers are loyal to you. Marketing strategies... Continue reading
Posted Jan 11, 2018 at Nudge Tax Blog
@Iliais and Lawal - Thank you for your comments. Robots are machines. We've always had machines. With machines, the number of human beings you'll need to employ is reduced, and that's exactly what happens when you use a robot in your business. There was never being a time taxes were imposed on acquisition of machines, in fact what we have in Nigeria is that the business that acquires machines for use in its business is granted additional tax incentive.
Toggle Commented Jan 10, 2018 on Is Robotax a good idea? at Nudge Tax Blog
Some months back, Kenya increased the tax rate on all gambling firms to 35% of their net gambling revenue. This tax is different from the 30% corporate tax applicable to all companies. The aim of the Kenyan government is to use this as a tool to deter Kenyan youths from... Continue reading
Posted Jan 10, 2018 at Nudge Tax Blog
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If you want to imagine what Robots are capable of doing, you may want to see RoboCop; a 1987 movie I watched as a child in the 90s. RoboCop was a robotically enhanced police officer used to fight crimes. Robots are capable of doing many of the jobs done by... Continue reading
Posted Jan 8, 2018 at Nudge Tax Blog
@Ilias - Thank you very much for the additional information provided.
@'Tunde - Thank you for your comments and the commendation. SureRemit is news to me. I just googled it now, and it appears very interesting. Yes there may be capital gains tax (CGT) questions around cryptocurrencies - the main argument will be whether capital gains on cryptocurrencies are tax exempt. You know the law exempts currencies other than the Nigerian currency from CGT. Does the legal definition of currency cover cryptocurrency?
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Schools can be set up as a business, in which case the overriding intention is to make profit for the benefit of the owners. Schools can also be set up as a Not-for-Profit (NFP), in which case the overriding intention is to provide education for the greater good of the... Continue reading
Posted Jan 7, 2018 at Nudge Tax Blog
@Femi - As proposed, the tax burden is going to be borne by the beneficiaries (i.e. the account holders) and not the bank. GTBank only needs to increase the number of coins you need to make purchases to accommodate the tax.
@Ilias - Thank you for your comments. I am aware the CBN is working on developing a framework around digital currencies, irrespective of whether the currency is generated by banks or not. I'll spend some time to study it and and see how it helps me come up with ideas for the taxman. It should be possible to learn from other climes, who may have devised means to tax digital currencies efficiently.
@Hamed - Thank you for your comment. Based on my recommendation, nobody's going to touch your Naira. You'll only need more coins to buy the same thing you currently buy with less coins. The Bank will settle the service provider and the taxman without touching your Naira.
@Atkinson - Thank you for your comments. Your comments are in order. I only need to note that GTCoins cannot be exchanged for cash at the moment. As mentioned in the post, GTCoins become taxable in the hands of the beneficiary only when it has been used to buy something.
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If you have a GTBank account and use the internet banking platform to conduct your transactions, you would have seen a 'Redeem GTCoin's' tab on the left hand side of your online account. GTCoin is a digital currency developed by GTBank. The bank grants every account holder GTCoins when they... Continue reading
Posted Jan 6, 2018 at Nudge Tax Blog
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Nojeem 'Nudge' Yusuf is now following The Typepad Team
Jan 6, 2018