duniem:
José Vítor dos Santos Peseiro (born 4 April 1960) is a Portuguese football manager and former player who played as a forward. After an unassuming career as a player, he went on to coach several clubs in his country, including Sporting CP – which he took to the 2005 UEFA Cup Final– and Porto.

And later coached two countries, Saudi Arabia and Venezuela, failing woefully before being sacked.

[img]
https://www.youtube.com/watch?v=5BUwJ-PrCAc[/img]

The following are plausible symptoms of a failing business:

i. Dwindling Revenue(Sales)
A business revenue should be adequate, incremental, sufficient and sustainable. If the months are passing by, the years are skimming through, but your revenues are only getting lower and lower, then business failure may be imminent.

Causes and Strategies
One or more combinations of the following factors could be responsible for dwindling sales:

(i) Ineffective marketing
To be effective, any marketing effort must make full use of the four Ps that comprise the marketing mix: product, price, place and promotion. Failure in any one of these areas can result in a marketing campaign that falls flat.
The product must be right and in continual demand, the price must be competitive and affordable, the business place or location must generate enough traffic and the promotional activities must be attractive, effective and efficient.

Entrepreneurs should be aware of telltale signs that their marketing strategies are not achieving the desired results.
Also, lack of effective marketing research is a major contributor to dwindling sales. Marketing research plays a vital role in the decision-making processes by supplying relevant, up-to-date and accurate data to the decision-makers. Entrepreneurs need up-to-date information to access customer needs, tastes and wants, market situation, technological change and extent of competition.
The distribution channels are also vital for survival. Ineffective distribution channels would definitely lead to low sales.
A distribution channel (also called a marketing channel) is the path or route decided by the company to deliver its good or service to the customers. The route can be as short as a direct interaction between the company and the customer or can include several interconnected intermediaries like wholesalers, distributors, retailers, or internet etc.

The more accessible and aggressive your distribution channels, the better for sustainable sales growth. For effectiveness, most producers will use a range of channels to distribute, in a multichannel distribution mechanism.
(ii) Your products and/or services no longer have real market value
When sales keep dropping despite adjusting your marketing strategies frequently, with no improvements, it could mean your products or services no longer have real market value, either by virtue of a much better and cheaper alternative or obsolescence. At this juncture, product and business innovation becomes inevitable.
You then need to either innovate or upgrade your product or services to suit your customer tastes or it’s time move into entirely new product or service.

Case Study-IBM
What’s hot today is soon forgotten tomorrow. The fortunes of IBM are testament to this inalienable truth.
In the 1980s, IBM was the computer company, an inventor. But its successful business model soon became its Achilles heel when other companies started to copy the IBM model and began undercutting the computer giant.
IBM had to adapt, keep moving like the great white shark, or die!

So the company shifted its focus from selling home computers to providing IT expertise and services to businesses – a move which saw the company shift from being on the brink of collapse to being recognised as the No. 1 seller of service solutions by 2013.
Had IBM stubbornly stuck to its guns, old line of business and services, it would have joined the ranks of fallen giants.
Industry leaders turn their fortunes around by looking for a gap and putting all their efforts into providing for whatever needs they find within the market.

The ability to move with the times, is far more valuable than having a talent to invent new ideas from scratch.


(iii) Entrance or existence of more aggressive and oppressive competitor
Aggressive and oppressive competitor moves can include price-cutting and increasing spending on marketing, quality, and production capacity. Too much aggressiveness can undermine an organization's success. A small firm that attacks larger rivals, for example, may find itself on the losing end of a price war.

An aggressive and oppressive competitor will apply techniques such as predatory pricing, or below the cost pricing, an aggressive and oppressive pricing strategy of setting the prices low to a point where the offering is not even profitable, just in an attempt to eliminate the competition and get the most market share.

Competition isn’t limited to fellow small businesses. There are giant brands and corporations with big marketing budgets and even bigger name recognition. These larger companies can easily overshadow small businesses, both physically and in the digital world. But, while it may seem like you’re fighting an uphill battle, there are plenty of advantages that small businesses have over their larger competitors.

How to compete with competitors:
o Learn from your competitor and gain competitive advantage
Consider the competition as a challenge to improve your business. Take note of what they might be doing well and take cues from them, whilst reviewing some of your marketing tactics, service offering or customer service strategy.

According to Michael Porter there are three strategies a business can deploy to gain competitive advantage:

1. Cost Leadership
2. Differentiation
3. Focus.


https://www.deeno.com.ng/checkmating-business-failure/

Debt financing and equity financing are common sources of funds a business owner would think of when starting a new venture. When business loans, financial institutions, and other sources of funding however, turn their backs on unproven business startups, this is where angel investors come in. Angel Investors are individuals or groups with tremendous liquid assets working to provide funds to aid startups especially during the period of business development. Some angel investors even become an angel investment network and venture capitalists with enough funding to help materialize risky business ideas usually started by a small business. They are referred to as “angels” because they provide angel funding on startups with high risks in exchange for some degree of ownership of the company usually in the form of equity. Moreover, angel investors sometimes provide more than just funds to a startup. They sometimes get involved in creating or expanding a company’s business strategy. There are angel investors that give advice to a company’s management team and may sometimes participate in monitoring operations and providing necessary connections to ensure high rates of return on their invested capital. Angel investors may be the answer you are looking for if you are planning on starting your business and if investor search is proving to be futile.

In a usual setup, an angel investor usually anticipates a 20-50% rate of return for their angel investment. This percentage range is the ideal figure for a business owner to target when aiming to raise angel funds and convince angel investors to invest in their business. While a high return on investment is ideal, angel investors are also realistic in calculating the return on invested capital.

The internal rate of return, or simply rate of return, required for every kind of investor including angel investors, venture capitalists, venture capital firms or any angel financing company is unique to them. An angel investor investment is a form of private equity paid to business startups so they proceed with business development.requently Asked Questions

Q1. Why are they called angel investors?
Debt financing and equity financing are common sources of funds a business owner would think of when starting a new venture. When business loans, financial institutions, and other sources of funding however, turn their backs on unproven business startups, this is where angel investors come in. They are individuals or groups with tremendous liquid assets working to provide funds to aid startups especially during the period of business development. Some angel investors even become an angel investment network and venture capitalists with enough funding to help materialize risky business ideas usually started by a small business. They are referred to as “angels” because they provide angel funding on startups with high risks in exchange for some degree of ownership of the company usually in the form of equity. Moreover, angel investors sometimes provide more than just funds to a startup. They sometimes get involved in creating or expanding a company’s business strategy. There are angel investors that give advice to a company’s management team and may sometimes participate in monitoring operations and providing necessary connections to ensure high rates of return on their invested capital. Angel investors may be the answer you are looking for if you are planning on starting your business and if investor search is proving to be futile.

Q2. What is a good ROI for angel investors?
In a usual setup, an angel investor usually anticipates less than a 20-50% rate of return for their angel investment. This percentage range is the ideal figure for a business owner to target when aiming to raise angel funds and convince angel investors to invest in their business. While a high return on investment is ideal, angel investors are also realistic in calculating the return on invested capital.

The internal rate of return, or simply rate of return, required for every kind of investor including angel investors, venture capitalists, venture capital firms or any angel financing company is unique to them. An angel investor investment is a form of private equity paid to business startups so they proceed with business development. The rate of return or return on investment must be explicitly defined in a company’s business plan presented to angel investors or any angel networks.

The business plan is what entrepreneurs make when pitching their ideas to potential angel investors or sometimes an angel capital association. The business plan must contain an executive summary that effectively relays strategies and plans for a great business projection. Other important matters to consider before any prospective investor can evaluate the rate of return for their investments are pre-money valuation and seed capital association. However, it is not the most important and game-changing process in the field of business administration. It is the evident impact investment to materialize the business and the surge of value and ownership equity the business possesses in relation to the capital. Another powerful arsenal to gauge the rate of returns is unique business ideas in relation to business venture development, especially those that are aiming to dominate the market share for potential customers that truly disrupt competition. One of the primary virtues whether investing in startup businesses or seasoned businesses is due diligence to prevent other mistakes entrepreneurs make and prevent loss of money. The signing of a non-disclosure agreement and the review of the necessary legal documents by your legal team are also important matters to consider before negotiating the rate of return for angel capital in hopes of improving your private equity. It should also be the priority of the management team to keep track of the negotiations. They should always be vigilant to maintain a balance of looking up to the accredited investor’s money interest and how it is evaluated with other startup businesses in regards to their entrepreneurial undertakings. Having your management team monitor angel investors’ investments could be challenging but the benefits will surely be rewarding in the long run.

Q3. How do you negotiate with angel investors?
The usual setup in the industry is that professional angel investors will accumulate a 20% minimum to 50% maximum of the company with regards to their funding. While this is the standard setup that is present in the usual cap table, one thing that business owners can negotiate is the amount angel investors receive as dividends. If there are reservations on your part as a business owner and you perceive that your angel investors are asking for too much of a percentage, then you should not hesitate to negotiate right after the management team’s offer is first given. It is also essential that you clearly understand the terms of the possible impact of the investment of angel investors to the way you run your business, weigh in the pros and cons, consult your family and friends, conduct research on search engines, investment network of accredited investors, or social media platforms, and check the details before signing into an agreement and becoming part of the investment portfolio of angel investors.

Q4. Do angel investors invest in ideas?
Business ideas that seem feasible, have an effective business administration, a definitive mission and a viable timetable; can be something angel investors consider a priority to invest in. If the business plan is clear, concise, and understandable it could be very appealing to active angel investors. The transactions these active angel investors enter into are solely based on trust that their money will be effectively used as a means to improve business operations that will make a company profitable; and in return improve ownership equity and provide bountiful results for the angel investors. Of course, it is certain, that these angel investors require signs of potential and proof that you will be able to deliver the promised return by presenting a reliable cap table or ensure successful exits.

Q5. Why do angel investors invest in startups?
According to some related articles, diversification of portfolio companies and improvement of investment networks are the main reasons why seed investors or angel funders are interested in investing in startups. Despite entering into a very risky deal, angel investors also perceive this action as a very rewarding course if successful and would appreciate the fact that they are the primary source of funding that the business can rely on. On the other hand, there are angel investors that simply want to improve their investment profile or take part in unveiling new technologies, new business setups, and up-to-date ideas that could range from real estate up to the field of insurance companies. Whatever their goal is, it is important to understand the motivation behind these angel investors in order for you and your business to convince them to come on board. Once you understand the styles and strategies of these angel investors pitching your business ideas to them will be easy.

Q6. What makes a company attractive to angel investors?
Companies with a solid business plan and realistic and attainable projections are very appealing to angel investors and venture capital networks. Another important factor is the charisma, experience, skills and dedication to the profitability of the founder. If a seed investor finds a certain invention or technology of various founders to be disruptive in the competition, they will also be interested to initiate contact to serve as an addition to their investment profile. At present, many angel funders or angel investors serve as primary drivers for the success in Silicon Valley as it is known to be the home to many startup technology and real estate companies that have reached international business status. Angel investors also invest in novel ideas with a potential to solve relevant problems and in turn change the world. Altruistic angel investors sometimes even invest in non-profits that solve community problems. It is important to understand the kind of angel investors you will be pitching your ideas to.

Do you need an angel investor?


https://www.deeno.com.ng/blog/2021/07/28/about-angel-investors/

AutoReportNG:


... When it comes to saying the truth we are now bias ...

We no dey bias when we dey report and risk our lives covering reports and doing a fact check, when we disagree with your claims and report, we suddenly become bias.

You dont pay our bills and so is the FG, you are free to say all you want to be.

Have a lovely night

Mr man you are losing your reputation because of political sentiments.

As a so called auto reporter,all you need to provide us with are counter proofs against the OP.

All I see here are just politically biased rantings.

Although there are many empty brains on Nairaland,they believe anything once it is within their political expectations.

But I can assure you that Nairaland has a lot of silent but highly intelligent people and professionals!

Your are making empty counter proofs without evidence?

DesChyko:
This is true. Even though the project had been in the talks since 2006, work was started on it under President Buhari's regime. The unwillingness of other regimes to increase Nigeria's debt profile needlessly contributed to the delay.

Who could forget the public outrage at the proposed $1.5bn loan gotten from China for this project despite Nigeria's enormous debt profile then? The fact that the railway failed to be delivered on December 2018 as agreed even made the outrage worse.

Better late than never, I guess.

Do not mind the wailers.

Let them show us proofs of alternative claim.

Is talking about a project the same as starting and completing it?

Their brain have been wired to cry lies at the slightest opportunity

"If you're successful, most of the things you've done were wrong...What ends up mattering is the stuff you get right."

- Mark Zuckerberg, founder Facebook.

In this book, you will learn:

What really is business failure?
How failure is normal and a prerequisite to success
How to generate business ideas and choose the one with the highest probability of success
Why companies eventually fail, even after so many years of existence
The early symptoms and causes of a failing business
The strategies to apply in checkmating business failure
How to identify and manage the inherent risks facing your business
Case studies on failed companies. What went wrong?
Success tips from successful entrepreneurs
When you fail in business, how do you bounce back?

This is long over due,for tax purposes.

They are suppose to pay taxes on revenue generated in Nigeria.

Basic financial intelligence!

“It’s fine to celebrate success but it is more important to heed the lessons of failure.” – Bill Gates

'' A successful business today may fail tomorrow. The worst part of a failing business is that the CEO or entrepreneur might not even be aware, in view of seemingly good performance and profits,until it’s often too late. It is therefore very critical to identify the symptoms of a failing business early enough, to save it from eventual collapse...''

Learn more @

https://www.amazon.com/CHECKMATING-BUSINESS-FAILURE-Symptoms-Strategies-ebook/dp/B096PC7QSH

Synopsis:

“It’s fine to celebrate success but it is more important to heed the lessons of failure.” – Bill Gates

According to the American Small Business Administration (SBA) research, only half of new small businesses survive for the first five years and only one-third of new businesses are able to survive for 10 years.

Bloomberg research finding is scarier: eight out of every ten entrepreneurs fail within 18 months of startup, representing a whopping 80%.

The worst part of a failing business is that the entrepreneur might not even be aware, until it’s often too late. It is therefore very critical to identify the symptoms of a failing business early enough, to save it from eventual collapse.

Do you think your business or company is too big or old to fail?

The facts in this book will shock you!

In this book, you will learn:

=What really is business failure?
=How failure is normal and a prerequisite to success in business and entrepreneurship
=Why companies eventually fail, even after so many years of existence
=The early symptoms and causes of a failing business
=The strategies to apply in checkmating business failure
=No risk, no business. How to identify and manage the inherent risks facing your business
=Case studies on failed companies. What went wrong?
=Success tips from successful entrepreneurs
=When you fail in business, how do you bounce back?



https://www.amazon.com/gp/product/B096PC7QSH?pf_rd_r=63CB1CT7VQ1NBFXVZTHK&pf_rd_p=6fc81c8c-2a38-41c6-a68a-f78c79e7253f&pd_rd_r=d8116775-5e52-41a9-b6f5-eba9ff01ab1a&pd_rd_w=o8lE2&pd_rd_wg=BCp3i&ref_=pd_gw_unk

According to section 79 the Companies Income Tax Act(CITA), a company must deduct 10% withholding tax(WHT), before paying or crediting the landlord with the balance. The company paying such rent shall, at the date when the rent is paid or credited, whichever first occurs, deduct withholding tax and shall forthwith pay over to the Board the amount so deducted.

So the withholding tax must be deducted even when the landlord was yet to be paid, provided the rental liability has been ascertained, acknowledged and recorded in favour o f the Landlord.

The state government Board of Internal Revenue collects WHT from Individuals under the Personal Income Tax Act, whilst the Federal Inland Revenue collects tax on behalf of the Federal Government under the Company Income Tax Act.

Illustration.
Assume XYD Ltd normally prepays its office rent to the Landlord on the first working day of December, each year, at the rate of N800, 000 per annum. The accounting year of the company runs from January to December, same with the rental period. However due to cash flow challenges, the rent was subsequently paid on February 2 3, 2021.

The company must have withheld N80, 000 and credited the landlord with the balance of N720, 000,in its financial statement as at December 2020. The tax authority is not interested in if or when the Landlord was eventually paid.

Persons authorized to deduct tax includes government departments, parastatals, statutory bodies, institutions and other establishments approved for the operation of Pay As You Earn System.

The tax, when paid over to the Board, shall be the final tax due from a non‐resident recipient of the

payment.

In accounting for the tax so deducted to the Board, the company paying the rent, shall state in writing the following particulars:

(a) the gross amount of the rent payable per annum;

(b) the name and address of the recipient and the period in respect of which such rent has

been paid or credited;

(c) the address and accurate description of the property concerned; and

(d) the amount of tax being accounted for.

The tax law also states that any reference to rent in section 79 shall be construed whenever necessary as including payments for the use or hire of any equipment, payments for charter vessels, ship or aircraft and all such other payments for the use of or hire of movable and immovable property.

Penalty for non deduction and remittance
Any person who does not deduct withholding tax on rent or having deducted fails to pay to the Board within thirty days from the date the amount was deducted or the time the duty to deduct arose, shall be guilty of an offence and shall be liable on conviction to a fine of 200 per cent of the tax withheld or not remitted, as the case may be.

In our illustration above, the duty to deduct arose as at December 30, 2020 and the remittance was due latest January 30,2021.

Where the person that was suppose to deduct withholding tax is a ministry, department, parastatal, institution or an agency of the Federal or a State Government or is a local government, the Tax Board may authorise the Accountant‐General of the Federation in writing to deduct from the allocation of such Federal ministry, department, parastatal, institution or agency of the State Government or local government such amount of tax deductible plus interest at the prevailing commercial rate.

Tax deducted under section 79 of CITA shall be paid to the Board in the currency in which the deduction was made.

https://www.deeno.com.ng/blog/2021/05/19/nigerian-tax-law-requires-tenants-to-deduct-withholding-tax-on-rent-also-prescribes-penalty/

The Company Income Tax Act (CITA) is the principal law that regulates the taxation of companies in Nigeria.

The Federal Inland Revenue Service (FIRS) is the only agency empowered to administer companies income tax(CIT) in Nigeria. Thus all CIT returns must go to FIRS.

Companies Income Tax (CIT) is a charge on the profits of companies registered in Nigeria. It also includes the tax on the profits of foreign companies carrying on any business in Nigeria. The CIT is paid by both private and public limited liability companies

Resident companies are liable to corporate income tax (CIT) on their worldwide income while non-residents are subject to CIT on their Nigeria-source income. Corporate income tax is based on taxable profit, derived from accounting profits adjusted for tax purposes.

Types of CIT Assessment

Best of Judgment (BOJ): Here, the FIRS uses its best of judgment initiative if the tax payer does not have any reliable financial records or no returns were submitted to the tax authority.
Self-Assessment: Here, the company is allowed to self estimate its tax liability and also pay by installment . Self-assessment of tax payable is provided for under section 53 of the Company Income Tax Act (CITA), 2011.
The Currency of Assessment

This makes provision for the currency of assessment of tax payable by a company as stated under section 54. Under this section, the Act provides that, notwithstanding anything to the contrary in any law, an income tax assessment under sections 52, 53 or 55 of this Act shall be made in the currency in which the transaction giving rise to the assessment was effected.

Company Income Tax Rates

The CIT is currently charged at the rate of 30% for companies having more than N100 Million Naira turnover. It is also charged at the rate of 20% for companies with a turnover between N25 Million and N100 Million. The tax is assessed on a preceding year basis (i.e. tax is charged on profits for the accounting year ending in the year preceding assessment).

The companies having less than N25 Million turnover are not liable to pay company income tax in line with the Finance Act 2019.

In respect of business profits, a non-resident company that has a fixed base or a permanent establishment (PE) in Nigeria is taxable on the profits attributable to that fixed base. As such, it is required to register for CIT and file its tax returns.

Allowable Deductions

In ascertaining the profits under the CITA, there are certain deductions that are allowable. Section 24 of CITA fully encapsulates the deductions allowable in determining the taxable profits of the company. The Section 24 provides that “save where the provisions of subsection (2) or (3) of section 14 or 16 of this Act apply, for the purpose of ascertaining the profits or loss of any company of any period from any source chargeable with tax under this Act, there shall be deduction all expenses for that period by that company wholly, exclusive, necessarily and reasonable incurred in the production of those profits.”

Section 24 further includes the following categories of deductions:

(a) Any sum payable by way of interest on any money borrowed and employed as capital in acquiring the profits;

(b) Rent for that period, and premiums the liability for which was incurred during that period, in respect of land or building occupied for the purposes of acquiring accommodation occupied by employees of the company.

(c) In the case of any property-holding company

-expenses attributable to the maintenance of the property,

-directors’ remuneration, which shall not exceed N10,000 per annum in respect of each director, and the number of directors to be so remunerated shall in no case exceed three;

(d) Any outlay or expenses incurred during the year in respect of salary, wages, or other remuneration paid to the senior staff and executives. Cost to the company of any benefit or allowance provided for the senior staff and executives which shall not exceed the limit of the amount prescribed by the collective agreement between the company and the employees.

(e) Any expenses incurred for repair of premises, plant, machinery or fixtures employed in acquiring the profits.

(f) Bad debts incurred in the curse of a trade or business proved to have become bad during the period for which the profits are being ascertained.

(g) Any contribution to a pension, provident or other retirement benefits fund, society or scheme approved by the Joint Tax Board under the powers conferred upon it by paragraph (g) of section 85 of the Personal Income Tax Act.

(i) in the case of profits from a trade or business, any expense or part thereof (i) the liability for which was incurred during that period wholly, exclusively, necessarily and reasonably for the purposes of such trade or business and which is not specifically referable to any other period or periods, or

(ii) the liability for which was incurred during any previous period wholly, exclusively, necessarily and reasonably for the purpose of such trade or business and which is specifically referable to the period of which the profits are being ascertained;

Section 25 and 25A of CITA also provide for deductions of donations made to fund, body or institutions in Nigeria for the purpose of ascertaining the profits. Section 26 of the Act permits a deduction for the purpose of research and development, provided such a deduction does not exceed 10% of the profit ascertained before any deductions.

Deductions Not Allowed

Section 27 addresses the deductions not allowed in ascertaining a company’s profits. The section provides as follows:

Notwithstanding any other provision of this Act, no deduction shall be allowed for the purpose of ascertaining the profits of any company in respect of-

Capital repaid or withdrawn and any expenditure of a capital nature;
Any sum recoverable under an insurance or contract of indemnity;
Taxes on income or profits levied in Nigeria or elsewhere, other than tax levied outside Nigeria on profits which are also chargeable to tax in Nigeria where relief for the double taxation of those profits may not be given under any other provision of this Act;
Any payment to a savings, widows and orphans, pension, provident or other retirement benefit fund, society or scheme except as permitted by paragraph (g) of section 24 of this Act;
The depreciation of any asset;
Any sum reserved out of profits, except as permitted by paragraph (f) of section 24 or 25 of this Act or as may be estimated to the satisfaction of the Board, pending the determination of the amount, to represent the amount of any expense deductible under the provisions of that section, the liability for which was irrevocably incurred during the period for which the income is being ascertained;
Any expense of any description incurred within or outside Nigeria for the purpose of earning management fee unless prior approval of an agreement giving rise to such management fee has been obtained from the Minister;
Any expense whatsoever incurred within or outside Nigeria as management fee under any agreement entered into after the commencement of this section except to the extent as the Minister may allow;
Any expense of any description incurred outside Nigeria for and on behalf of any company except of a nature and to the extent as the Board may consider allowable.
Taxable Profit

The taxable profit is arrived at after adding the balancing charge to the adjusted profit while subtracting the capital allowance, balancing allowance and loss relief. The relevant tax rate is applied on the Taxable Profit.

Taxable Profit =Adjusted Profit -Balancing Allowance+ Balancing Charge-Capital Allowance-Loss Relief

Computation of Adjusted Profit

Adjusted profit is computed after adding back, disallowed expenses and deducting allowable expenses and incomes exempted. The value derived from this computation is the adjusted profit and at this point, the education tax rate can also be deducted. The education tax rate is 2% of the adjusted profit.

Computation of Balancing Charge or Allowance

Balancing Charge or Allowance can only occur when an item of plant, property or equipment had been disposed of.

Balancing Charge = Disposal Proceeds – Tax Written Down Value

Where Disposal proceeds > Tax Written Down Value

If Disposal Proceeds < Tax Written down Value, then we have Balancing Allowance

Tax Written Down Value = Historical (Book) Value- Accumulated Capital Allowance

What is Loss Relief?

No tax is due to be paid by a company where loss is incurred except, in the case of minimum tax provision.

– Losses incurred in the preceding year of assessment in any trade or business is to be deducted from current year, adjusted to arrive at assessable profit provided that certain conditions are fulfilled such as:

(a) The aggregated deduction from assessable profit or income in respect of any such loss exceeds the amount of such loss;

(b) The deduction for any year of assessment does not exceed the assessable profits in which the loss was incurred;

– With effect from CITA Amendment in 2007, losses can now be carried forward indefinitely;

Note:

Relief of losses is automatically granted to a company, the grant does not require a formal application;
The loss from source A should not be relieved against profit from source B.
Where an aggregated loss exceeds the actual loss incurred in business or trade, the law provides that the amount of loss to be relived should not exceed the actual loss incurred.
Where a business has ceased operations, and there are still some unrelieved losses, such losses can no longer be carried forward as they are deemed to be terminal losses, and therefore deemed to be permanently lost.

https://www.deeno.com.ng/blog/2021/01/12/synopsis-of-company-income-tax-in-nigeria/

alushkimo:
Since it is a limited liability coy, tax will be assessed on the coy’s profit. The company’s profit will be adjusted by non-deductible expenses for tax purposes and non-taxable income to arrive at taxable income on which CIT is computed. Tax rate now varies based on Coy’s turnover. In this instance, tax will be 0% if he has a turnover of less than 25m.

This is the best contribution thus far.

In addition,two companies with the same net profit of N500,000 are not likely to pay the same company income tax,because the allowable and non allowable expenses and income, would be different.That is, their taxable profit, different from declared net profit,based on the applicable tax laws would be different.

It is the content and character and not the absolute figure of your net profit that determines your company's tax.

Your tax liability can never be determined on this platform without providing the full details of your financials.

Please consult an accountant for accurate determination of your tax liability.

However,if you do not mind to provide the full details of your financials publicly,,your tax liability can be determined,right on this platform.

This could be a learning opportunity for other entrepreneurs.



www.deeno.com.ng
Accountancy,Financial and Risk Solutions.

LegendHero:
So CNN can only confirm one death from their witnesses?

Why is everyone now shouting Massacre? Seems people don’t even know the meaning of massacre to start with.

Exactly my thoughts.

The ARmy ,police and others refused to comment so as not to prejudice the on going judicial panel.

But CNN in a clear case of mischief decided to release the report.

A Virtual Accountant is a professionally qualified accountant that can handle all your accountancy including tax services, virtually, online.

Starting and operating a small business takes time and focus. You want to concentrate your energy on developing a strong brand and increasing your market share. While you need accurate financial and accounting information to run your business efficiently, you don’t need the distractions of “keeping the books” in-house. That’s where virtual accounting services come in.

Apparently, entrepreneurs are very busy as they have to look after many aspects of their business such as selling products or services, running the business back end, scheduling order and so much more. Undoubtedly, it’s hard to keep up with the accounting tasks, such as tracking your income and expenses on a daily basis.

Also, hiring an in-house accountant or bookkeeper can cost you more as you might need accounting or bookkeeping services for few hours a month. If you hire a full-time employee, you need to provide all the employee benefits such as incentives, salaries, leaves, etc., which increases your employee turnover and administrative burden.

Tracking your income and expenses on a daily basis,is now made easy,with the help of a virtual accountant.

The following are the more reasons you should hire a virtual accountant:



1. Virtual Accountant reduces your overhead expenses.

You can save a lot on unnecessary expenditures by hiring a virtual accounting service,which work on a contract basis, eliminating the need to hire an employee and pay vacation time, benefits, payroll taxes, additional office space, etc.

As remote financial experts, virtual accountants spread these costs across their client base to maximize quality and minimize costs per client. They address your internal record-keeping risks and provide fully-vetted information you can rely on.

Money apart, you also save time spent on recruiting an internal bookkeeper, training and managing them.

2. Easy Access

Virtual accountants perform their tasks online; you don’t have to set a separate accounting department. They have their own office space and you can easily connect yourself with them through a simple email or phone call. You can also hold virtual meetings with your accountant, via many platforms like Skype or Zoom. Virtual accountants have very flexible schedules and are available to meet your needs and address your questions.

VAs provide real-time access to your financial reports anytime and anywhere you want. You can ask for your financial reports whenever you want. You have your data at your fingertips when you need it, via any device. Virtual accounting services are delivered by experienced professionals.

3. Leverages on technology

VA’s should allow you a single point of contact for all your needs and questions, backed up by a team. Unlike other bookkeeping options, you don’t have to worry about losing the privacy of your data. Your data is always accessible to you through secure logins, and always timely and accurate.

Virtual accountants help you leverage technology for your business. They provide 24×7 record access to you through a secure internet connection. The team’s software specialist suggests apps and functions to help you get the most out of its services

4. Gives you more time to focus on your business.

By subcontracting the recordkeeping to a trusted service provider, you free yourself from the tedious tasks of managing accounts and taxes. You can utilize this time to review and manage company productivity, the recruitment process or other current business planning needs.

5. High Skills and Experience

Virtual accountants are highly qualified experts that are capable of performing bookkeeping tasks such as accounts payable and receivables, bank reconciliation, tax preparation etc. More the experience, more you can trust the work abilities of a virtual accountant.

6. Less Training Expenses

Virtual accountants keep themselves updated with every latest technology and government norms. This saves your cost of training and orientation programs that you might have to spend in your in-house accounting department.

7. A Clear Picture of Your Finances

Virtual accountants take the entire accounting burden off your shoulder and enable you to focus on your core business operations. They give a clear picture of your finances and help you make an informed business decision.

8. Valuable Advice for Business Growth

Virtual accountants not only manage your accounting processes but also give you sound financial advice that would aid your business growth and expansion.

9. Affordable Fees

You can get virtual services at a competitive fee that suits your budget, unlike the higher cost associated with in-house accounting department. Hiring a virtual accountant eliminates costs of salaries for employees, providing health insurance, etc.

10. Saves Cost on Software Investment

When you choose virtual accounting services for your business you don’t have to invest on different accounting software or worry about installing upgrades, as your virtual assistant is well-equipped with the latest software and upgrades.

11. Improves Cash Flow

Virtual accountants efficiently manage all the aspects related to your cash flow. They record all the income and expenses and provide you useful financial insights.

12. Prepares You for Taxes

It is quit stressful and costlier to wait until tax season, before monitoring your business accounting; your virtual accountant will maintain all your financial statements accurately and prepare your taxes.

13. Eliminates Time Constraints – When you hire a virtual accountant, you can ask them to accomplish your accounting task anytime, as they work on holidays and round the clock. They work on different online portals, which give you access to your financial data.

14. Offers extra services to help you manage your business

With their team of accountants, VA’s can provide you with additional information services at your request. If you want to look at sales growth over a specific period, for example, you can work with your VA team to produce the report you need. Receiving adhoc reports, upon request, makes managing your business easier and provides timely information that helps you make better business decisions.



https://www.deeno.com.ng/blog/2020/11/19/14-reasons-why-you-should-hire-a-virtual-accountant/

From the authentic results @ https://inecelectionresults.com/,this election is won and lost, trust me.

Congrats to Obaseki!

According to the first schedule of the Value Added Tax (VAT) Act,the following goods and services shall not be subjected to VAT:

PART I -Goods Exempted


i. All medical and pharmaceutical products.

ii. Basic food items.

iii. Books and educational materials

iv. Baby products.

v. Fertilizer, locally produced agricultural and veterinary medicine, farming machinery and farming transportation equipment.

vi. All exports.

vii. Plant, machinery and goods imported for use in the export processing zone or free trade zone: Provided that 100 percent production of such company is for export otherwise tax shall accrue proportionately on the profits of the company.

viii. Plant, machinery and equipment purchased for utilisation of gas in down-stream petroleum operations.

ix. Tractors, ploughs and agricultural equipment and implements purchased for agricultural purposes.

PART II Services exempted


i. Medical services.

ii. Services rendered by Community Banks, People’s Bank and Mortgage Institutions.

iii. Plays and performances conducted by educational institutions as part of learning.

iv. All exported services.

Zero-rated goods and services


Zero-rated goods are products that are not subject to value added taxes mainly due to their societal importance or personal necessity. For VAT purposes, these goods and services are zero-rated and don’t have additional taxes levied on them.

The main difference between zero rated and exempted goods and services, is that the suppliers of zero-rated goods and services can still reclaim all their input VAT, but the suppliers of exempted goods and services are either not registered for VAT or if they are, they cannot reclaim their input VAT.

i. Non-oil exports.

ii. Goods and services purchased by diplomats.

iii. Goods purchased for use in humanitarian donor funded projects. “humanitarian donor funded projects” includes projects undertaken by Non- Governmental Organisations and religious and social clubs or societies recognised by law whose activity is not for profit and in the public interest.

Additional Exemptions in accordance with the Finance Act 2020


To allay fears that low-income persons and companies will be marginalized by the new law, reduce the burden of taxation on vulnerable segments, and promote equitable taxation, the Finance Act 2020 has extended the list of goods and services exempted from VAT. The additional exemptions include the following:

Basic food items – Additives (honey), bread, cereals, cooking oils, culinary herbs, fish, flour and starch, fruits (fresh or dried), live or raw meat and poultry, milk, nuts, pulses, roots, salt, vegetables, water (natural water and table water)

i. Locally manufactured sanitary towels, pads or tampons.

ii. Services rendered by microfinance banks

iii. Tuition relating to nursery, primary, secondary and tertiary education.


https://www.deeno.com.ng/blog-post/goods-and-services-exempted-from-vat/

Nobody worth dying for

bolinjkezzy:

What is news to you? OK you are one of those that believe " toke makinwa bares cleavage" is news abi

Terrorism strive on publicity.

Not publicising their atrocities does not stop our gallant troops from flushing them out.

However,those who think this war can be totally won very soon,must be living in fools paradise.

OkaNaUbe:


Then, its either you have short memory, an indomie kid or just being mischievous!

I beg provide us with the full details of content of the report,not the cover page of a news magazine.

Why are you people so daft?

People are providing confirmed reports of Atiku's corruption cases,all you guys are showing us is cover page of a magazine.

I beg let us move on to the next level.

Another daft question.

Is it possible not to mingle with a party member?

How does these pictures remove the fact that Atiku is corrupt?

I beg enough of all these backwardness and very retrogressive commentaries,let us proceed to

The Next Level of positivism,in 2019..

Omeokachie:
Now the midget is asking if it is DSS job to interfere in political matters, while the same midget was gloating and applauding when the same DSS invaded the Senate.

Karma is such a sweet bitch

He said political party matters.

By the way senate incident is a national matter, not a political party matter.

DSS is Department of state security,it has no business with any political party internal affairs,except where there are security implications.

That DSS(not EFCC or ICPC) invited a party chairman over allegation of bribery, is very laughable and at the same time very disgusting.

doctokwus:

What do u mean.
Reputable media houses reported the news and Oshiomole just confirmed he was indeed invited by the DSS,confirming the story.
Of course u would expect him to say it was just an invite for a discussion,and not solid evidence of corruption.
Much as he is living in denial,Oshiomole knows his days as APC chairman are numbered.
What the governors and those against him would continue harping on and urging PDP to do is to continue hammering on the fact that a party chairman with baggage of corruption is not fit to lead the APC into the campaigns.
Of course they also know that the dullard can be played like a puppet using the Oshiomole baggage sentiment.
Oshiomole is a goner.Its just a matter of time.

When did DSS become bribery investigator?

And when did allegation become conviction of corruption?

netoc65:



Was Sanwo-Olu imposed by Tinubu or not.
Ambrose lost simply because he fell out with Tinubu. Nothing more, nothing less!

I beg use sense na.

Was there any parallel primary in Lagos as it was in other APC states?