₦airaland Forum

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[b]WHAT DO YOU KNOW ABOUT VAT(VALUE ADDED TAX) PAYMENT?
I could still remember then in school when I first came in contact with the topic: VALUE ADDED TAX which can be abbreviated to VAT. One would have think it is just as simple as getting your VAT input and output, then working on the different, which may amount to VAT payment or VAT refund.

Never knew that if you are still planning on pursuing the job role of an accountant in any organisation you may find yourself, VAT calculation and payment are a force to reckon with.
What is VAT (Value Added Tax)?

VAT refers to a Federal government Tax which is managed by the Federal Inland Revenue Service (FIRS).

VAT is a consumption tax payable on the goods and service consumed by any person, whether government agencies, business organizations or individuals.

It is a Tax charged on most taxable goods and services provides in Nigeria and also on goods imported into Nigeria.
VAT is calculated at a flat rate of 5% on the cost of goods and services in Nigeria. Furthermore, VAT serves as an indirect tax wherein the burden of the payment is borne by the final consumer of the goods and services. The tax was created by the VAT Act No. 102 of 1993 which became effective from January, 1994.

[img][/img]Till date most companies providing services or dealing with sales of Vatable goods and services have refused to either remit nor filed VAT at the FIRS office stationed nationwide in the 36 states of the federation, hence brought the need for tax officer to shut down business as a result of defaulting tax payment.

Some even employed professional services to help reduce the amount of VAT due to FIRS, but what most companies forgot is that same rate charged for consumption tax in state are what is charged for VAT payment.

Uptill date, the VAT has proven to be a strong source of revenue to the government. Consequently, few attempts had been made to push up the rate to about 10% but were rebuked by the public resentment against the proposed rate.

Some people who are not aware of how the VAT revenue are distributed are bewildered with questions on how this revenue is judiciously expended, well I must say All proceeds of VAT flow into the VAT pool account, then they are distributed monthly to the Federal, States (including Federal Capital Territory) and Local governments in the proportion of 15%, 50% and 35% respectively (with consideration for derivation principle).
It is this same money that is used for most capital and infrastructural expenditure.


to learn more on Value Added Tax
visit the following link..

http://www.accountantsconnect.com.ng/courses/principles-of-taxation/lessons/value-added-tax/

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http://www.accountantsconnect.com.ng/basic-career-guide/
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8 IMPORTANT FACTORS NIGERIA FRESH GRADUATE NEEDS TO CONSIDER BEFORE SUBMITTING THAT CURRICULUM VITAE TO YOUR DESIRED ORGANISATION

1. Distance
2. Work Experience
3. Having full Knowledge about Computer
4. Background of Organization
5. Is it through Job Agency
6. Format of Sending Curriculum Vitae/Resume to Organisation email
7. Job Related:
8. Standard/Structure of Organisation

1. Distance:
Most companies considers distance a major factor as it serve as a strict criteria when short listing job applicant, because they wouldn’t want a situation where the worker will be late to work/or be delayed due to traffic, and also in case of emergency.
Moreover employers also don’t want to be a burden on you especially when the pay is not much or probably maybe the business is a medium scale enterprise. So my advice is when applying for that job considers the distance to your place of residence.
2. Work Experience:
Believe me or not most companies are not ready to employ any job applicant who has minimal or little experience in the job field, or do not meet required level of experience because the management usually consider the stress involved in training you to suit the job applied for. E.g. a learned accountant who has been in the company for 5years resigned , and they need a new accountants for the job, definitely they will be requiring the services of a chartered accountant with good experience.
3. Having full knowledge about Computer Operating System:
The mistake most job applicants make especially fresh graduate lying about being a computer literate in their resume. For instance when the job required you to have full knowledge about major operating and application software.
You can’t just have basic knowledge on how to operate a computer with a little know how of Microsoft word and expect that this will help you edge pass that job interview. You need to be well conversant with most Microsoft office application .e.g. excel, PowerPoint and other office software.
4. Background of Organization:
When applying first make a background check on that organization, do they have a website, social media page such as facebook, twitter and others, does the company appears in most website who list major business .e.g. Vconnect, businesslisting.com. Because most companies are fake, some are just there to exploit fresh graduate of their money.

5. Is it through Job Agency:
Well it is not a new thing that most organization engage the service of this agency companies for employer due the stress of searching for applicant, but we have to be careful when applying because 50% of this agency are fake, they don’t really have a job toffer, some even liaise with small companies to rob off applicants all in the name of job vacancy. So the best advice is research well on that agency company.

6. Sending Curriculum Vitae/Resume to Organisation email:
Some applicants are negligent on the way they send CV to organization, you will see subject of email as .e.g. Latest Cv, My Cv, Updated Cv, and many more. my advice is always followed the required format stated by the employer in order not be disqualified, especially when the person assessing all sent CV is not the patient type, he/she may simply ignore your cv.

7. Job Related:
We understand you may have been unemployed since you finished your service year, but always ensure that that job applied for is related to your field of study, unless stated otherwise as part of job requirement, for example accompany may need an account officer for a particular position, an applicant with Accounting qualification will be considers first before a candidate with Marketing or Public Administration educational qualification.

8. Standard/Structure of Organisation
Ensure to run a check on the organization after applying, is it a big, medium or small business organization, sometimes we don’t know the nature of organization majorly because some of this job comes from Job Agent, but never the less we need to be careful with answers provided during interview especially when it comes to salary issue.
With this few tips I hope I have clarified some things to our young and fresh graduate seeking that dream job.
Best of luck to you all. And always never settle for less, though great thing start small.

To read more accounting courses, accounting project topics and material as well basic career guide kindly check my signature or visit the link below:
http://www.accountantsconnect.com.ng/

1. Distance
2. Work Experience
3. Having full Knowledge about Computer
4. Background of Organization
5. Is it through Job Agency
6. Format of Sending Curriculum Vitae/Resume to Organisation email
7. Job Related:
8. Standard/Structure of Organisation

1. Distance:
Most companies considers distance a major factor as it serve as a strict criteria when short listing job applicant, because they wouldn’t want a situation where the worker will be late to work/or be delayed due to traffic, and also in case of emergency.
Moreover employers also don’t want to be a burden on you especially when the pay is not much or probably maybe the business is a medium scale enterprise. So my advice is when applying for that job considers the distance to your place of residence.
2. Work Experience:
Believe me or not most companies are not ready to employ any job applicant who has minimal or little experience in the job field, or do not meet required level of experience because the management usually consider the stress involved in training you to suit the job applied for. E.g. a learned accountant who has been in the company for 5years resigned , and they need a new accountants for the job, definitely they will be requiring the services of a chartered accountant with good experience.
3. Having full knowledge about Computer Operating System:
The mistake most job applicants make especially fresh graduate lying about being a computer literate in their resume. For instance when the job required you to have full knowledge about major operating and application software.
You can’t just have basic knowledge on how to operate a computer with a little know how of Microsoft word and expect that this will help you edge pass that job interview. You need to be well conversant with most Microsoft office application .e.g. excel, PowerPoint and other office software.
4. Background of Organization:
When applying first make a background check on that organization, do they have a website, social media page such as facebook, twitter and others, does the company appears in most website who list major business .e.g. Vconnect, businesslisting.com. Because most companies are fake, some are just there to exploit fresh graduate of their money.

5. Is it through Job Agency:
Well it is not a new thing that most organization engage the service of this agency companies for employer due the stress of searching for applicant, but we have to be careful when applying because 50% of this agency are fake, they don’t really have a job toffer, some even liaise with small companies to rob off applicants all in the name of job vacancy. So the best advice is research well on that agency company.

6. Sending Curriculum Vitae/Resume to Organisation email:
Some applicants are negligent on the way they send CV to organization, you will see subject of email as .e.g. Latest Cv, My Cv, Updated Cv, and many more. my advice is always followed the required format stated by the employer in order not be disqualified, especially when the person assessing all sent CV is not the patient type, he/she may simply ignore your cv.

7. Job Related:
We understand you may have been unemployed since you finished your service year, but always ensure that that job applied for is related to your field of study, unless stated otherwise as part of job requirement, for example accompany may need an account officer for a particular position, an applicant with Accounting qualification will be considers first before a candidate with Marketing or Public Administration educational qualification.

8. Standard/Structure of Organisation
Ensure to run a check on the organization after applying, is it a big, medium or small business organization, sometimes we don’t know the nature of organization majorly because some of this job comes from Job Agent, but never the less we need to be careful with answers provided during interview especially when it comes to salary issue.
With this few tips I hope I have clarified some things to our young and fresh graduate seeking that dream job.
Best of luck to you all. And always never settle for less, though great thing start small.

To read more accounting courses, accounting project topics and material as well basic career guide kindly check my signature or visit the link below:
http://www.accountantsconnect.com.ng/

Unique Reference Number: N-Tax-2017-00000113670-38

THANK YOU
I could remember then when I was a kid back in primary school, I had a fight with my closer friend in which I was punished for some hours, but the funniest thing is when it was time for the teacher to let me go, he asked will you fight again I said No, and she said you can go, but to my surprised she called me back and gave me another punishment then I asked what have I done wrong, and she answered, I am penalizing you for not saying THANK YOU…. So funny.
Have you ever been in a situation when your friend kindly offered you something’s or someone offered to render assistance but all that could come out from your mouth was the word “No, THANK YOU, or a situation whereby someone does a little thing for you such as holding the door open for you to pass, and you receive the kind gesture with much gratitude.
Hmm irony of life, rejecting a help politely, and still tells that person “Thank you” even when you didn’t gain anything from him/her.
According to various definitions, the word Thank You is a polite expression used when acknowledging a gift, service or compliments, accepting or rejecting an offer.
It is also an expression of gratitude, appreciation, profound acknowledgement or politeness in response to something done or given. It is also a grateful feeling or acknowledgement of a benefit, favor expressed by words or otherwise.
It not that I really thinks that this is a Nigerian problem to say thank you, but what I notice is that basically people find it hard to say the word especially when you attend their event or they never feel the need to say the word. What that about?
Thank you is in every language and culture, but not all people vibrate on the frequency of your honour, respects and manners, the word thank you connotes various meaning in different tribes especially in Nigeria
 Yoruba –Ese gan/ese modupe
 Igbo---Imela/Daalu
 Hausa---Nagode
In other countries such as :
 French: Merci
 Spanish: Gracias
 Japan: Sensei
 Arabic: Sukran
 Portuguese: Obrigado
 Swahili: Asante
 German: Danke.
The power of the word THANK YOU may not mean anything to some individuals, but yet the worth saying after all, because it goes a long way in creating a deeper and stronger bond or relationship between those parties involved, furthermore it makes both parties feel appreciated and more likely to do it again next time (this is done most especially among the Yoruba’s “the ones who understand culture and tradition’.
Moreover this word when used in various settings of life such as Wedding Invite, Birthday Celebration, Lecture, Public Speaking, Seminars, Complimenting someone for job well done, Charity works, task carried out successfully, appreciating the Most High when you first wake up in the morning and every other moment of your existence in the earth, saying it to your enemy even when you guys are not in good terms and finally saying it to your partners after or during sex e.t.c.
Thought this word “THANK YOU” was one of the few words my parent has always drummed to my ears as a child to always say to God when things are going on smoothly or roughly in my life, or when someone offend me, or when someone assist me, because it always sound as a soothing relief to the innermost feeling, and as a motivation to future cooperation.
Other ways of saying thank you is Thanks a lot, thank you very much, or thanks in a million.
On a final note, until we start to see little kindness as a big deal, we would never understand why the word Thank you, makes a difference in our life.
Advice: when you notice an individual who does not know how to say the word thank you for any help render to that person, please don’t avoid him, all you need to do is call the person politely and tell him to the needful, after all how much time does it really takes you to show a sign of appreciation. Remember every situation is an opportunity to strengthen up the content of our character on our journey to self cultivation, growth and development.
THANK YOU FOR READING.
Source: Founder: http://www.accountantsconnect.com.ng


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The statutory roles of the Nigerian Export promotion Council are:
 To promote the development and diversification of Nigerian’s export trade.
 To assist in promoting the development of export related industries in Nigeria.
 To spearhead the creation of appropriate export incentives.
 To actively articulate and promote the implementation of export polices and programs of the Nigerian Government.
Core Activities
 Trade Information Service
 Products and Market Development
 Administration of export and Incentives
 Human Resources Training and Development on exports
 Coordination and co-operation with multi-lateral Institution: such as International Trade Center (ITC), United Nations Development Programme (UNDP), World Bank etc.
In addition, other activities of the Council include:
 Working closely with foreign missions in Nigeria and this resulted in getting training programmes and sponsorship of the staff of the Council.
 Market research /survey to establish demand and protocol.
 Receiving and responding to trade enquiries
 Follow up on orders generated by exporters through the Council during Trade Fairs/Mission.
 Market adaptation through product development.
 Registration of Nigerian Exporters
 Collection and dissemination of information on products and market available for export.
 Provision of market entry support services
 Administration of export incentives
 Organize and plan the participations of Nigeria in internatioitnal trade fairs and exhibitions in other countries
 Plan and organize outward trade missions.
 Dissemination of both domestic and international commodities prices.
 Publication and servicing of trade enquiries and opportunities from within and abroad.

to read more about small and medium scale business supporting agencies in Nigeria check my signature.