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Stats: 2,864,451 members, 6,873,086 topics. Date: Saturday, 21 May 2022 at 01:57 AM
|Career / What Can You Do With A Business Degree? by Onyemadonald(m): 6:08am On Oct 28, 2021|
It is wrong to assume that a degree in business is a one-way street to securing leadership and business management roles in an organization – although it is a common path, however, corporate careers span different sectors. Good management skills are key components of any profitable enterprise. Therefore, effective leaders, strategic thinkers, and financial experts are all in high demand. Big or small, global or local, businesses around the world are on the lookout for business graduates like you.
What jobs can you get if you have a business degree? The following are the types of business careers and also jobs for business degree:
1. BUSINESS CAREERS IN ACCOUNTING AND FINANCE
Generalized Business Studies degrees typically cover aspects of accounting and finance. However, if you want to pursue a career in accounting or finance, you will often need to acquire additional qualifications. A good option that i can recommend for graduates of business is to apply for a graduate position and obtain a specialist qualification while you are working. In many large companies, the costs of the course will be paid by the employer.
If you decide to enter accounting or finance, your job may involve examining your company’s financial position both past and present; advice to clients and colleagues on taxes and expenses; management of financial records and transactions; play a role in mergers and acquisitions; and being responsible for preventing malpractice, fraud and negligence.
2. BUSINESS CAREERS IN MANAGEMENT
Becoming a manager is hard work, with long hours and to many responsibilities. On the positive side, managerial positions are known to be better paid, as well as offering plenty of opportunities for career advancement or even a professional breakthrough. Managers can be found in all industries and fields and their job is to offer structure and strategy to a workplace.
Due to the responsibility of these positions, it is unlikely that you will be able to find a managerial position without first obtaining an additional degree or a number of years of mid-level work experience. In spite of this, business graduates are trained to become managers at some point in their careers, and with unwavering determination and career progression, earning an additional degree may be unnecessary.
3. BUSINESS CAREERS IN CONSULTANCY
Another option that may be of interest to you is the area of business consulting. It means working in a team, combining your business skills and analytical skills to advise other businesses, usually focusing on how to optimize a project or part of the company. Projects and clients can vary widely, which guarantees many new challenges to be overcome. Or you could specialize in a particular type of business, combining your knowledge on business with a second area of interest, like engineering or logistics.
4. BUSINESS CAREERS IN RETAIL AND SALES
Retailing and selling isn’t limited to shelf storage and cold calling, especially if you’re armed with a business degree. There are so many opportunities within sales and retail, they include shop-based and office-based positions and travelling roles for which you must have a good knowledge of global markets.
For those who want to achieve the highest levels of careers in retail and sales, large companies often offer the option of undertaking a graduate training program or trainee management program to accelerate their position in the field within the company. This can be very useful for gaining field experience while continuing to develop your business and management skills.
Other popular graduate careers with a business degree include auditing, banking, communications, distribution, energy and utilities, hospitality and recreation, IT, insurance, journalism, law, logistics, manufacturing, business administration, media, production management, public relations, public sector and defense, risk management and taxation.
LESS TYPICAL CAREERS WITH A DEGREE IN BUSINESS
What can you do with a business degree without following the typical paths? Well, there are a lot of things you can do. The roles that require business acumen and analytical thinking are endless, and your choice of which industry to steer into will likely be based on personal interests. A cliché, but it’s true: if you work for a company, product or service that you truly believe in, you are likely to be more motivated and effective in your role and move forward faster.
1. BUSINESS CAREERS IN MEDIA
While business degrees don’t seem like the most creative path, they can actually lead to many roles within the creative industries. Media is such a popular industry, an umbrella term that covers television, movies, online publishing, newspapers and magazines, events, etc.
While you are unlikely to be directly involved in creative endeavors such as writing, video editing, or producing animation, you will need a good understanding of the media industry you work in. Corporate careers in media include roles in sales, HR, public relations, finance and accounting, operations, marketing and branding, and overall management.
2. BUSINESS CAREERS IN MARKETING AND ADVERTISING
Opportunities in marketing and advertising are plentiful for business graduates, especially those with a creative flair. In the marketing and advertising industries, graduates of business can use the analysis and report-writing skills acquired during their degree to carry out market research, developing marketing strategy, customer relations, maintenance of contact with editors and copywriters, designers and printers, market analysis and evaluation of campaign results. There is a good chance that you will be working with industry experts like designers, video producers and editors and will need to starting develop and update your skills to meet the changing technology and market trends.
3. BUSINESS CAREERS IN HUMAN RESOURCES
The business world doesn’t have to be a watchdog, and human resources career offer roles that require both business acumen and very sharp interpersonal skills. Recruitment, training and compensation are all areas managed by the human resources department. Strong communication skills are important, but you will also need to have a good basic understanding of business operations and management, and a detailed and updated understanding of labor laws and company regulations.
|Crime / Re: 150 People Fatally Shot Over The Fourth Of July Weekend In US by Onyemadonald(m): 6:13pm On Jul 06, 2021|
Shit hole country
|Art, Graphics & Video / Re: How To Grow Your Income As A Graphic Designer In Nigeria by Onyemadonald(m): 12:58pm On Jun 24, 2021|
Everyone want to make digital money
|Politics / Who Marginalised The South East? by Onyemadonald(m): 11:56am On Jun 24, 2021|
South East started well politically in Nigeria and it was a region set on a path of political Prosperity especially after the demise of Lagos Man and Founder of NCNC Hubert Macaulay when the mantle of NCNC Leadership fell on Azikiwe. Unfortunately, the attempt by Owelle of Onitsha to become the Premier of Western Region cracked the party.
The SW Members thought Zik should have allowed a Yoruba man Lead the Yorubas since an Igbo man was leading the South East and Hausa Fulani leading the North. The Yorubas voted for Awolowo's New Party and NCNC became Minority. Zik could not accept the Minority role as the only way he could serve the SW, in his opinion, was to be her Premier. So, he went to the East and became the Premier. EQUATION BALANCED.
After the 1959 Federal Elections, Awolowo offered ZIK a PM position in the proposed coalition but Zik preferred to become a Ceremonial President in the NPC coalition as he was still angry with Awolowo who didn't allow him, a Owelle of Onitsha, become the Premier of Western Region.
The NPC-NCNC Coalition favoured the South East in terms of juicy appointments, in fact, under Balewa, SE occupied the highest office even in the military and Balewa was very comfortable with it. But in 1963, the coalition had collapsed in principle due majorly to greed and both NPC and NCNC looked to the West to get another partner. SW was torn into Two. Akintola struck a deal with Bello and that deal won the 1965 Elections.
Unfortunately, those who lost the election used their military strength over other regions. They eliminated all the political leaders of other regions who won the 1965 elections and claimed that the leaders of their own region escaped. Alas!!!!! This was the first political disaster in Nigeria.
The Topmost military officer from Abia took over and all the military officers who participated in the 1966 murder relocated to their region for safety. Then, the military officers from the bereaved regions demanded justice from the commander in chief but instead of getting justice, Ironsi repealed the 1963 Republican Constitution and promulgated a decree which turned Nigeria to a Unitary State where all powers belong to the center.
This is like adding salt to an open injury. And when appointments were totally skewed to the Region of CinC, so much that Unilag and UI VCs were from his region, the North resisted such arrangement for ABU. Another bloody brouhaha ensued!
Same 1966, There was a revenge of the first coup which the coupists claimed was due to the injustice they got from Ironsi over the killers of their leaders and also the introduction of unitary system. Ironsi and his volunteering host in Ibadan were eliminated and Gowon, a Plateau man led Nigeria.
1n 1967, another revenge by the first coupists led to what was termed as Nigeria civil war where no winner eventually emerged even after 3 million people were dead. Sad!!!! Bitter politics!
But opportunity came for the SE in 1979 when Zik presented himself as Presidential Candidate but Ekwueme wanted to be VP under NPN and Ojukwu later endorsed Ekwueme's decision and joined NPN too. Zik lost. In 1993, Ojukwu told Babajide Kolade-otitoju during an interview that he preferred Sylvester Ugoh his Biafra Central Bank Governor being VP of Tofa to MKO Abiola being the President and the SE voted against MKO but MKO won courtesy of the North and West Alliance as initiated by Akintola and Bello.
Again, a rich Oguta Politician called Nzeribe procured overnight injunction which later led to the annulment of Abiola's election and of course ALL other activities that led to Abiola's death had their roots from that injunction. Like 1966 like 1993.
In 2003, Ekwueme had the best chance of getting the PDP ticket but was scuttled in the last minute by PDP internal politics. However, in 2003 and 2007, a great opportunity arrived for SE to pass a referendum even if they couldn't win the general election. Ojukwu the man who they professed to love so much formed a political party APGA and he was the Presidential candidate.
Sadly, Ojukwu lost in the SE massively to the PDP and old man was disappointed till he left. Even in both years(2003 & 2007) GMB also picked two prominent SE sons, SE never voted for them, they voted PDP who they knew would better the lot of their pockets. Unlike the SW who ensured Awolowo, MKO, Falae won their region, SE marginalised itself!!! Charity was crushed at home but accusing fingers were pointed abroad. Even when GMB was losing election, he was winning his region.
In 2011, SE adopted GEJ as their son and gave him the name Ebele. Indeed GEJ was a SE Government. Everything called appointments favoured them but just like 1959, all these only enriched powerful individuals, nothing to show in the region itself. Rich SE Personalities are always fast to claim they developed other people's regions but blame the FG for not developing their own regions. Lol.
During Jonathan's reign, SE were in the forefront of One Nigeria song, their beloved was Nigeria. Even Nnamdi Kanu did a video to hail Nigeria. Pockets were filled to the brim, stealing was removed from corruption and life was at its best, yet the region was backward in terms of basic infrastructures but no one cares.
A Miracle happened in 2015, GMB defeated Ebele. This was the beginning of another deadly agitation. All those who were doing videos to hail Nigeria started calling her ZUU and all sorts of name, they started talking about appointments. The appointments Balewa gave them, that GEJ gave them that didn't turn their region to paradise.
Buhari developed SE more that ANY GOVERNMENT in the history of Nigeria put together. He is building bridges, constructing roads, he paid pensions to Biafra Soldiers from the SE who waged war against Nigeria. He constructed Mausoleum for Zik. He built Enugu International Airport etc, even the businesses of SE Folks like Air Peace and Innoson Motors gain tremendous momentum!!!! But this beautiful era is now the period where career political opportunists see as their most sidelined era.
They were calling the tribe of the President names that cannot be mentioned on Facebook Community yet they wanted to be VP again in 2019 to another man from the President's tribe, what a confusion?
SE need to face reality of Democracy and jettison hate. When you place individual benefits above collective gains, you will be attacking yourself without knowing as we see in IPOB and ESN. If you destroyed the few infrastructures in your region because you want Buhari to give you juicy appointments, know that those who will benefit from the juicy appointments will never use their loots to reconstruct your region.
STOP MARGINALISING YOURSELVES.
Written by Ayekooto Akindele
|Education / Re: ICAN Unveils ICAN University, Nigeria's First Accounting University by Onyemadonald(m): 2:12pm On May 26, 2021|
zik4ever:ANAN is college of accountancy.
|Education / ICAN Unveils ICAN University, Nigeria's First Accounting University by Onyemadonald(m): 12:16pm On May 26, 2021|
In the course of its contributions to capacity building in Nigeria, the Institute of Chartered Accountants of Nigeria, ICAN, has made significant progress in securing the National Universities Commission’s (NUC) licence for the establishment of the ICAN Universityhttps://www.trendingaccounting.com/2021/05/ican-unveils-ican-university-nigerias.html
5 Likes 1 Share
|Business / Re: A To Z Of How To Start A Bookkeeping Business by Onyemadonald(m): 2:38pm On Apr 24, 2021|
How To Start Accounting Business In Nigeria
|Business / 7 Ways To Get Out Of Debt In 2021 by Onyemadonald(m): 12:51am On Jan 24, 2021|
It is easier to get into debt than to get out of it. Most times, you incur a loan in a matter of minutes while it could take months or years to pay it off. With the increase in online loaning apps, falling into the trap of taking loans is now very easy and at the comfort of your home without even visiting any office or filling any form.
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|Politics / Lekki Shooting: Questions We Should Ask DJ Switch by Onyemadonald(m): 3:20pm On Oct 24, 2020|
Few Questions DJ Switch needs to answer:
How she managed to do live coverage at that close proximity to the soldiers & they didn't harm her?
78, 46 or 15, corpses were dropped in front of the soldiers & who took them away. However, she needs to explain why the soldiers didn't shoot at them while doing that & we need a better explanation to why her phone suddenly went dead when the soldiers were taking the corpses away.
There was no blood stains at the scene, even if it was cleaned up, I don't believe everything within the pores of the road will disappear except there was a serious washing & mopping of the road. Did the soldiers washed & mopped up the road without anyone witnessing it?
|Politics / One Abandoned Project That Buhari Has NO Plans To Complete by Onyemadonald(m): 11:46am On Aug 23, 2020|
This is the national secretariat of PDP, this project was abandoned after they left government in 2015 despite raising over 25 billion naira in donations to complete the project. I believe the money was looted.
A party that looted the money for their Secretariat will also loot our resources if given power again.
8 Likes 1 Share
|Career / Suspended ICAN March/july Exam To Hold From September 15-17, 2020 by Onyemadonald(m): 12:39pm On Aug 13, 2020|
The suspended March and July 2020 professional examination diet of the Institute of Chartered Accountants of Nigeria (ICAN) will now be held in Nigeria from September 15-17, 2020.
This was made available to the public in a post via their official twitter handle and signed by Prof. Ahmed Kumshe, FCA who is the Chief registrar of the institute.
The examination was earlier suspended because of the COVID-19 pandemic outbreak across the globe and inline with the social distancing directives of the Federal government of Nigeria.
We earlier reported that the March and July diet examination will be merged to a single diet. We will publish the exam timetable as soon as it is made available.
See statement below:
|Celebrities / Re: A-Q Celebrates His 34th Birthday Today by Onyemadonald(m): 10:50am On Aug 01, 2020|
people who see Zlatan as their best rapper won't know A-Q
|Career / COVID-19: ICAN To Merge March And July 2020 Examinations Diets by Onyemadonald(m): 9:08am On Jul 03, 2020|
Foremost professional accounting body in Nigeria, The Institute of Chartered Accountants of Nigeria (ICAN) has disclosed that the March and July 2020 professional examinations diets has been merged together.
The notice was made available to the public via the official social media handles and website of the professional body.
Although no date has been fixed for the examination, the body advised professional students to continue to prepare and study for the exam and keep observing social distancing.
There are three examination diet in a year, they are; March, July and November. Since the March and July will be merged, the November diet will be the only diet left for year 2020.
We recall that the March 2020 examination diet was suspended indefinitely due to the lockdown and social distancing rule by the government as a result of COVID-19 pandemic.
As there has been gradual easing of the lockdown by the Federal government, the date for the examination will be fixed as soon as possible and communicated to the students.
|Career / ICAN Releases November 2019 Diet Professional Result by Onyemadonald(m): 7:31am On Dec 21, 2019|
The Institute Of Chartered Accountants Of Nigeria (ICAN) has released the results of November 2019 Professional Exams. This is coming after a month that the exam was written across the country and some parts of the world. Congratulations to everyone who passed and moving the the next level, congratulations to those who will become chartered accountants in the next Induction Ceremony.
Click on this link to check your results http://www.trendingaccounting.com/2018/08/how-to-check-ican-professional.html
|Politics / FIRS Gives 7-day Notice To Tax Defaulters by Onyemadonald(m): 8:56am On Dec 18, 2019|
The Federal Inland Revenue Service (FIRS) has served a 7-day notice to tax defaulters, with a warning that it will soon commence a nationwide tax enforcement to bring tax defaulters to book.
The Acting Executive Chairman of FIRS, Abiodun Aina in a notification to taxpayers on Tuesday informed them of the plan by the agency to begin tax enforcement against such defaulters should they continue to fail in fulfilling their tax obligations.
He advised such taxpayers to settle their tax liabilities within 7 days of the publication to avoid any inconveniences or interruptions in their operations. Said the FIRS in a public notice issued today in Abuja: “The FIRS hereby informs all taxpayers (individuals, partnerships Enterprises, Corporate organisations, Ministries, Departments and Agencies) who are in default of payment of taxes arising from self-assessment, tax audit, tax investigation, transfer pricing audit, demand notices and any other liabilities, that the Service will commence a NATIONWIDE TAX ENFORCEMENT EXERCISE with a view to prosecuting defaulters and recovering all outstanding tax liabilities”, the notice read. Aina said the enforcement is pursuant to the provisions of Section 8, 26 (2), 33 and 35 of the Federal Inland Revenue Service (Establishment Act, 2007). “The taxes referred to are as follows:
1. Petroleum Profits Tax; 2. Companies Income Tax;
3. Value Added Tax;
4. Withholding Tax;
5. Tertiary Education Tax ; 6. NITDA Levy;
7. Stamp Duty;
8. Capital Gains Tax.
He added: “All taxpayers are therefore strongly advised to settle their tax liabilities within 7 days of this publication to avoid any inconveniences or interruptions in your operations”. Aina wished “all our taxpayers Merry Christmas and Happy New Year in advance”.
The FIRS had always warned that tax defaulters who fail to take advantage of programmes like the Tax Amnesty and the Volountary Assets Income and Assets Declaration (VAIDS) programmes to off-set their tax liabilities, risks having the rough end of the stick.
|Politics / Ippis Enrollment: ASUU Slams Agf, Ahmed Idris, Says He Couldn't Pass Ican Exam by Onyemadonald(m): 1:01pm On Dec 08, 2019|
The Academic Staff Union of Universities (ASUU) has described the Accountant General of the Federation, Mr. Ahmed Idris, as a frustrated ‘account clerk’.
This is coming as ASUU members have refused to enrol into the Integrated Personnel and Payroll Information System (IPPIS).
ASUU condemned the Accountant General of the Federation for threatening to sanction Vice Chancellors who have refused to enrol into what it called ’fraud platform’.
OgeneAfrican learnt that AGF, Mr. Ahmed Idris had in a letter dated 2nd December, 2019, advised some Vice Chancellors who are yet to enrol on the IPPIS to do so on or before 6th December failure of which will attract appropriate sanctions.
But, ASUU Chairman at the University of Ibadan, Professor Deji Omole while reacting, stated that it was unfortunate that Vice Chancellors had become errand boys that will now be threatened by an ‘account clerk’.
According to Omole, the threat against VCs was an indication of the massive failure being recorded by the government with lecturers not enrolling into the system.
Omole in a statement on Wednesday in Ibadan, the Oyo state capital, stated that it was unfortunate that the likes of Ahmed Idris whose office have continued to extort public University Bursars via unlawful kickbacks, was the one claiming he wants to use IPPIS to ensure transparency and accountability.
Omole, who hailed some Vice Chancellors for refusing to be enslaved, added that it was woe to a nation where intellectuals become errand boys to those who cannot pass ICAN exam.
He said, “It is a very sad development for any nation having the likes of Idris as the chief accountant of the nation.
“It takes someone with scholarship to appreciate scholars.”
Omole maintained that the union had made useful suggestions to the federal government, but stated that Nigerian intellectuals would not be turned to errand boys of corrupt civil servants.
|Career / Isma'ila Zakari Elected Board Member Of International Federation Of Accountants by Onyemadonald(m): 7:23pm On Nov 19, 2019|
A former president of the Institute Of Chartered Accountants Of Nigeria (ICAN), Ismaila Zakari has joined the International Federation of Accountants (IFAC) Board in November 2019, having been nominated by ICAN. He previously served as a technical advisor on the IFAC Small and Medium Practices Committee.
Mr. Zakari is currently the Managing Partner of Ahmed Zakari & Co. (Chartered Accountants), a small- and medium-sized firmed he co-founded in 1998. He is responsible for leading a resourceful team of Gen-Y professional accountants, specializing in helping mainly small- and medium-sized enterprises and public sector clients to achieve their business goals by providing high-quality accounting, audit & assurance, tax, insolvency, Islamic finance and consulting service engagements.
Mr. Zakari was president of ICAN from 2017 to 2018. He served on the ICAN Council for 15 years. In this role he worked on numerous ICAN committees and task forces, including Students Development, Membership, Continuing Professional Education, Professional Examinations, Practice Monitoring, Ethics Investigation & Disciplinary Tribunal.
Mr. Zakari also served as a board member and technical advisor with the Pan African Federation of Accountants and Council member and Honorary Treasurer for the Association of Accountancy Bodies in West Africa.
Mr. Zakari holds a Bachelor's degree (with honors) in accounting and began his career with Sulaimon & Co., a member firm of Nexia International, in 1987. Mr. Zakari was recently appointed by Nigeria's Minister of Finance to serve on the country's Tax Advisory Committee.
|Education / ICAN Increases Exemption For Five Tertiary Institutions by Onyemadonald(m): 8:57am On Nov 05, 2019|
Under the Cooperation Agreement with Tertiary Institutions, the Institute of Chartered Accountants of Nigeria (ICAN) has increased exemption subjects for graduates of five tertiary institutions across the country.
The institutions are Bowen University, Igbinedion University, Al-Hikmah University, Benson Idahosa University and Federal Polytechnic, Ilaro.
This was revealed during the signing of a Mutual Cooperation Agreement between ICAN and the five tertiary institutions involved in Lagos on Wednesday.
The president of the Institute, Mazi Nnamdi Okwuadigbo, said, that the aim of ICAN’s MCATI is to increase the standards of learning and various methods of dissemination of knowledge of accounting in Nigerian tertiary institutions.
He said, “I encourage you to continue to raise the standards higher as we all collectively work at strengthening the human capital base in our country. Undoubtedly, today’s event is an endorsement of the quality of your institutions’ accounting department.
“Accounting graduates from your institutions will now study using the integrated ICAN/NUC/NBTE Approved Accounting Curriculum. Your accounting graduates would now be granted 11 subject exemptions as against seven subjects’ exemption under the normal ICAN accreditation scheme.”
Earlier this year, the Apex accounting body in Nigeria also increased the exemption of some tertiary institutions in Nigeria and also increased the examination diet from two per year to three starting from year 2020.
|Webmasters / How Do I Unblock My Blog Url On Facebook? by Onyemadonald(m): 7:31pm On Oct 25, 2019|
Good evening nairalander, please I am a blogger and my blog url was blocked on Facebook. Please if you have any idea of how to unblock it, you can share with us.
|Webmasters / How Do I Withdraw My Adsense Earnings For The First Time? by Onyemadonald(m): 8:44am On Oct 09, 2019|
Good morning nairalander, my name is Onyema Donald, I am a blogger, although I have been blogging for a while, I just got over $100 last month and I don't know how to ask them to pay me the money. Please how do I go about it?
|Politics / Re: Nnamdi Kanu To UN: Tell Buhari To Release Sowore by Onyemadonald(m): 11:48am On Sep 20, 2019|
He should go and release him by himself, I thought he is a jagaban
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|Politics / How The Proposed VAT On Online Transactions Will Affect You by Onyemadonald(m): 8:11am On Sep 07, 2019|
The Federal Inland Revenue (FIRS) said it will ask banks and other service providers involved in online payment settlement to collect VAT on online transactions effective from January 2020.
WHAT IS VAT?
VAT stands for Value Added Tax. It is the tax you pay when you buy things (goods) like food, phones, soaps, generators, cars etc or when you pay for a service (like transportation, phone airtime, cinema shows, sewing your cloth, making your hair, etc).
Don't let the name deceive you, there is VAT whether you think value has been added or not. The rate is 5%. This means for a price of N1,000 you will pay an extra N50 as VAT to government making your total bill N1,050. If the item is for your use or consumption then that is where the VAT story ends. But if you resell the item or use it to produce something else which you will sell at say N1,500 then you need to charge VAT of N75 so the buyer pays N1,575. Since you paid VAT of N50 (input VAT) when you bought the item then you are entitled to deduct it from the VAT of N75 you've just charged (output VAT) and only pay the difference of N25 (N75 - N50) to FIRS.
Some sellers already include VAT in their listed prices and will sort out the VAT element with government (we call this VAT inclusive price) like in the case of recharge cards.
DOES THAT MEAN THERE IS VAT ON EVERYTHING?
No. The VAT law has a list of goods and services that are not liable to VAT. Examples include educational materials like books, basic food items like raw yam, cassava, beans (once the food is cooked you may have to pay VAT), baby foods, fruits and vegetables, medical treatment, school education, etc. Also some transactions that are NOT subject to VAT because they don't qualify as goods or services. Examples include land, company shares, borrowing etc
WHO SHOULD PAY VAT?
The seller or service provider is required to charge VAT for the customer to pay. The law mandates any person who is selling goods or rendering services to register with FIRS and charge VAT on their sales. Failure to register or charge VAT attracts fines. In many countries a small business is exempted from charging VAT until it grows to a certain level (equivalents of about N13m sales in Ghana, N17m in kenya and up to N23m in South Africa) but this is not the case in Nigeria.
CAN I AVOID VAT IF I DON'T ORDER ANYTHING ONLINE?
VAT applies equally to goods and services ordered online or offline. It does not matter whether you pay cash or through electronic means. We can classify online transactions into 4 categories:
(1) online sale of goods by local businesses (like buying a bag on Jumia)
(2) local services provided or ordered online (like Pay TV subscription to watch DSTV) - VAT is already being collected on categories 1 & 2 since the sellers are in Nigeria regardless of whether the transactions are done online or offline. If VAT is not being paid it is not an online problem, it is people choosing not to comply and FIRS not doing their job.
(3) online sale of goods by foreign sellers (like ordering a phone from Amazon) - On this category, VAT is already being collected by Customs at the point of importation except where the value of the item is small and legally exempt.
(4) foreign services provided or ordered online - The challenge for Nigeria is this category. Examples include when you subscribe to Netflix or you pay for an advert to promote your post on Facebook or Instagram.
WHY SHOULD YOU CARE?
Government wants to ensure that online transactions don't escape VAT but as demonstrated above only category 4 is really an issue and it constitutes a small percentage of online transactions in Nigeria.
So the question is how will the proposed measure by the FIRS address this problem? How do we ensure that categories 1-3 don't suffer double VAT? If VAT is taken by the payment agent how will online sellers offset their input VAT? How will the payment agents know if a transaction is exempt from VAT so they don't charge VAT wrongly?
MY TWO KOBO
While it is necessary for government to do something regarding taxation of the digital economy, we need to consider the possible impacts including intended and unintended consequences.
Overall objective should be to ensure a level playing field between online and offline transactions, to prevent non-taxation as well as avoid double taxation or excessive compliance obligations. This becomes even more critical in the event of an increase in VAT rate as being proposed by government.
Nigeria should key into the ongoing global efforts to address the challenges of the digital economy in a collaborative manner given that the digital economy puzzle for us is really category 4 transactions involving foreign companies that are not within Nigeria's jurisdiction.
The future is online so government should encourage players in this space not scare them away. In fact online is easier to track for tax purposes because it leaves a trail, so one more reason to tread carefully or we may be warming up to score a spectacular own goal.
|Politics / Re: Ihedioha Should Open Imo Cargo Airport Built By Okorocha - Sam Onwuemeodo by Onyemadonald(m): 1:55pm On Sep 02, 2019|
Nbote:Give Rochas some Credit when necessary.
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|Politics / Abba Kyari Queries FIRS Boss, Tunde Fowler Over Tax Collections by Onyemadonald(m): 5:54pm On Aug 18, 2019|
Mr. Abba Kyari, the chief of staff to President Muhammadu Buhari has queried the Executive Chairman of the Federal Inland Revenue Service (FIRS) over discrepancies in Tax collections from 2015 to 2018.
According to a letter seen addressed to Fowler, Mr Kyari stated that there were significant variances between budgeted FIRS Collections and Actual Collections for Period 2015 to 2018. He demanded a comprehensive variance analysis explaining the reasons for the discrepancies between budgeted and Actual collections for each main Tax item for each of the years 2015 to 2018.
The FIRS boss was also queried over Actual Collections for Periods 2015 to 2017 as it was ‘Significantly Worse’ that what was collected between 2012 and 2014. He was asked to explain the reasons for the poor collections.
Fowler was given a deadline of August 19th, 2019 to respond. See a copy of the letter below
|Career / Re: Happy 100th Birthday To Akintola Williams, Africa's First Chartered Accountant by Onyemadonald(m): 6:22am On Aug 09, 2019|
Meet Akintola Williams, The First Chartered Accountant In Africa https://www.trendingaccounting.com/2018/09/meet-akintola-williams-first-chartered.html
|Career / Happy 100th Birthday To Akintola Williams, Africa's First Chartered Accountant by Onyemadonald(m): 6:20am On Aug 09, 2019|
Today, 9th of August, 2019 is a great day in Nigeria's accounting sector, as Pa Akintola Williams a.k.a Doyen of accounting, the first chartered accountant in Nigeria and the whole of Africa celebrates his 100th birthday.
Below is a brief biography of the founding member and first president of the Institute of Chartered Accountants Of Nigeria (ICAN).
Akintola Williams was born on August 9, 1919, in Lagos Nigeria, West Africa. He was born in an affluent family with generations working with white settlers and the government. His grandfather was a successful business man while his father, Thomas Ekundayo Williams was a clerk who worked for the colonial office before setting up his legal firm in Lagos.
Akintola Williams began his education in the 1930s at Olowogbowo Methodist Primary School, Bankole street in Apongbon, Lagos.
Through a scholarship scheme, Akintola obtained a Diploma in Commerce from Yaba Higher College but due to the absence of higher institutions offering commerce courses in the country at that time, Akintola traveled to the UK in 1944 where he became a chartered accountant 1949.
In 1950, he returned to Nigeria in his quest to help build his economy and business sector. He got a job with the Inland Revenue as an assessment officer and in 1952, he resigned in order to set up his company, Akintola & Co., the first indigenous chartered accountants' firm in Nigeria. This company was formed in order to compete with other existing firms in Nigeria.
From 1964 to 1965, his firm grew bigger with over 500 staffs and branches worldwide.
Seeing the need for more accountants in Nigeria, Akintola Williams set up the Association of Accountants in Nigeria in 1960 and the Institute of Chartered Accountants of Nigeria. He served as the first president of the Institute of Chartered Accountants until he retired in 1983.
He was married to Mrs Efuntiloye Mabel Williams, who passed away on Wednesday, July 8, 2009.
|Politics / Re: Tony Momoh: Anyone Calling For Revolution Is Looking For Trouble, Deal With Him by Onyemadonald(m): 10:10am On Aug 08, 2019|
baby124:who are the "we"?
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|Career / ICAN Professional Exam Timetable November 2019 Diet by Onyemadonald(m): 1:23pm On Aug 07, 2019|
The Professional exam of the Institute of Chartered Accountants of Nigeria (ICAN) for November 2019 diet is here again, hope you are reading really hard as we all know, this is the first exam under the new syllabus and it is going to be different from the previous ones.
The exam officially begins on Tuesday 12th November, 2019 and ends on Thursday 14th November, 2019.
Only candidates who have registered for the exam as a student, paid exam and exemption fees are eligible to write the exam. So if you haven't done any of the instructions written above, you will not be able to write the exam.
Trendingaccounting is here with the comprehensive timetable of the exam to make your study more focused and enjoyable.
Below is the breakdown of the timetable:
The ICAN foundation level students start their ICAN journey with Financial Accounting (FA) as the first paper in the morning, followed by Management information systems (MIS) in the afternoon. They resume the next day with Business law (BL) in the morning, then Business Management and Finance (BMF) in the afternoon. They will round up the exam with Taxation on the last day.
The skills level will also start the exam on Tuesday 12th November, 2019 with Financial Reporting (FR) in the morning, followed by Corporate Strategic Management and Ethics (CSME) in the afternoon. They will continue the next day with Performance Management (PA) in the morning and Audit and Assurance (AA) in the afternoon. They will end the exam on Thursday 14th November with Public Sector Accounting and Finance.
For the final stage (Professional level), they start their exam the same date as other levels with Corporate Reporting (CR) in the morning, then Advanced Taxation (AT) in the afternoon. They will resume the next day with Strategic Financial Management (SFM) in the morning and Advanced Audit and Assurance (AAA) in the afternoon. They will end the exam with the almighty Case study (CA) on Thursday 14th November, 2019.
See comprehensive timetable here https://www.trendingaccounting.com/2019/08/ican-professional-exam-timetable.html
|Business / 37-year-old Former School Teacher Is India’s Newest Billionaire by Onyemadonald(m): 8:06am On Aug 05, 2019|
former school teacher Byju Raveendran has become the latest billionaire in India after his education app “byju” has grown to be valued at almost $6 billion.
Byju became the newest member of the billionaire club in India after his company Think & Learn Pvt managed to raise $150 million in funding earlier July. This takes the total value of his company to $5.7 billion. The former school teacher owns 21 percent of the shares, which makes him a billionaire.
In the year 2020, Byju Raveendran will take his app, named after himself, to America, after finalizing a partnership deal with Walt Disney Co.
In the new app, popular Disney characters such as Elsa from Frozen, and Lion King characters, will teach mathematics and English to students of Grade one to three.
Disney stars will also star in animated quizzes, songs, games and stories.
India is going through a dramatic period of wealth creation and destruction. A new breed of self-made entrepreneurs is joining the ranks of the well-heeled, helping the country’s ultra-rich population grow at the world’s fastest pace. Raveendran, at least on paper, assumes his place among those parvenus thanks to his effort in internet education.
Raveendran was born in a village to school-teacher parents. He went on to become an engineer, and then a massively popular teacher, who’s talks would be attended by thousands in stadiums across India. He set up Think & Learn in 2011, and launched his app in 2015.
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