Driving automation among small businesses can meet Nigeria’s tax goals

Comments from the International Monetary Fund (IMF)  around Nigeria’s low tax-to-GDP ratio highlight the importance of driving higher levels of payroll and accounting automation among the country’s businesses, especially small, micro and medium-sized enterprises, says Magnus Nmonwu , Regional Director for Sage West Africa.
The IMF has warned that Nigerian governments’ ability to effectively finance infrastructure and services is constrained by low tax collection. Despite recent tax reforms by the Federal Government, Nigeria needs to grow tax revenue by registering more tax payers and enhancing collections and compliance, says Nmonwu.
Initiatives such as the government’s Voluntary Assets and Income Declaration Scheme (VAIDS) which gives taxpayers an opportunity to voluntarily declare all previously undisclosed assets and income are steps in the right direction, he adds. Higher levels of automation and modernisation among tax authorities as well as increased use of digital filing and payment are also positive developments. Says Nmonwu: “Another way Nigeria’s Federal and State Governments could enhance compliance is by encouraging businesses of all sizes to use technology to streamline capturing of transactions and automate payroll calculations. These solutions can help minimize the risk of non-payment of tax or incorrect remittances of taxes to the relevant government agencies.
“What’s more, the ability to generate financial statements, tax certificates, reports and electronic payslips with the click of a button is a major timesaver. An automated, cloud-based solution also means that businesses have an audit trail and reliable backups for all of their financial transactions, so that they can demonstrate their compliance with tax laws.”
Such software can help address some of the complexity Nigerian businesses face in paying tax. Nigeria aims to move from its current position of 181 out of 189 countries to top 50 on the Ease of Paying Taxes World Report which means that we will see a lot of reform of the tax system in the years to come, says Nmonwu.

Comments

Post a Comment

Popular posts from this blog

KELLY HANSOME REVEALS WHY HIS SONGS’ POPULARITY NEVER TRANSLATED TO WEALTH

Image
Kelechi Orji, aka Kelly Hansome, who used to be one of the leading artistes in Nigeria when his songs ruled the airwaves, has revealed that his songs’ popularity never translated to wealth. While speaking in a chat with PUNCH’s Sunday Scoop, Nigerian singer, Kelechi Orji, popularly known as Kelly Hansome, who is well known for his smashing hits, including Maga Don Pay and Like Play, said he was yet to make money from music. He stated,  “I have never received royalties for Maga don Pay and all those songs that brought me to the limelight. Anyway, I am not looking forward to getting it because it doesn’t feed me. I am comfortable on my own; music has not really paid me. “Have I signed an endorsement deal? Companies come to me but I don’t agree with their terms. You cannot use money to buy me because I am not desperate. “I was hoping that the Copyright Society of Nigeria would do some calculation and pay artistes, but nothing has happened. We have a body but I have not heard fr
Read more

The most expensive house for sale in New Jersey is a sprawling $29.5 million estate with a private English-style pub, and it's only 25 miles from NYC

Special Properties Real Estate Services The most expensive home for sale in  New Jersey  is a $29.5 million mansion in Mahwah. The sprawling estate sits on a 46-acre property that includes an outdoor  infinity pool , horse paddocks, an indoor riding arena, a soccer field, a basketball court, and a 20-stall barn. The lavish interior includes an English-styled pub, a home movie theater, another pool, and a 1,400-bottle wine cellar. It's only about 25 miles from  Manhattan . The most expensive home in New Jersey is a sprawling, $29.5 million estate that includes an outdoor infinity pool, an English-style pub and private movie theater, an indoor riding arena, a soccer field, and other lavish amenities. And it's only about 25 miles from  New York City . "It's a breathtaking sanctuary within 30 minutes of Manhattan," Vicki Gaily, listing agent and founder of  Special Properties Real Estate Services , told Business Insider. The property, called the R
Read more

Peter Obi, Comedian AY, Durotoye Attend Linda Ikeji's Child Dedication Ceremony (Photos)

Image
Media mogul Linda Ikeji has been all over the place with pictures of herself and her baby, Jayce Jeremy since she cannot get over becoming a mum.  The vice presidential candidate of the Peoples Democratic Party, PDP, Mr Peter Obi, Sunday, graced the child dedication ceremony of a well known blogger, Miss Linda Ikeji,  at Church of Assumption, Falomo, Ikoyi, Lagos.   Ikeji dedicated her son, Jayce, three months after he was birth in the United States. Other guests uinclude comedian AY, Tara Durotoye, Leo Stan Eke, Frank Osodi,   See more photos below:
Read more