Tax management and crucial component

Yakub02

Banned
Tax management is a critical aspect of any modern economy, as it affects not only the government but also businesses and individuals.

It plays a vital role in ensuring the stability and sustainability of the economy, and is a key factor in the government's ability to provide public goods and services to citizens.

The impact of tax policy on businesses and individuals ranges from the cost of compliance to the level of tax burden, which in turn affects their ability to invest and grow.

Effective tax management is crucial to the overall economic performance of a country, as it helps to balance the budget and to allocate resources effectively.

In order to achieve these goals, it is important to have a well-designed tax system that is transparent, simple, and equitable, and that promotes economic growth and competitiveness.
 

Yakub02

Banned
The Finance Bill, 2022 – Taxing times ahead

Reforms to promote tax equity Reforming tax incentives •

50% ITC for gas investment (changed to 5% or 10% investment allowance) •


The CIT rate of 50% for a gas flaring company •

Cryptocurrency •

*Gaming & lottery •

0.5% import levy ex-Africa •

Excise tax on all services • TET to 3% • VAT anti avoidance rules • Life premium deduction • Exemption of upstream and downstream gas from capital allowance restriction •

Capital loss deduction subject to 5- years carry forward •

*Sharing of Electronic Money Transfer 35% for LGs •

Withdrawal of investment allowance • Repeal of rural investment allowance • Withdrawal of hotel exemption •

Redefinition of building for VAT purposes • Minister & Tariff Review Board • FIRS to NRS • Approval & public procurement • PIA & PPTA alignment
 
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