FIRS TO NGOS: ‘YOU ARE NOT EXEMPTED FROM TAX OBLIGATIONS’

The Federal Inland Revenue Service (FIRS), has said that the nation’s tax laws did not exempt Non-Governmental Organisations (NGOs), from fulfilling their tax obligations.

This was stated at a sensitisation programme on Tax Obligations of NGOs in Nigeria, organised by the Service in Abuja.

At the programme, it was stated that the assumption that NGOs were exempted from paying taxes was incorrect and that Nigerian tax laws had not necessarily exempt them from paying all forms of taxes.

It was clarified that the tax laws recognise NGOs as basically not-for-profit entities, which are therefore exempted from paying income tax.

However,  where an NGO engaged in activities from which it derived profit, it would be required to pay taxes on such profits, like any other profit-making entity.

Nigeria – Resident expatriates within Nigeria no longer need re-entry visas

Executive summary

The Nigeria Immigration Service (NIS) recently announced new legislation removing the requirement to issue re-entry visas to resident expatriates within Nigeria.

Resident expatriates with valid residence permits, such as endorsed Combined Expatriate Residence Permit, Alien Card forms or Green Cards, are now permitted to travel into and out of Nigeria freely, without any requirement to obtain a re-entry visa.

This new NIS policy only applies to resident expatriates and their dependants. It is expected the new legislation will allow for more flexible travel as well as a reduced administrative burden.

FG to issue $353 domestic bonds next week (June 2015)

The Federal Government plans to raise N70 billion ($353 million) worth of Treasury bonds with maturities ranging between five-year and 20-year at an auction next week, the Debt Management Office (DMO) said on Wednesday 10th June 2015.

The DMO said it will issue a five-year bond to raise 40 billion Naira, a 10-year paper to raise 15 billion Naira and 20-year debt note to raise 25 billion Naira on June 17, using the Dutch Auction System.

The papers are re-openings of previous issues.

Ajibola Aderonke is an auditor at professional services firm Ernst & Young (EY). She previously worked another Big 4 accounting firm PwC. She can be reached at ajibolaaderonke@gmail.com for ideas and suggestions. The post above and its ensuing comments, if any, is purely the opinion of the writer.

Nigerian govternment not been as effective as it needs to be-OBAMA

President Obama was recently interviewed by YouTube stars, Bethany Mota (known for her expertise on beauty products and makeup tips), Hank Green (who video-blogs with his brother, John), and GloZell Green (a comedic performer whose green lipstick is a visual signature and who once ate cereal out of a bathtub). One of the questions he was asked by Bethany Mota, was about the missing Chibok girls and efforts by the US government to rescue them. This was his response:

Naira now goes for 208 (215) to a dollar

The naira, on Friday, depreciated against the dollar as it traded at N208 from the N191.50 it sold for on Monday, January 19. (it's about N215 as of today)

The News Agency of Nigeria (NAN) reports that the new rate had made the naira to lose N16.50 within five days. The CBN’s website, however, put the naira against the dollar at N167.50, while the pound sold for N253.20 and the euro stood at N193.89.