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FCT-IRS Encourages Taxpayers, Businesses to File 2021 Tax Returns Before Jan 31, 2022

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Company Income Tax (CIT) - Investors King

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has said all employers should file their tax returns for the previous year and submit them before January 31, 2022.

It called on taxable persons working under the Ministry Department and Agency of the government, private firms and self-employed persons resident in Abuja, to fill and sign form A which is the income declaration form.

According to a statement issued by the Service Corporate Head of Communications, Mustapha Sumaila, all tax returns should be submitted through any of the service’s tax offices across the territory.

Employers were asked to also file Employer’s Annual Declaration and Certificate– form H1 and form G, disclosing all emoluments paid to its employees resident in Abuja for 2022.

These documents as required by the law must be submitted before January 31, 2022, the stipulated deadline.

The tax agency, however, stated that the deadline for individual taxpayers is March 31, 2022.

“In compliance with section 41 of the Personal Income Tax Act (PITA) 2011 (as amended), all taxable persons, resident in the FCT are required to file annual returns of all incomes from all sources for the year ended December 31, 2021 and within 90 days from the commencement of the year (i.e between 1st January 2022 and 31st of March 2022, using the prescribed form A,” the statement read.

FCT-IRS noted that all defaulters will be penalized as it frowned at the refusal to prepare the tax returns files or late submission, adding that the agency would apply the laws where necessary.

It, therefore, called on agents–employers and individual taxpayers to do the needful and submit their returns promptly.

Appealing to Abuja residents to ensure compliance, it reminded them that payment of tax is their civic responsibility and no taxable person should be left out.

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Business

CBN Plans Start E-invoice For Import, Export Operations Feb 1

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e-invoice

The Central Bank of Nigeria has stated that it will begin the use of electronic invoices for import and export transactions in the country from February 1, 2022.

It noted that the electronic invoice will be submitted through the portal – Trade Monitoring System, a Nigeria single-window portal.

This was made known in a circular, on Friday signed by the CBN Director, Trade and Exchange Department, O. S. Nnaji, sent to all authorised dealers as well as made available on its official website for the general public.

With the title– ‘Guidelines on the introduction of e-valuation, e-invoicing for import and export in Nigeria,’ the circular stated that all import and export operations will now be done with an electronic invoice.

It noted that the e-invoice must be authenticated by an authorised dealer bank as part of the seller’s documentation for payment.

The CBN pointed out that the use of a hard copy final invoice will not be accepted from February 1 as it is now to be replaced with the electronic invoice.

Explaining the reason for the new regulation, it said the use of e-invoices is aimed at getting the exact value of import and export transactions in the country.

“This is to inform dealers and the general public that the introduction of e-valuator and e-invoice replaced the hard copy final invoice as part of the documentation required for all import and export transactions.

“This new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria. 

“No importer/exporter may effect payment to the credit of any foreign supplier unless the electronic invoice has been authenticated by authorised dealer banks presented together with the relevant document for payments,” the circular read.

It also stated as part of the electronic invoice principles that products that are more than 2.5 percent around the vertical price would not be accepted nor allowed successful completion of Form M or Form NXP as the case may be.

Every importer or exporter of goods must ensure that the purchase/sale contract with a foreign supplier/buyer is in compliance with the guidelines of the new regulation.

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Brands

Amazon Launches First ‘Real Life’ Clothing Store For Men And Women

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American multinational technology company, Amazon is launching its first apparel store, ‘Amazon Style’.

Investors King gathered that the clothing store, located in a Southern California mall, later this year will feature women’s and men’s apparel, shoes, and accessories from a mix of well-known and emerging brands, with prices catering to a wide range of shoppers.

According to Amazon, shoppers will get personalized recommendations pushed to their phones as they browse the new Amazon Style store. The company also noted that the clothing store will feature a mix of well-known and emerging brands, adding that every individual’s budget would be met.

The store which will be about 30,000 square feet would be digitalized as shoppers will rely heavily on their smartphones in order to browse the store.

Managing Director of Amazon Style, Simoina Vasen told CNBC that when shoppers walk into the store, they’ll see “display items,” featuring just one size and color of a particular product; the remaining inventory for each product will kept in the back of the store.

He added that after logging into the Amazon app on a smartphone, they’ll scan a QR code on the item to view additional sizes, colors, product ratings and other information, such as personalized recommendations for similar items.

“This allows us to offer more selection without requiring customers to sift through racks to find that right color, size and fit,” he said.

After scanning the QR code on an item, shoppers can click a button in the Amazon app to add the item to a fitting room or send it to a pickup counter.

According to Vasen, shoppers will be able to access their in-store purchase history in the Amazon app.

A recently released research by Wells Fargo analysts shows that Amazon has surpassed Walmart as the No. 1 apparel retailer in the U.S.. This is largely due to the e-commerce boom recorded as a result of the COVID-19 pandemic.

Wells Fargo estimates that Amazon’s apparel and footwear sales in the U.S. grew by roughly 15% in 2020 to more than $41 billion, which is 20% to 25% above rival Walmart.

This represents an 11 to 12 percent share of all clothing sold in the U.S. and 34 to 35 percent share of all clothing sold online.

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Merger and Acquisition

Sullivan, Ellis Were Top M&A Legal Advisers by Value and Volume in financial Services Sector in 2021

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Sullivan & Cromwell and Kirkland & Ellis were top M&A legal advisers by value and volume in financial services sector for 2021, finds GlobalData.

Sullivan & Cromwell and Kirkland & Ellis were the top mergers and acquisitions (M&A) legal advisers in the financial services sector for 2021 by value and volume, respectively, according to GlobalData. The leading data and analytics company notes that Sullivan & Cromwell advised on 42 deals worth $105.1 billion, which was the highest value among all advisers tracked. Meanwhile, Kirkland & Ellis led by volume, having advised on 76 deals worth $20.1 billion. A total 3,854 M&A deals were announced in the sector during 2021.

According to GlobalData’s report, ‘Global and Financial Services M&A Report Legal Adviser League Tables 2021‘, deal value for the sector increased by 21.1% from $430.6 billion during 2020 to $521.3 billion during 2021.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Kirkland & Ellis was the only advisor that managed to advise on more than 70 deals during 2021. However, it lagged behind in terms of value and did not find a place among the top 10 by value due to involvement in low-value transactions.

“The average deal size of transactions advised by Kirkland & Ellis was just $264.2 million, while it was $2.5 billion for Sullivan & Cromwell. Apart from leading by value, Sullivan & Cromwell also occupied the fourth position by volume.”

Wachtell Lipton Rosen & Katz occupied the second position in terms of value, with 26 deals worth $79.1 billion; followed by Skadden, Arps, Slate, Meagher & Flom, with 54 deals worth $55.9 billion; Simpson Thacher & Bartlett, with 37 deals worth $51.6 billion; and Cravath Swaine & Moore, with nine deals worth $47.6 billion.

Alston & Bird occupied the second position in terms of volume, with 55 deals worth $7.9 billion; followed by Skadden, Arps, Slate, Meagher & Flom, and Sullivan & Cromwell. Willkie Farr & Gallagher occupied the fifth position by volume, with 42 deals worth $13.8 billion.

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