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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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Dangote Industries Wins ECOWAS’ Brand of The Decade Award

Dangote Industries Limited has won ECOWAS Outstanding Indigenous Conglomerate of the Decade

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Africa’s largest business conglomerate, Dangote Industries Limited has won ECOWAS Outstanding Indigenous Conglomerate of the Decade.

It was a show of accolades as the Dangote brand was named the number one brand by all standards with its Sugar and Cement production which has contributed tremendously to the infrastructure development not only in Nigeria but Africa in the last 10 years.

Speaking at the event which was held in Lagos, John Ajayi, Publisher/CEO of Marketing Edge Publications noted that the award to Dangote brands are in recognition of its leadership and domination in the various market segments and categories which span several countries in Africa. 

Mr Anthony Chiejina, Group chief, branding & communications officer, Dangote Industries noted that Dangote Industries remains at the forefront of African enterprise and that the brand, since its inception, has touched the lives of many by providing their basic needs.

Some of the awards won during the Marketing Edge Magazine’s 2022 summit included Outstanding Indigenous Conglomerate won by Dangote Industries Limited, Cement Brand of the Decade as well as Sugar Brand of the Decade

Investors King had earlier reported that Dangote Industries Ltd. (DIL) won the most admired brand in Africa for the fifth consecutive year in a row. 

During the award presentation, Group Chief Commercial Officer of Dangote Industrial Limited, Mr Rabiu Umar said “The company had risen a notch higher as a global brand with the export of Dangote Fertiliser to many countries of the world. People now identify with the brand and in all the countries where we operate, Dangote Cement has become a reference point.

 “We are touching lives by providing their basic needs and empowering Africans more than ever before, creating jobs, reducing capital flight, and helping the government to conserve foreign exchange drain by supporting different industrial and infrastructural projects of African governments.

We fervently believe that only Africans can develop Africa, and this gives us a stronger sense of relevance in all the countries where we have our operations”. He concluded.

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Pan-African Financial Institution Afreximbank Launches Payment Services ‘AFPAY’ to Boost International Trade

Afrexibank has launched its payment services ‘AFPAY’ to enhance international trade and profitability

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Afreximbank - Investors King

Pan-African multilateral financial institution devoted to financing and promoting intra and extra African trade Afrexibank, has launched its payment services ‘AFPAY’ to enhance international trade and profitability.

In order to assist African financial institutions and their clients facilitate  international trade, AfPAY was launched to address the banking issues that African countries were facing as a result of the exodus of many foreign banks from the region, also owing to costly regulatory and compliance requirements.

The bank stated that the Financial Institutions on the African continent had suffered due to the restriction in their access to international correspondent banking services.

The Bank released a report following the launch of the Afpay, it reads,  African Export-Import Bank (Afreximbank) is delighted to announce the commercial launch of Afreximbank Trade Payment Services or “AfPAY” an intervention designed to facilitate the settlement of international trade on open account terms on behalf of identified African financial institutions and their clients.”

“This curtailment of trade lines effectively shut the entrance of our Financial Institutions to the rest of the world. Trade is the number one driver of growth, and banks’ inability to participate in trade transactions will lead to reduced growth in our economies and increased poverty.”

Also commenting on the launch of its payments services Executive Vice President, Finance & Administration, Afreximbank, Mr. Denys Denya said, African banks have, for at least a generation, been dogged by the limited access to dependable banking partners willing to support their cross-border trade transactions.

“We are pleased to introduce into the market a product which transforms this dynamic, which we believe will accelerate cross-border trade on this continent, connecting Africa with an international financial eco-system that will accelerate its development and economic growth.”

It should be recalled that on January 15, 2022, Investors King reported that Afreximbank launched the Pan-African payment and settlement system (PAPSS), a platform that will make cross-border transactions easier and also reduce third currencies for intra-African transactions.

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Zoho Launches Tax Compliant Platform in Kenya, Seeks to Help Businesses Manage Their Finance

Zoho Corporation has launched a VAT and Tax invoice management system (TIMs) accounting software for companies in Kenya called ‘Zoho Books’.

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Zoho headquarters in chennai

Indian multinational technology company that makes web-based business tools Zoho Corporation, has launched a VAT and Tax Invoice Management System (TIMs) accounting software for companies in Kenya called ‘Zoho Books’.

With the creation of Zoho Books, the company seeks to help Businesses in Kenya ease the process of transitioning to tax invoice management system and compliance.

The accounting software, Zoho Books is meant to help businesses in Kenya ease the process of transitioning to Tax Invoice Management System (TIMS) and ensure compliance.

In Kenya, the new TIMS regulation in the country mandates that all VAT-registered businesses must report each invoice and credit note to the Kenya Revenue Authority (KRA) in real time.

Businesses will need to create electronic tax invoices with the mandated fields and format, and push them to the Kenya Revenue Authority, making the introduction of the Zoho Books software to the Kenyan market very timely.

Speaking on the launch of ‘Zoho Books’ in Kenya, Zoho Country Manager Veerakumar Natarajan said the system has been rolled out first in Kenya to assist all business owners to prepare for the upcoming implementation of the TIMS by the Kenya Revenue Authority (KRA).

His words, “Kenya is a key market for us, and we are continuing to invest in creating solutions that will help businesses in their digitalization journey.

“We are launching the localized version of our accounting solution, Zoho Books, to help businesses manage their finances and stay tax compliant.”

The Kenya Revenue Authority has extended the deadline for businesses to comply with the Tax Invoice Management System to November, 30 this year, noting that “a number of taxpayers are still in the process of acquiring and integrating the ETR devices with their invoicing systems.”

With Zoho Books, businesses can get an end-to-end accounting solution that works in just a few clicks. The accounting software will also generate the VAT Return Form-3 filled-in automatically, which can then be used to file the returns, simplifying tax compliance and saving time.

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