Tag: Covid-19

LIRS Issues Public Notice on the Implementation of New Tax Incentives and Reliefs for Taxpayers in Lagos State.
As a contribution to its quota in mitigating the impact of the Coronavirus (COVID-19) pandemic on Taxpayers, the Lagos State Internal revenue Service (LIRS) following its announcement of the 3 month extension of deadline for filing of annual returns from March 31^st to June 30, 2020 has in addition, introduced the implementation of certain measures to further alleviate the impact of the pandemic on Taxpayers. These measures include:
- Allowing (on a case by case basis) the installment payment of outstanding Liabilities to ease cash flow challenges that may affect taxpayers.
- Waiver of Penalty for late payment of liabilities under PAYE that were due during the state Lockdown period (March – May, 2020)
- Waiver of penalties due on late filing of 2020 annual tax returns (Form A)
- Waiver of Interest and penalty components of outstanding tax audit liabilities from 2009 to 2015 for entities that present and keep to a structured payment plan that terminates on or before December 31^st, 2020.
- Grant of tax credit of 20% of cash and kind donations made for Covid-19 by resident individuals to LASG for the 2021 Year of Assessment which is subject to a cap of 35% of tax due.
- Increase in the tax payment channels making it easier, simpler and more convenient for all.
- Adoption of Video conferencing as the default mode for conduct of Tax Audit Reconciliation Committee (TARC) meetings in consonance with social distancing advisories from Government and other relevant authorities.
All taxpayers (Individuals and Businesses) resident in Lagos state are expected to take advantage of these palliatives by paying taxes and levies due to the state on time.

For assistance or further guidance on any of these measures, please send an email to clients@vi-m.com
July 13, 2020
Free webinar on “Funding Options, During and Post COVID-19 Crisis”
Following the health, economic and (impending) financial crisis on account of Covid-19 on businesses and families, Vi-M Professional Solutions is offering a free webinar on the topic, “Funding Options, During and Post COVID-19 Crisis”.

This webinar will feature our co-founder and partner, Magnus Nmonwu.

Magnus will share his thoughts on:
- Available funding options;
- Positioning yourself or your business for funding;
- Required documentations; and
- Why should you seek funding;
– for businesses and individuals living and working in Nigeria.

Date and Time of Webinar is Thursday, 30 April 2020, 11.00AM to 11.40AM (WAT).

To register for the webinar, please send an email with your full name, name of company/organisation and job title/designation, to clients@vi-m.com. A link to the webinar will be sent to you via email subsequently.

Please register now to enable us send you the link early enough.
April 28, 2020
TIP: PROTECT YOUR BUSINESS ASSETS THROUGH THE COVID-19!
While the business is in lockdown, insure your business assets against theft, obsolescence, fire or accidents;

Count your stock as often as the lockdown allows and check that they are still in good shape;

Take orders for your stock and distribute periodically as much as the lockdown allows;

Keep a solid financial record of:
- Everything your business owns- goods for sale, properties, equipment, etc
- Your incomes and their sources
- Your cash flow trends and forecasts
- Your investments
- Your expenses and bills
- Your important business documents
PUT THEM ALL IN A SECURE CLOUD BASED ACCOUNTING SOFTWARE; ACCESS THEM ON THE GO; AND STOP WORRYING MUCH ABOUT LOSING THEM!
April 21, 2020

FIRS Offers Tax Palliatives to Taxpayers

In view of the Covid-19 disruptions, the Federal Inland Revenue Service (FIRS) has, in its yesterday’s (23 March 2020) publications via Social Media, offered the following tax palliatives to taxpayers:

The monthly tax filing deadline for Value Added Tax (VAT) and Withholding Tax (WHT) Filing, of 21st day of the month, would now be extended to the last working day of every month.
Due date for filing companies income tax returns will be extended by one month.
Taxpayers registered on FIRS’ e-filing platform can submit all their returns via the platform, otherwise submit via email as follows:

Size/ Nature of Taxpayer	Location/ Industry	Email for Tax Submission
Large taxpayers	Oil and gas (Upstream)	ltoupstream@firs.gov.ng
Large Taxpayers	Oil and gas (Downstream)	ltodownstream@firs.gov.ng
Large Taxpayers	Oil and gas (Servicing)	ltoservicing@firs.gov.ng
Large Taxpayers	Non-oil (Financial)	ltononoilfinancial@firs.gov.ng
Large Taxpayers	Non-oil (Manufacturing)	ltononoilmanufacturing@firs.gov.ng
Large Taxpayers	Abuja	ltoabuja@firs.gov.ng
Large Taxpayers	Kano	ltokano@firs.gov.ng
Large Taxpayers	Ibadan	ltoibadan@firs.gov.ng
Large Taxpayers	Port Harcourt	ltoportharcourt@firs.gov.ng
All Medium Taxpayers		mto@firs.gov.ng
All Small and Micro Taxpayers		msto@firs.gov.ng
All Government Business Taxpayers		mto@firs.gov.ng
All Stamp Duty Taxpayers		stampduty@firs.gov.ng

4. Taxpayers can now file tax returns without audited accounts (presumably with draft accounts) on the condition that the audited accounts will be filed unfailingly within 2 months after the revised due date of filing.

5. For those undergoing tax audits, desk reviews by FIRS, a portal will be created on FIRS website where required documents and information can be uploaded by taxpayers for online access and reviews by the tax authority.

Please send all subscription requests to clients@vi-m.com.

March 24, 2020

Covid-19: Our Message to Business Executives

With over 311,000 infections and 13,000 deaths worldwide, over 177 countries affected by the ravaging Covid-19 pandemic are implementing national lockdowns, quarantines, school closure, restrictions to travel, leisure, work, churchgoing, and other aspects of life, to control the spread of the disease.

As at yesterday evening, 22 March 2020, Nigeria had recorded 30 confirmed cases of the disease and lockdowns are now being implemented in phases by governments and private organisations. Buyers are engaging in panic buying while sellers/ business owners are also getting into the panic mode.

Our message to all business owners and business executives is simple – stay calm, strategise, learn lessons and implement.

Now is the time to re-evaluate how ready and scalable your business operations are, even in unforeseen commercial situations such as presented by the Covid-19 pandemic. Give considerations to the following:

1. What is the operational model of the business? Is it adaptable to business/economic lockdowns and social distancing?

2. What are the structures and models in place to continue to generate cashflow for the business?

3. Is there readily available infrastructure to adapt the operational model to changing business circumstances?

4. How are employee roles structured? Are these roles flexible? Can the employees still work at normal capacity even with changing work situations?

5. What are the internal capacities you need to, and can build with the ‘opportunity’ presented by a business lock down situation?

6. What are the plans for continuity, recovery and earnest take off of business once the pandemic-created economic situation subsides or clears up?

The Covid-19 situation does not call for panic, but calm and calculation to enable careful planning, and strategies that will ensure business sustainability through it all.

For us at Vi-M, we are following all safety recommendations by the appropriate authorities; reducing/ reforming face to face meetings; and most importantly, restructuring/ strengthening our virtual businesses/ models to ensure we continue to provide the much required value to both clients and prospects out there.

We pray for God’s wisdom, help, protection and healing for all of us as we weather through this global storm.

March 23, 2020

Tag: Covid-19

LIRS Issues Public Notice on the Implementation of New Tax Incentives and Reliefs for Taxpayers in Lagos State.

Free webinar on “Funding Options, During and Post COVID-19 Crisis”

TIP: PROTECT YOUR BUSINESS ASSETS THROUGH THE COVID-19!

FIRS Offers Tax Palliatives to Taxpayers

Covid-19: Our Message to Business Executives