Vi-M Professional Solutions

Tag: webinar

  • In case you missed our Webinar on ‘Stamp Duty and the Real Estate Sector’: Recording and Takeaways

    In case you missed our Webinar on ‘Stamp Duty and the Real Estate Sector’: Recording and Takeaways

    Yesterday, 5 August. 2020, we at Vi-M Professional Solutions held a webinar on ‘Stamp Duty as it impacts Nigeria’s Real Estate sector’.

    The following tax men joined our Partners on the webinar, to provide the Revenues’ positions on the operation of Stamp Duties in Nigeria:

    1. Mr. Mathew Sanya Gbonjubola (Director, Tax Policy at the Federal Inland Revenue Service)
    2. Mr. Waidi Ogunnorin (Lagos State Commissioner for Stamp Duties)

    For those who missed the webinar, Here is the live recording on YouTube:

    Some takeaways from the webinar include:

    1. Most of the Stamp Duty rates being charged in practice, particularly by the FIRS, are JTB harmonised rates from 2002 (according to the Tax Policy Director), which are much higher than the rates actually stipulated by the Stamp Duties Act (SDA) of 2004 as amended.


    2. These JTB harmonised rates have not been signed into law nor gazette, meaning that the provisions of the SDA still hold legal pre-eminence over them, until such a time that the laws are amended or signed, to reflect them. 

    3. Consultations with stakeholders are on-going, to agree on more realistic rates and amend (and gazette) the SDA accordingly.

    For further enquiries, please contact us via clients@vi-m.com. Also visit www.vi-m.com/webinars to register for any of our training courses.

  • Join Vi-M, FIRS and LIRS on a Webinar on Stamp Duty as it impacts the Real Estate Sector.

    The Stamp Duties Act majorly provides for transactions in the Real Estate Sector, Stock/Securities Market, transactions relating to company incorporation and all other Instruments admissible as evidence in court proceedings. 

    On Tuesday last week, our network of over 300 realtors requested that Vi-M Professional Solutions organise a webinar to educate them on how Stamp Duty (as re-awakened by the FIRS) would impact the Real Estate Sector. This request, we also extended to the Tax Regulators at Federal Inland Revenue Service (FIRS) and the Lagos Internal Revenue Service (LIRS). 

    On this backdrop, the following TaxRegulators have graciously honoured our invitation to join as guest speakers, to provide the Tax Authorities’ perspectives on this webinar, scheduled for Wednesday, 5 August 2020:

    1. Mr. Mathew Sanya Gbonjubola (Director, Tax Policy at the Federal Inland Revenue Service)
    2. Mr. Waidi Ogunnorin (Lagos State Commissioner for Stamp Duties)

    Several communiques and debates have ensued online since we last week Wednesday, about how Stamp Duties would apply to leases/ property rentals. It is worthy of note however, that the Real Estate sector encompasses much more than just tenancy agreements.

    There are Real Estate investments, purchases/ sales, leases, agency, investment trusts/ companies, construction/ development, joint ventures, gifts, insurance, loans/mortgages, tenancy, numerous deals/transaction structuring, MOUs, shell companies, power of attorney, professional/legal services, employment contracts, bank deposits, etc. – practically all transactions covered by the Stamp Duty regime.
    Join us on this webinar as we unpack the Real Estate sector and the Stamp Duty regime (including compliance processes, responsible tax authority, which party(ies) in the transactions would bear the compliance/ payment burdens, and exempt transactions/ instruments).

    Register at www.vi-m.com/webinars.

  • Webinar Series to Review and Discuss FIRS’ 7 Information Circulars on the Finance Act, 2019

    The Federal Inland Revenue Service (FIRS) has recently issued Information Circulars clarifying many provisions of the Finance Act, 2019. There are Seven different Information Circulars dealing with different topics under the Finance Act, 2019.

    We are organising a 3-part (1.5 hr each) webinar series to discuss the contents of the Information Circulars vis a vis the provisions of the Finance Act, 2019 and we will be highlighting what it all implies for taxpayers in simple practical terms.

    The webinars will hold everyday from Tuesday, 19 May 2020 to Thursday, 21 May 2020, from 12.00pm to 1.30 pm on each of the days.

    On day 1, 19 May 2020, we will focus on detailed discussions on the implications of the contents of FIRS’ Information Circular on Companies Income Tax.

    On day 2, 20 May 2020, we will discuss FIRS’ Information Circular on Value Added Tax and its practical implications.

    On day 3, 21 May 2020, we will discuss FIRS’ Information Circular on Stamp Duties, commencement of business, cessation of business and business re-organisation.

    This three-part webinar series is offered at a one-time registration fee of N30,000per attendee.

    Please visit this link to register for the webinar: https://us02web.zoom.us/webinar/register/WN_UQ6o6FabQraXY7aSJSWKXQ

    On day 4, 22 May 2020, from 12.00pm to 2.00pm, we will have a special wrap-up session titled: “Taxation of MSMEs in Nigeria: A Tax Training and Discussion Session”.

     This is driven by the fact that many small and medium sized business owners still find it difficult to comprehend tax and how it applies to their businesses.

    The periodic changes in tax laws do not also help matters. The Finance Act, 2019 presents a major change in Nigeria’s tax regime that is partly but not totally beneficial to MSMEs. 

    The clarifications made by the FIRS in its recently released Information Circulars on the Finance Act, 2019 even places more tax burden on MSMEs than earlier presented by the provisions of the Finance Act, 2019.  

    Through this 4th day wrap up webinar, Vi-M will:

    1. Discuss the implications of the Finance Act, 2019 for MSMEs, particularly as presented by the Federal Inland Revenue Service in its recently released Information Circulars; and
    2. Answer as many questions as possible as it relates to taxes for MSMEs.

    This webinar is offered at a registration fee of N10,000 per attendee.

    Please visit this link to register for the MSME webinar: https://us02web.zoom.us/webinar/register/WN_X5TQFl6hStSM5xcVQhyzew

    Find below the event flyers for both webinars. To learn more about the webinars, please send an email to clients@vi-m.com. 

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

    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.

  • Excerpt from the webinar – Covid-19 Sales Strategies for Different Industries Categorised as ‘Non-essential’

    Excerpt from the webinar – Covid-19 Sales Strategies for Different Industries Categorised as ‘Non-essential’

    1. Generally we would recommend diversifying revenue sources. Digital business is a MUST at this time, even if it is just via watsapp. You need to offer your products or services through one online platform or the other.
    2. Offer parallel products or services and/or partner with people who have expertise in the parallel service or product – eg. If you are into accounting software sales, you can begin to offer virtual software training or even accounting services. If you are into Fashion, offer online training classes in fashion etc.
    3. Leverage credible networks of business owners in different sectors – you never can tell what business partnerships you can form and how much you can buy and sell from each other.
    4. Leverage network of distribution partners/ agents/ mobile distributors or freelancers to get your goods or service to the consumer where travels are banned
    5. Leverage your network of business partners or suppliers to help you ensure your goods for sale gets to your location.

    Wholesale traders:

    • Use trade networks to market and sell bulky items like cars, spare parts etc.
    • Take orders periodically and in batches and distribute as such. Set dates for taking orders and accessing your warehouse/ stalls in the market. Recount stock after each batch of orders and record in your accounting software. 

    Retail traders:

    • See if you can stock your goods at supermarkets and stalls that are into sales of essential commodities and are allowed to operate at this time – they will be willing to get supplies from you.
    • Use e-commerce platforms, social media, Watsapp, supermarkets and direct orders to sell fashion and other items. 
    • Sell on Konga or Jumia or any other popular e-malls
    • For those in fashion, you can also offer online training on how to make fashion items.

    Manufacturing?

    Manufacture essential services or partner with essential services manufacturers e.g. by leasing out your equipment to them or co-producing with them to meet their capacity at this time, if possible.

    Security Companies?

    Those dealing in security equipment would have ample opportunity now to secure places and businesses, essential commodity distributors and facilities.

    Real estate businesses should look into:

    • Offering consultancy on how to carve out a suitable home office 
    • One on one consultations with clients on restructuring their homes to make it suitable for dual purpose – work and residential. 
    • Leverage business partnerships to provide internet and other work facilities for your clients in their residential apartments.
    • Relook designs of homes and offices going forward to accommodate such social distancing and remote working situations.

    Catering or running eateries?

    Offer online courses and consultations on those delicacies you sell. People at home would love to try new recipes to keep the family happy.

    Hair salons, beauty, etc.

    Make wigs and weaves and distribute to corporate people holding online meetings and needing to look good. Teach online.

    Financial services/ Institutions

    Very important now. Package accessible working capital loans for businesses, carry staff along, partners, customers, investors, regulators and agents.

    Schools

    Make money through online classes – use google meet, skype,  zoom platforms or pre-recorded videos.

    Hospitals

    Essential services – also do online consultations for some fee.

    Hoteliers

    Offer premises as quarantine or isolation centres or just a place of rest for people who are banned from travelling.

    Entertainers?

    Offer e-concerts and performances from your home studios and upload on their Youtube merchant account.

    Petty traders, those without internet and who make money through daily living- partner with essential services and commodities manufacturers and trading. 

    Going Digital? 

    Leverage other established platforms first so you do not spend much money and resources on acquisitions and maintenance- use accounting software,  social media, e-commerce platforms like shopify, simple website builders where all the complicated infrastructure is managed by the host company- pay monthly subscriptions, offer online courses through Youtube, vimeo (if you want to sell your videos or courses) other  platforms like Udemy, teachable, wizIQ, Thinkific etc. (you get to share your revenues from the sale or view of your online contents with the host company).

    In the long term, invest in mobile apps (do not forget to download our Tax Law Book app- it will help you with all your tax issues); web applications where people can perform digital operations to solve one problem or the other (also check out vi-mtalentassist.com, a total person website for talents),  full managed websites- you can purchase and install e-learning and online course plugins right into your website so you do not have to share your revenues from your e-courses with the host.

  • Our Webinar today is completed!

    Our Webinar today is completed!

    In todays session, our co-founder and partner Vivian Chigozie-Nmonwu, covered the following, under the topic “Sustaining Business Processes and Keeping Things Going in a Lock Down Period”:

    • Sustaining operations;
    • Sales strategies;
    • Managing finance and cash flows;
    • Protecting business assets;
    • Managing staff; and 
    • Going digital

    Please follow-us on our social media handles (Twitter | Facebook | Linkedin) for more details. If you would like to speak to Vivian, you can contact her directly on:

    Phone – +234 817 320 3657

    Email – vchigozie-nmonwu@vi-m.com