Wages of Sin, Tax Evasion and the Tax Laws: My Thoughts on the Anti-Corruption Campaign in Nigeria

“Madame, the wages of sin are not exempt from taxation” – Blanche E. Lane, 15 TCM 1088 (1956), sourced from the UMKC site on 8 April 2017. During the run-up to the 2015 national elections, the anti-corruption drive was a major campaign tool that probably partly contributed to the success of the current administration at the elections. The expectation from the President Buhari’s administration is high, especially on the anti-corruption campaigns. However, the Economic & Financial Crimes Commission (EFCC) and other prosecuting agencies have still been unable to procure…

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Flirting with Fraud

The Argus Observer reports that an audit has faulted a former Oregon district attorney (DA) for reimbursing witnesses at a higher rate and for a wider range of expenses than required by state law. In his defense, the DA said the state’s minimum witness reimbursement amounts are insufficient to help low-income witnesses attend trials and he could not allow such financial issues to hinder the judicial process. The audit also found the DA’s office purchased US $43,000 worth of copiers without a competitive bidding process and…

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Accounting Standards for Not-for-Profit Organisations

Not-for-Profit (NFPs) organisations are entities normally without transferable ownership interests. They are organised and operated exclusively for social, educational, professional, religious, charitable or any other not-for-profit purposes. In a bid to ensure a stronger accountability of this sector, the Financial Reporting Council (FRC) released a Statement of Accounting Standards (SAS) 32 in 2011, an accounting system for churches, mosques and other not-for-profit organisations that will compel them, to report their financial transactions periodically from January 2013. The SAS 32 establishes a uniform basis of accounting and…

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Taxation of Expatriates in Nigeria

Taxation of Expatriates in Nigeria This edition of point-of-view examines in a very general way the existing framework for the taxation of expatriates in Nigeria. It considers in brief the applicable tax rate, the portion of the expatriate income that is actually subject to tax, how the tax is calculated, when an expatriate would be deemed resident in Nigeria and how the tax filing is carried out. It is a general overview of the regime of expatriate taxation in Nigeria and not intended to provide legal…

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