Someone actually tweeted that he won't miss today's class and indeed it's an online you won't wish to carry over(lol)
And the conversation rolls..............
3. We'll be focusing on one of the tax regimes that I will like to see introduced into the Nigeria tax system – Tax Consolidation.#TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 11, 2015
4. Let me give a brief introduction, drawing from general accounting sphere. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 11, 2015
5. Preparing financial statements is synonymous with business. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 11, 2015
6. Financial statements can simply be seen as a formal report of the financial activities of a business or an entity. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 11, 2015
More after the cut;
7. Accountants are familiar with group accounts or what is commonly called consolidated accounts . #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 11, 2015
18. Our focus today is a tax regime that mirrors the concept of consolidated financial statements. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 11, 2015
19. As you know, every company operating in Nigeria is expected to submit annual corporate income tax returns. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 11, 2015
20. Nigeria does not have group tax filing. Each entity is treated separately and this is hugely inefficient for many reasons. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 11, 2015
21. In fact, determination of income tax is based on business lines. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 11, 2015
22. For example, in the days of composite insurance businesses, separate returns is expected from life and general business. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 11, 2015
23. A company with pioneer certificate for one line of biz is expected to submit different tax return for the non-pioneer biz. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 11, 2015
24. Companies with significant “other income” sources may be compelled to file separate tax returns. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 11, 2015
Follow @YomiOlugbenro on twitter to read more tweetchat
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