The Files Clerk

04/01/2026

FIFTY (50) TAX EXEMPTIONS AND RELIEFS THAT WILL BENEFIT THE MASSES UNDER THE NEW TAX REFORM LAWS

16/03/2025

The House of Representatives has approved the tax reform bills.

VAT Sharing Formula

50% to be distributed equally
20% to be distributed based on population
30% to be distributed based on consumption.

The current 7.5% VAT rate retained.

The House amended the controversial inheritance tax clause, clarifying that any inheritance received before the dissolution cannot be subject to taxation.

The House has also approved the provision for continued funding of TETFUND, NASENI, and NITDA through the development levies fund.

24/10/2024

HOW TO SPOT MISINFORMATION
- Use FactCheck.org!

In today’s fast-paced world, it’s easy to get overwhelmed by misleading headlines and viral rumors. To stay informed and make better decisions, fact-checking is essential. That’s where FactCheck.org comes in!

Here’s how FactCheck can help you:

1️⃣ UNBIASED REPORTING
It investigates claims from politicians, the media, and organizations to separate fact from fiction.

2️⃣ LATEST UPDATES
Stay ahead by verifying trending topics, especially during elections and major events.

3️⃣ TOOLS FOR READERS
Use their searchable archive to cross-check any claim you come across online.

4️⃣ MYTH-BUSTING
They debunk common misconceptions and provide well-sourced, easy-to-understand explanations.

Whenever you come across a claim that feels too outrageous to be true, head over to https://www.factcheck.org/ and confirm the facts before sharing.

Let’s build a more informed community—together!

FactChecking Harris’ and Trump’s Fox News Appearances October 18, 2024 Both presidential candidates appeared on Fox News on Oct. 16 — former President Donald Trump in a town hall with women voters in Georgia and Vice President Kamala Harris in an interview with Bret Baier. We fact-checked thei...

22/09/2024

Ten Unknown Facts About

1. Founding and History: BMW, Bayerische Motoren Werke AG, was founded in 1916 in Munich, Germany, initially producing aircraft engines. The company transitioned to motorcycle production in the 1920s and eventually to automobiles in the 1930s.

2. Iconic Logo: The BMW logo, often referred to as the "roundel," consists of a black ring intersecting with four quadrants of blue and white. It represents the company's origins in aviation, with the blue and white symbolizing a spinning propeller against a clear blue sky.

3. Innovation in Technology: BMW is renowned for its innovations in automotive technology. It introduced the world's first electric car, the BMW i3, in 2013, and has been a leader in developing advanced driving assistance systems (ADAS) and hybrid powertrains.

4. Performance and Motorsport Heritage: BMW has a strong heritage in motorsport, particularly in touring car and Formula 1 racing. The brand's M division produces high-performance variants of their regular models, known for their precision engineering and exhilarating driving dynamics.

5. Global Presence: BMW is a global automotive Company

6. Luxury and Design: BMW is synonymous with luxury and distinctive design, crafting vehicles that blend elegance with cutting-edge technology and comfort.

7. Sustainable Practices: BMW has committed to sustainability, incorporating eco-friendly materials and manufacturing processes into its vehicles, as well as advancing electric vehicle technology with models like the BMW i4 and iX.

8. Global Manufacturing: BMW operates numerous production facilities worldwide, including in Germany, the United States, China, and other countries, ensuring a global reach and localized production.

9. Brand Portfolio: In addition to its renowned BMW brand, the company also owns MINI and Rolls-Royce, catering to a diverse range of automotive tastes and luxury segments.

10. Cultural Impact: BMW's vehicles often become cultural icons.

15/09/2024

With The Institute of Chartered Accountants of Nigeria, ICAN – I just got recognized as one of their top fans! 🎉

12/09/2024

Nigeria's VAT Reform Proposal - Impacts on Taxpayers and Business Owners

The Presidential Fiscal Policy and Tax Reforms Committee has put forward a VAT reform proposal that promises significant changes for both taxpayers and business owners. Here's a breakdown of the impact:

- Reduced VAT Burden on Essentials: Under the new proposal, essential sectors like food, healthcare, education, rent, and transportation will see a 0% VAT rate. This is great news for households, as data shows these are the areas where most of the average family's income goes. This reform means more disposable income for daily needs and less financial pressure on families.

- Increased VAT on Non-Essentials: To balance this reduction, non-essential goods will see a higher VAT rate. However, this aims to ensure that the states, who earn 85% of VAT revenue, continue to benefit while protecting the masses from the brunt of higher living costs.

- Better Support for Businesses: One of the most promising aspects of the proposal is that businesses will now be able to fully recover VAT on their assets and services. This means lower operating costs for businesses, which will help moderate inflation and potentially lead to lower prices for consumers.

- Streamlined VAT Refunds & Relief for SMEs: Small businesses, particularly SMEs, will benefit immensely - over 97% of them will be exempt from charging VAT on their sales. Additionally, VAT refunds will be processed faster, improving cash flow and reducing the administrative burden on companies.

- Boost for Exports: Another key change is that the export of services and intellectual properties will no longer attract VAT, making them more competitive on the global market.

To summarize, this VAT reform proposal looks good, and is designed to reduce the financial burden on households, make life easier for businesses, and create a more equitable system for sharing VAT revenue across states.

It’s a thoughtful step toward a more balanced and fair tax environment for all.

What are your thoughts please?

11/09/2024

New Job, New Challenges, New Discoveries!

As an accountant, I've always been detail-oriented, but nothing could have prepared me for the surprises I've uncovered in my new role. It's astonishing how often workplace theft flies under the radar!

From missing funds to manipulated records, it's time to sound the alarm! Let's work together to create a culture of transparency and accountability.

Remember, integrity is the backbone of any successful organization. Let's build trust and safeguard our workplace against theft and fraud.

20/08/2024

Big changes ahead!

If this overhaul could transform the landscape of small and medium enterprises, kudos to FIRS Boss.

We're ready to adapt!

Executive Chairman of the Federal Inland Revenue Service, FIRS Mr Zacch Adedeji, has revealed plans to introduce a law that would overhaul the process of revenue administration in Nigeria next month.

20/08/2024

If you think compliance is expensive, try non-compliance. - Paul McNulty

Stay ahead of the game, be at the right side of the law and your business will thank you later.

Let's handle your tax and financial obligations with precision!

15/08/2024

Personal growth isn't just about climbing the career ladder. It's about becoming the best version of yourself. Let's unlock your potential with these essential skills:
• Active listening: Truly hear others and build stronger connections.
• Collaboration: Harness the power of teamwork for extraordinary results.
• Organization: Master your time and space for increased productivity.
• Resilience: Bounce back stronger from challenges and setbacks.
• Self-belief: Embrace your potential and conquer limitations.
• Adaptability: Navigate change with confidence and seize opportunities.
• Work ethic: Cultivate discipline, dedication, and a passion for excellence.
Remember, every small step towards personal growth is a giant leap towards a fulfilling life.

15/08/2024

Annual Returns vs Tax Returns

𝐀𝐍𝐍𝐔𝐀𝐋 𝐑𝐄𝐓𝐔𝐑𝐍𝐒 are filed with the Corporate Affairs Commission (CAC). These returns help maintain the legal status of the business and ensure that the company's information, like its registered office, shareholders, and directors, is up-to-date with the CAC. It confirms that the company is still operational and also about regulatory compliance rather than financial reporting.

Clarification on Requirement:
All registered businesses, whether they are actively trading or not, are generally required to file Annual Returns with the CAC to maintain their legal status.

𝐓𝐀𝐗 𝐑𝐄𝐓𝐔𝐑𝐍𝐒 are filed with the Federal Inland Revenue Service (FIRS) or the State Board of Internal Revenue Service (SBIRS), depending on the type of taxes and the location of the business. Its purpose is to report income, expenses, and other financial information to determine the amount of tax the business owes to the government. It's a key part of fiscal compliance.

Clarification on Requirement:
Most registered businesses are required to file Tax Returns, but there are exceptions. For example, small businesses below a certain income threshold may not need to file returns in the same way as larger businesses. However, businesses that are registered but not trading (dormant companies) might be exempt from certain tax filing requirements, though they still have to notify the tax authorities of their status.

In Summary,
- Annual Returns are about regulatory compliance with the CAC, ensuring the business entity remains legally recognized.
- Tax Returns are about fiscal compliance with FIRS or SBIRS, ensuring the government receives the appropriate taxes based on the business's financial activities.
- All businesses generally need to file Annual Returns with the CAC, but not all businesses might be required to file Tax Returns, depending on their income and status.

11/08/2024

Welcome to The Files Clerk!

We’re excited to have you with us! Here, you’ll find essential updates, expert advice, and practical tips on managing your tax and financial documents effectively.

Our goal is to simplify your financial life with valuable insights and streamlined solutions. Feel free to engage with our content, ask questions, and share your experiences.

Let’s navigate the world of taxes and finance together!

Thank you!