Direct Assessment Tax Administration It is a system through which self-employed persons are assessed and charged to pay tax based on their personal income generated. The self-employed include but not…
NipeX Product Code Selection/DPR Mapping
For ease of administration and understanding, products and services available in the Oil & as Industry in Nigeria are classified or categorize into respective coding.
This coding were as agreed by he major stakeholders in the Industry, which are NipeX (the Regulator) and the International Oil & Gas Companies (Operators)
It is very important for players in the Industry to understand how this Product Codes relates to the products/services you wish to render or supply in the industry, before registering with NipeX or DPR. So, in order not to obtain a wrong licence from DPR,that may not work with NipeX, it is imperative to confirm the category with NipeX, before commencing registration with DPR.
With the rigorous process involve in registering with NipeX, DPR and those Agency of Government involve in the Oil & Gas Industry, failure to choose the right Product Codes for registration purpose at the beginning may be devastating and laborious, hence, the emphasis on knowing and choosing the right Product Codes.
In order to get full knowledge about Product/Service Codes Selection and Appropriate DPR Permits, kindly download attached, to see the Revised Product/ Service Codes for NipeX as issued by the Agency.
Accounting for Non-Accountants Training Introduction This SOW Consulting Accounting for Non-Accountants training provides a comprehensive introduction to the role of accounting in supporting and informing all business decisions throughout the…
Importance of Organisational Design
Organizational design is the process of creating the hierarchy within a company. It is a step-by-step methodology which identifies dysfunctional aspects of work flow, procedures, structures and systems, realigns them to fit current business realities/goals and then develops plans to implement the new changes.
Importance of Organisational Design in organisation can never be played down. For most companies, the design process leads to a more effective organization design, significantly improved results (profitability, customer service, internal operations), and employees who are empowered and committed to the business. The hallmark of the design process is a comprehensive and holistic approach to organizational improvement that touches all aspects of organizational life
Categories of DPR Permits Department of Petroleum Resources (DPR) is the body with the statutory responsibility of ensuring compliance to petroleum laws, regulations and guidelines in the Oil and Gas…
Basic NNPC/NipeX JQS Registration The Nigerian Petroleum Exchange (NipeX) is a Division of NAPIMS, a Corporate Service Unit of NNPC. This is an electronic contracting platform with a virtual community…
Importance of Organisational Structure
An organizational structure can be describe as a system that outlines how certain activities are directed in order to achieve the goals of an organization. These activities can include rules, roles, and responsibilities.
All businesses, both large and small, benefit from well-defined organizational structure. In order for a company to accomplish its strategic mission and acheive its objectives, it needs to develop an effective structure. There are various forms of organizational structures, formal and informal, that can benefit companies, depending on their particular operating needs. Each organizational structure type has its advantages and disadvantages, but whichever style a company selects, a well-structured organization can not only grow as it meets customers’ needs, it can also adapt quickly to environmental, social and economic changes.
With the ongoing global pandemic COVID-19 paying critical attention to organizational structure has become more important now than ever before. Paying due cognizance to organizational structure will help to lay out, who does what, so the company can meet its objectives.
Tax Planning & Tax Management
Tax planning is the analysis of a financial situation or plan from a tax perspective. It can be understood as the practice of minimizing tax liability by making the effective use of all applicable allowances, deductions, exemptions, concessions, and rebate, within the framework of law, to lessen the overall income and/or capital gain of the Assessee (Tax Payer). For this purpose, the financial activities of the person or entity are thoroughly analyzed, to seek the maximum possible tax benefit, which is feasible as per the law.
Tax planning is a legal method of reducing the tax burden that covers all kinds of efforts made by the Tax Payer to save taxes, through ways and means that conform to the legal obligations and are not intended to deceive the law, by false pretense.
To ensure tax efficiency. Through tax planning, all elements of the financial plan work together in the most tax-efficient manner possible.
Maximize productive investment,
Reduction of tax liability
Tax planning arrangements are made in a way that maximum possible tax benefits can be access, by making use of all favorable provisions in the act. This will facilitates the tax payer to get rebates and allowances, without violating the law.
Effects of Tax Planning
The main objectives in any exercise on tax planning are to:
- Gain all concessions and relief’s and rebates permissible under the Act.
- Arrange the affairs in a commercial way to minimize the incidence of tax.
iii. Claim maximum relief where taxes are paid in more than one country.
- Become tax compliant and avoid penalties, prosecutions and interest payments.
- Fruitful investment of savings.
- Timely compliance of procedural requirements like tax audit etc.