Denny G
7.4K posts



















I’m really glad I started saving with PiggyVest ooo I now get about ₦80k every month as interest



𝐄𝐧𝐠𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐒𝐞𝐬𝐬𝐢𝐨𝐧 𝐨𝐧 𝐈𝐦𝐩𝐥𝐞𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐍𝐞𝐰 𝐓𝐚𝐱 𝐀𝐜𝐭𝐬 𝐟𝐨𝐫 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐈𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐬 𝘋𝘪𝘥 𝘺𝘰𝘶 𝘬𝘯𝘰𝘸 𝘵𝘩𝘢𝘵 𝘵𝘩𝘦 𝘵𝘢𝘹 𝘳𝘦𝘧𝘰𝘳𝘮𝘴 𝘥𝘪𝘥 𝘯𝘰𝘵 𝘪𝘯𝘵𝘳𝘰𝘥𝘶𝘤𝘦 𝘢𝘯𝘺 𝘯𝘦𝘸 𝘵𝘢𝘹 𝘰𝘳 𝘭𝘦𝘷𝘺 𝘰𝘯 𝘦𝘭𝘦𝘤𝘵𝘳𝘰𝘯𝘪𝘤 𝘵𝘳𝘢𝘯𝘴𝘧𝘦𝘳𝘴 𝘰𝘳 𝘮𝘰𝘯𝘦𝘺 𝘪𝘯 𝘺𝘰𝘶𝘳 𝘣𝘢𝘯𝘬 𝘢𝘤𝘤𝘰𝘶𝘯𝘵𝘴? In fact, under the new laws, many businesses are now eligible to claim input VAT credits on bank charges. To support smooth implementation and clear communication, a multi-stakeholder engagement session was recently held for financial institutions, involving the Nigeria Revenue Service, the Joint Revenue Board, the Central Bank of Nigeria, and the Presidential Fiscal Policy & Tax Reforms Committee. Participants included Risk and Compliance Officers, Legal Advisers, Chief Financial Officers, and Regulatory Affairs Executives from fintechs, commercial banks, microfinance banks, pension funds, asset managers, investment and securities firms, and other financial institutions. Key issues focused on: • Ensuring customers are not wrongly charged • Tax ID as a requirement for bank accounts operated for business or income purposes (introduced since 13 January 2020) • Providing tailored information to support customers in filing their tax returns and claiming tax deductions • Repeal of Tax Clearance Certificates (TCC) as a requirement for foreign exchange transactions to improve ease of doing business • Clarifying the due process for the exercise of the power of substitution by tax authorities (which had always existed under previous laws) • Additional taxpayer safeguards and protections under the Office of the Tax Ombud. The tax reforms are designed to support formalisation, tax harmonisation, and financial inclusion, while improving trust and efficiency across the financial system. #TaxReforms #EaseOfDoingBusiness #KnowledgeIsPower














