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Should the governments of regional administration in Indonesia turn to municipal bonds market to finance its infrastructure projects, especially for those projects that are deemed as essential? Read the summary from IBC's research or access the full report by scanning the QR. #IndonesianBusinessCouncil #IBC #FinancialDevelopment #MunicipalBond #InfrastructureProject

How Nigeria’s Windfall Tax Has Impacted the Oil Sector and Beyond Since its introduction, the windfall tax has had a mixed impact on businesses in Nigeria, particularly in the oil and gas industry: 🔸 Reduced Profit Margins:Despite high global oil prices, companies have seen profits shrink due to the tax, limiting reinvestment in exploration and development. 🔸 Investor Hesitation:The unpredictability of this tax has made international investors more cautious, potentially slowing foreign direct investment into the energy sector. 🔸 Government Revenue Boost:While it’s been a significant revenue source for the government, the tax has raised concerns about its effect on long-term industry growth. The broader business community sees this as a cautionary signal. Could other booming sectors like fintech and e-commerce be next? How is your business navigating the evolving tax landscape? Let’s discuss strategies to stay ahead. Follow me for more insights on navigating Nigeria’s tax reforms! #TaxStrategy #BusinessGrowth #NigeriaEconomy #WindfallTax #OilIndustry

Zambia is revolutionizing tax compliance with the new Smart Invoice system. Starting from July 1, 2024, all VAT-registered businesses must adopt this software-based solution, replacing the current EFDs. Key Highlights: ✔Comprehensive Coverage: Extends to VAT, Sales Tax, Rental Income, IPL, Tourist Tax, and Local Electricity Consumption Tax. ✔Real-Time Data Transmission: Ensures accurate and timely reporting to the Zambia Revenue Authority (ZRA). ✔Enhanced Features: Includes robust inventory management and seamless integration with existing ERP systems. Important Steps: ✔Register and Validate: Ensure your business is registered and validated with the ZRA. ✔Download VSCD Module: Facilitate data transmission between your ERP system and the Smart Invoice server. ✔Stay Compliant: Understand the new invoicing requirements and integrate the necessary software. Prepare your business for this digital transformation and ensure compliance with the latest tax regulations. Stay ahead with the Smart Invoice system! 🔗READ MORE >> https://lnkd.in/dKyXgWux #SmartInvoice #TaxCompliance #DigitalTransformation #Zambia #BusinessUpdate #EInvoicing #ZRA #TaxEfficiency

#latestpublished Non-Oil #Tax #Revenue and Infrastructural #Development in #Nigeria by David Oziegbe and Perpetual Omoyemi Itua In Nigeria, there has been a decline in #oil revenue. This has impacted negatively on infrastructural development. This paper seeks to examine the effect of non-oil revenue as an alternative source of revenue for infrastructural development. The research design of the study was the ex post facto research design. The source of data was the secondary source and a time series of data from 1981 to 2021 was used in carrying out the research. The Autoregressive Distributed Lagged (ARDL) bounds test was used to determine the long-run and short-run relationship between the dependent and independent variables. It was observed that the variables are co-integrated, and as such, a long-run and short-run relationship exists among the explanatory variables. Furthermore, the ARDL short-run estimation result shows that the non-oil tax variables (proxied by VAT, CUSTD, and CIT) have a positive and significant effect on infrastructural development (proxied by total electricity production measured in Gigawatt hours (GWh) in Nigeria. In tandem, the ARDL long-run estimation results reveal that value-added tax, customs duties, and company income tax have a positive and significant impact on infrastructural development in Nigeria. Hence, an increase in the non-oil tax revenue base will boost infrastructural development in Nigeria in the long run. This finding is in tandem with the ARDL short-run estimation result. Therefore, it is inferred that Nigeria can experience infrastructural development when genuine commitment is made to explore an increase in non-oil revenue generation instead of being over-dependent on oil revenue. READ MORE 👉 https://lnkd.in/dytEXECg

The dispute between Kaduna Electric and the Kaduna State Inland Revenue Service is not unprecedented, as a similar situation occurred between Kano Electricity Distribution Company and the Katsina State Inland Revenue Service few years ago. In its drive to bring tax defaulters to book with the aim of boosting the IGR of the State, the Katsina State Board of Internal Revenue instituted two separate legal actions against Kano Electricity Distribution Company (KEDCO) at Tax Appeal Tribunal (TAT), Kano. The State Revenue agencies must understand how payments are done in the Nigerian Electricity Supply Industry(NESI). NERC issued an order for the escrowing of accounts of the Electricity Distribution Licensees and set up an administrator of the funds received by DisCos from the market. So maybe it’s time we think of how to bring the State Revenue Services into the payment waterfall.

The Board of Directors of the African Development Bank Group has approved grant funding of $8.6 million to boost non-oil revenue mobilisation and accountability in #SouthSudan. The African Development Fund (ADF), the Bank Group’s concessional window, will provide $6.62 million, while $1.98 million will come from the ADF’s Transition Support Facility. The Non-Oil Revenue Mobilization and Accountability Project (NORMA II) will develop the South Sudan’s National Revenue Authority’s (SSRA) IT systems to improve revenue administration and tax collection, promote tax compliance, and enhance tax audits and investigations, including studies of taxpayer perceptions. The project also aims to expand the implementation of existing tax policies while exploring new areas to broaden the tax base, particularly value-added tax, hotel tax, and property tax. More details: https://bit.ly/3KHpSNS

https://lnkd.in/dM4a47_K Everything You Need to Know About Smart Invoicing The Zambia Revenue Authority (ZRA) has recently introduced Smart Invoicing, a solution designed to streamline how businesses generate and manage invoices, ensuring real-time transmission to the ZRA. This initiative aims to keep businesses compliant with VAT and other tax requirements, while also minimizing errors and discrepancies. Key Benefits of Smart Invoicing: Automation and Efficiency: Smart Invoicing automates the invoicing process, reducing manual data entry and minimizing errors. This allows your team to focus on more strategic tasks, enhancing overall productivity. Read More

It was a pleasure to participate in the Zambia Revenue Authority (ZRA) Stakeholder Engagement on the Integration of ZILAS and TaxOnline Systems held last week on Monday. During the workshop, the presenter highlighted the primary purpose of the interface between the Ministry of Lands and Natural Resources (MLNR) and ZRA, which is to improve the exchange between the two institutions and implement systems-based controls for conducting land transactions more efficiently. Previously, communication between MLNR and ZRA was manual or semi-manual. With the new interface, when a user applies for State's consent to assign and pays the required application fee, MLNR verifies the application and issues the State's consent to assign. Once this is done, the ZILAS system (MLNR) sends the details of the State's consent to assign to the Tax Online (TOII) system (ZRA). The user then logs into TOII to file their Property Transfer Tax (PTT) return. Taxpayers only need to enter a valid consent number, and the schedule is automatically pre-populated with the relevant interface information. The State's consent to assign is no longer a mandatory attachment. Upon completion, TOII automatically transmits the PTT clearance certificate to MLNR's deeds office, eliminating the need for taxpayers to submit hard copies of the PTT clearance certificate to MLNR. Please note: this information is not intended as legal advice. Consult a lawyer to ensure your conveyance transactions are legitimate.

Navigating local content regulations is crucial for foreign investors seeking to capitalize on Tanzania's oil and gas industry. Compliance with legal services requirements, in particular, is essential for successful and sustainable operations. Tanzanian regulations stipulate that foreign investors must engage the services of a local legal practitioner or a Tanzanian legal firm. This requirement ensures that local expertise and resources are utilized, fostering economic empowerment and capacity building within the legal sector. Investors must prepare a comprehensive report detailing the expenditure on legal services over the preceding six months. This transparency ensures accountability and enables regulators to monitor adherence to local content regulations effectively. In addition, the Legal Services Plan mandates a forward-looking approach, requiring a forecast of legal service requirements for the ensuing six months, along with projected expenditure. By anticipating legal needs and budgeting accordingly, investors can promote efficiency and financial prudence. Foreign investors must also prepare an annual legal services budget for the upcoming year, quoted in Tanzanian Shillings or United States Dollars. By anchoring financial planning in the local currency, this requirement fosters stability and aligns with Tanzania's economic priorities. Compliance with these regulations is not only a legal obligation but also a strategic imperative for foreign investors. Fostering positive relationships with local stakeholders, including legal practitioners, enhances operational continuity, mitigates risks, and facilitates long-term success in Tanzania's dynamic oil and gas sector. By engaging local expertise, complying with reporting requirements, and aligning financial planning with local priorities, investors can navigate the regulatory landscape effectively and contribute to sustainable development in Tanzania. #oilandgas #localcontent #oilandgasindustry

⏰ Don't miss the deadline!  July 1st marks the due date for taxpayers to switch to smart invoicing with the Zambia Revenue Authority. Stay on track and ensure compliance by marking your calendars with this important reminder. Let's streamline your invoicing process together! #ZRA #SmartInvoicing #DeadlineReminder #WirepickZambia