The Lagos State Internal Revenue Service (LIRS) has asked all taxable person(s) (including self-employed, employees, professionals) in the state to file their individual annual tax returns for 2021 Year of Assessment in accordance with the provisions of Section 41 of the Personal Income Tax Act LFN 2004 as amended.
The individual tax returns are to be filed in accordance with the provisions of the tax law, section 41 (1) (3):
1. For each year of assessment, a taxable person shall without notice or demand file a return of income in the prescribed form containing the required information with the tax authority of the state in which the taxable person is deemed to be a resident together with a true and correct statement in writing containing:
3. A taxable person shall file with the relevant tax authority the returns as stipulated in this section within 90 days from the commencement of every year of assessment (31st March).
According to the Executive Chairman, LIRS, Mr. Ayodele Subair, “the statutory deadline to file Individual Tax Return is March 31, 2021 and is just 2 weeks away. Therefore, I urge all taxable residents in Lagos State to comply with the tax laws and file on time, to avoid penalties and interests which may accrue against defaulters.”
Given the safety protocols in Lagos State necessitated by the Covid-19 pandemic, LIRS charges all individual taxpayers residing in Lagos State to prepare and submit their personal income tax returns via the electronic filing system module of the e-tax platform, introduced to make the filing process seamless and timely.
“All relevant tax forms for the purpose of income tax returns can be downloaded from and submitted through the agency’s digital platform: https://etax.lirs.net. Taxpayers experiencing difficulties with the e-tax platform may contact the specially designated officers at our tax stations or call our customer contact centre on 0700-CALLLIRS (0700 2255 5477)
“The LIRS wishes to remind residents and businesses to continue to adhere to all covid-19 guidelines as stipulated by the relevant health authorities and the Lagos State Government”, Subair said.
How Bureaux De Change Finance Terrorism – CBN
The Central Bank of Nigeria ( CBN) has moved to shut down the operations of Aboki FX, a website providing currency exchange information, which the bank described as an illegal and criminal platform.
CBN Governor Godwin Emefiele who disclosed this while fielding questions after the Monetary Policy Committee’s two-day meeting in Abuja on Friday, noted that the bank also plans to prosecute the owner of the platform, Olusegun Oniwinde.
He said: “I have given instructions to our experts to go after his website and let it be clear that we will go after him because we can’t allow this to continue.”
According to Emefiele, the CBN doesn’t recognize any forex market window besides the Investors and Exporters window.
Naira-dollar exchange rate has soared on the platform in the last couple of days. The platform currently recommends that bureau de change operators buy dollar at N560 and sell at N570.
On ban of forex sales to bureau de change operators, Emefiele said that the bank would not go back on its previous stance.
According to him, these BDC operators sell foreign exchange to criminals who import weapons to harm Nigerians and promote different forms of terrorism.
The CBN governor said: “It truly beats my imagination that Nigerians continued with this type of practice (selling dollars to BDC) that tended to promote illegal activities who are involved in graft and corrupt practices.
“We won’t support the corrupt tendencies of those who illegally buy dollars from our forex market, carry them in aircraft, buy arms and ammunition and bring them back into the country and conduct crimes. Whether it is Boko Haram, banditry and other nefarious activities.”
“Why will CBN give people our forex to go and buy arms? And that is what people want us to continue to do. We cannot do that. What we are saying is that if you have any legitimate need for forex, take it to the bank and they will sell you FOREX.”
Short-term Vs Long-term Investing – The More Sure Path To Financial Freedom
There are two paths people take when seeking to achieve financial freedom. The first path is the short-term investing path and the second is the long-term investing path. If you were to choose a path based on the timeline alone, the short-term investing path will be the obvious choice. But that will be an unwise decision to make. The wiser decision is to ask yourself if there are more important criteria to consider than timeline – and there are. For example, you need to ask yourself – Why am I investing and what end goal am I trying to achieve? You also need to know which of these two investment paths will deliver your desired end results faster? And finally, you need to know the path that possesses the most guarantee of delivering your desired result. Answering these questions will give you a better perspective on which path to choose and follow.
For example, we know from experience that not all shortcuts eventually become shortcuts. Most shortcuts turn out to be longer cuts at the end of the day. So, you need to be sure that a shortcut will end up being a shortcut for you. It is also important to note that the timeline of a thing is not as important as whether you achieve the goal you set out to achieve in the end. Thus, hinging your investment decision based on timeline alone is a short-sighted approach to investing.
For over 12 decades research shows that 80% of working professionals have been matching into retirement with a lower quality life. All of them are investors that have engaged in one form of short-term investing or another . Some have even spent their entire career life investing. Yet, all of them fail to achieve financial freedom before retirement. If short-term investing were really working short-term, it would have been possible to achieve financial freedom within a 30-year work life. But for many this is not so. Thus if you spend your active career life investing in ways that deliver everything else but the ultimate goal of investing, then you have simply wasted your time and pain awaits you in retirement.
The truth is financial freedom cannot be achieved through short-term investing efforts. Especially when these efforts come with little or no guarantees. But you also do not need 30 years of active investing to achieve financial freedom. You can achieve financial freedom in half the time if you invest in ways that hit financial freedom straight on the head. The more guarantee you can have on an investment path the more likely it is that you will achieve your desired end goal. Investing is thus not a guarantee to financial freedom. You can invest all you want and still not achieve financial freedom. The only way to achieve financial freedom is to enter the financial freedom path.
So, what is the financial freedom path?
The financial freedom path is the path that leads to financial freedom. To succeed on this path, you need four things. The first is time. The second is money. The third is a plan. And the fourth is investment neutrality.
Time is a critical factor in investing as it gives everyone a level playing ground. With time a person with little resources can achieve comparable investment results like the person that has large resources but no time. Without the introduction of time people with little resources cannot afford investing or achieve comparable results like their richer counterparts. Thus, if you still have time but little resources, you should leverage time as time is your greatest asset. The only way to achieve financial freedom with little resources but ample time is to focus on investing for financial freedom and not rush after quick and unstable returns.
Money is also another big advantage if you lack time. With the right size of money, you can achieve financial freedom within a shorter time. But this will only be possible if you have the right plan and follow the right guidance. The right plan is a financial freedom investing plan. And the right guidance is an advisor who themselves have achieved financial freedom. No amount of money is immune to a loss. And despite the amount of money that you have you can lose all of it or tie it down in the wrong investments with the wrong plan and advice. Thus, if you have money, the only other thing that can hold you back is the wrong plan and advice.
Take a look at your own life for a moment and assess where you are and the goals that you have accomplished. All of them were made possible by the plan and advice you have followed before now. While they have brought you this far, they may not be able to take you further. If you have not yet achieved financial freedom, chances are high that they have taken their full course. To move to the next level, you need a new plan and advisor.
BLastly you need to develop investment neutrality and approach investing from a result-based perspective. Many people fall in love with their investments such that they cannot move away from a bad investment decision or detach from a low performing investment. They fall in love so badly that they are blinded by emotions. Here is some advice, if this is you. You can invest your love in your spouse, your children and your neighbor. If you still have some love left, send some my way wrapped as a gift- I will take it if it keeps you from throwing all that love on your investments. Your goal as an investor seeking to achieve financial freedom is not to love the investment. But to choose only investments that can deliver financial freedom. You must detach your emotion from investing if you will ever achieve success. If you can invest 10, 20 or 30 years of your life going to a job that you do not necessarily love just to pay the bills, you can invest objectively in investments that deliver the right results and forget about your feelings or ego.
You have a 30 year career life, a crawling salary, time that is tied to one source of income and a disturbing retirement gate. You cannot invest like everybody else. To achieve financial freedom, you must decide to think like the wealthy class. The wealthy class never pursue quick wins or get rich quick schemes. They are methodical, strategic and are the wealthiest people on the planet. If we are to compare results, their results show that their way is working. If you will ever achieve financial freedom, you must learn their ways. The ultimate goal of investing is to achieve financial freedom. Any investment effort that falls short of this goal will keep you in perpetual financial bondage.
If you need help getting on the financial freedom path, we can help you. Send an email to email@example.com
Grace O. Agada is the most sought-after financial planning expert in Nigeria. She is a renowned author, financial expert and keynote speaker. Agada is popularly known as the Upper-Class Mentor and her goal is to help working professionals escape middle-class poverty and transition to the upper class. Agada is the author of three books and possibly the most widely read financial articles. Her articles are spread across seven national newspapers and four of the most popular Nigerian blogs. Agada is also the Founder of the University of Wealth, the Rich Retirement Bootcamp, and the Wealthy Business MBA Programme. Agada has been featured on BBC Africa. Business Day TV. Inspiration FM. and inside Naijatv. And she consults for numerous top organizations, company directors, CEOs, senior executives, and high-income Professionals.
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Buhari Asks Senate To Approve $4b, €710m External Loans
President Muhammadu Buhari has asked the Senate to approve $4 billion and €710 million external loans.
The request was contained in a letter addressed to Senate President Ahmad Lawan and read at plenary on Tuesday.
According to the president, the proposed loan would be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD.
Buhari noted that the loan, if approved, would enable the Federal Government to fund critical infrastructural projects in different sectors across the country.
The letter reads: “I write on the above subject and submit the attached addendum to the proposed 2018-2020 external rolling borrowing plan for the consideration and concurrent approval of the Senate for the same to become effective.
“The distinguished Senate President may recall that we submitted a request on 2018-2020 borrowing plan for the approval of the Senate in May 2021.
“However, in view of other emerging needs and to ensure that all critical projects approved by FEC as of June 2021 are incorporated, I hereby forward an addendum to the proposed borrowing plan.
“The projects listed in the external borrowing plan are to be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD in the total sum of $4,054,476,863 and €710 million and grant components of $125 million.”
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