Samuel Omofojoye

This author has written 225 articles
Importance Of Organisational Structure

Importance of Organisational Structure

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.

Organizational structure also determines how information and directives flows among the levels of operations within the organisation.

Importance of Organizational Structure – SOW

Organizational Structure – SOW

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.

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Tax Planning & Tax Management

Tax Planning & Tax Management

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 Tax Planning & Tax Managementpractice 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.

Purpose of Tax Planning

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,

Minimize litigation

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:

  1. Gain all concessions and relief’s and rebates permissible under the Act.
  2. 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.

  1. Become tax compliant and avoid penalties, prosecutions and interest payments.
  2. Fruitful investment of savings.
  3. Timely compliance of procedural requirements like tax audit etc.
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COVID-19 WAIVERS FOR TAX PAYERS

COVID-19 WAIVERS FOR TAX PAYERS

In view of the ongoing challenges, created by the novel outbreak of COVID-19, the Federal Inland Revenue Service (FIRS) have issued series of palliatives to cushion effects of tax burden on tax payers in Nigeria.

COVID-19 FIRS WAIVERS FOR TAX PAYERS

FIRS WAIVERS

Theses waivers were issued in a statement signed by the Executive Chairman, Mr. Muhammadu Nami of the Government Agency on the 30th of April, 2020.

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CBN N50 Billion Loan for Individuals & SMEs

Targeted Credit Facility (TCF) as a stimulus package, to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.

 3 Major Objectives of the Facility:

  1. Cushion the adverse effects of COVID-19 on households and MSMEs;
  2. Support households and MSMEs whose economic activities have been significantly disrupted by the COVID-19 pandemic.
  3. Stimulate credit to MSMEs to expand their productive capacity through equipment upgrade, and research and development
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