E-Collection

www.ohimaiconsulting,com E-Collection is electronic collection of government revenue. E-Collection through Treasury Single Account received new development since inception. Some of the improvement to e-collection are in line with Central Bank of Nigeria (CBN) circular of 10th December, 2020. NEW DEVELOPMENT OF TSA IMPLEMENTATION IN NIGERIA New TSA cost of collections for payer and Ministries, Department and Agencies (MDAs). The charges are grouped into two. (A). Transaction charges borne by the payer. i) If the payment are received through Point of Sales (POS), it will attracts N150 plus 0.50 per cent of the amount being paid subject to a maximum of N1, 000 per transaction. ii). If payment are received through other channelled it attracts N150 exclusive of Value Added Tax (VAT) (B). Transaction charges borne by the MDAs. (i) They provide the platform for collection. (ii) They will process all data about the payment and the payer. (iii) They transmit the data and replicate them (iv) Fund sweeping.  For this, stakeholder below are to receive from Payment Solution Service Providers (PSSPs) or Deposit Money Banks (DMBs) fund sweeping. This depends on who is playing the collection role for the MDAs. NIBBS is to receives 10% while Office of the Accountant General of the Federation (OAGF) to receives 2.5%. 2. New TSA sharing formula for collection cost received among the various stakeholders as follows: PSSPs——————————-43% Collecting Banks——————33% CBN———————————11% NIBBS——————————-10.5% OAGF——————————–2.5% 3. The government link the revenue generating agencies to TSA portal through (PSSPS). PSSPs are companies appointed by government to collect TSA payments from ministries departments and agencies (MDAs). At at today, payer has to initiate payment from the receiving...

Top Alternative Dispute Resolution (ADR) in Nigeria.

Alternative Dispute Resolution (ADR) is being practised in Nigeria at the institutional and individual level with and without the involvement of the court system.  The list of institutions that practised ADR in Nigeria, namely, The Chambers of Commerce, private enterprises, industry groups etc. In the case of individuals are judges, specially trained practitioners (i.e. arbitrators, mediators, accountants), elders, traditional rulers, chiefs, religious leaders.  The practitioners involved in ADR is industry-specific that have technical expertise in specific areas like environmental disputes, labour disputes, family law, etc. The current Nigerian laws have sufficient provisions that have addressed ADR methods in resolving disputes. These provisions of the laws are discussed below. (1) The 1999 Constitution The Constitution is the supreme law of the land that endorses arbitration. Section 19(d) of the Constitution states that part of Nigeria’s foreign policy objective is respect for international law and treaty obligations. Nigeria also seeks for settlement of international disputes by negotiation, mediation, conciliation, arbitration and adjudication. (2) Arbitration Laws Nigeria, like other progressive countries, has subscribed to many international ADR Laws and Rules. The United Nations Commission on International Trade Law (UNCTRAL Model Law of 1985) and UNCITRAL Arbitration Rules domesticated in Nigeria under the Arbitration and Conciliation Act (ACA). (3) Other Federal Acts Nigerian body of laws is replete with several statutes that provide for arbitration or other ADR mechanisms. A fewer list is mentioned below of the law and the applicable sections:  Sections 11 and 30 (4) of the Matrimonial Causes Act (Cap. M7 LFN 2004). This section talks about reconciliation between the husband and wife or parties. As they can get the...

Master Program on International finance

freepikfreepik. Master program on international finance is for Master student in foreign universities. You are required to prepare/submit an individual report discussing the following: Choose a Multinational Enterprise (MNE) listed on an internationally recognised Stock Exchange (including for example, London, Dublin, New York or Paris). You are required to:  a. Critically discuss two recent developments in the international financial environment which appear to have impacted on your chosen company’s recent performance and development. Analyse how these two developments are likely to impact on the company in the near future. (14 marks) b. Discuss the following key elements of the MNE’s international financial and/or risk management strategy (and how they appear to have affected the financial performance of your chosen company): · Sources of finance · Dividend policy (14 marks) c. With reference to your chosen Multinational Enterprise (and using the most recent annual report published), analyse the financial performance (in terms of profitability, liquidity, efficiency and investment) of the company in the two most recent consecutive financial periods (e.g. 2018/19 or 2019/20, ) using 8 different accounting ratios (prior year comparative figures will be available in the annual report). (32 marks). Notes:  (i) You must advise your tutor of your chosen multinational enterprise to ensure suitability for use and avoid duplication (ii) It is advisable to choose your multinational enterprise and download the most recent annual report. This will facilitate your preparation and allow you to effectively participate in weekly class activities; Master program on International finance Guidelines 1) The assignment may take the form of an individual written word-processed briefing report of not more than 2500 words, including...
Top 55 Balance Sheet Keywords

Top 55 Balance Sheet Keywords

Top 55 balance sheet keywords are available below 1. Account Receivables 2. Account Payables 3. Accrual 4. Asset 5. Accumulated Depreciation 6. Bank Account 7. Bank Overdraft 8. Bill Payable 9. Cash and Cash Equivalents  10. Computer Software 11. Copyrights  12. Current Asset 13. Current Liabilities(within 1year)  14. Current tax payable( Unpaid Tax) 15. Customer Lists. 16. Deferred tax  17. Development Cost 18. Dividend payable(Unpaid Dividend) 19. Equity 20. Furniture and Fixtures 21. Goodwill  22. Intangibles Noncurrent Asset  23. Inventories  24. Investments in Associates  25. Investments in Equity Instruments  26. Land and building 27. Liabilities  28. Long-term Asset. 29. Long-term Borrowings  30. Long-term Provisions  31. Mortgage Payable  32. Motion Picture Firm  33. Net Assets  34. Net Worth 35. Non-Controlling Interest  36. Non-current Liabilities (over one year)  37. Non-current Asset 38. Notes Payable  39. Other Components Equity  40. Other Current Assets  41. Other Intangible Asset            42. Patents 43. Prepaid 44. Property, Plant and Equipment 45. Retained Earnings  46. Salary Payable 47. Share Capital  48. Share part of Long Term Borrowings  49. Short Term Borrowings (Short-term debt) 50. Short term provisions  51. Tangible Non-current Asset  52. Trade Mark 53. Total Assets  54. Total current liabilities 55. Total Non-current liabilities     Top 55 balance sheet keywords listed above is for our...

Treasury Single Account

ohimaiconsulting.com Treasury Single Account (TSA): This is defined as a unified structure of government bank accounts for MDA’s. TSA is a single account in the custody of the Central Bank of Nigeria (CBN).TSA is a bank account or a set of linked accounts through which the government transacts all its receipts and payments. Treasury Single Account is a concluding phase of the E-collection scheme. The Federal Government of Nigeria commenced the implementation of e-collection component of TSA in January 2015. The first Treasury Circular on e-Collection was issued on the 19th of March 2015. E-collection automates and streamline revenues and other monies payable to MDAs as well as other Institutions and Parastatal directly into the Consolidated Revenue Fund (CRF) or designated accounts of each MDA at CBN using the CBN Payment Gateway. This is one of the good initiative of federal government of Nigeria that has help to bring about transparency and accountability. This initiative has given Nigeria government control over the management of fund in the hand of Ministries, Department and Agencies (MDAs). OBJECTIVES OF FGN E-COLLECTION Ensure total compliance with the relevant provisions of the 1999 Constitution of the Federal Republic of Nigeria (FRN) (Section 162 & 80).Collect and remit all revenues due to the Federation Account and Federal Government Consolidated Revenue Fund.Block all leakages in government revenue generation, collection and remittance.Enthrone a new regime of transparency and accountability in the management of government receipts.Improve on availability of funds for development programs and projects.Align with the CBN Cashless policy.Ease the burden of revenue payers. BENEFITS OF TSA Government have oversight of all revenue and other monies collected...
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