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...

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...

The role of a forensic accountants in Alternative Dispute Resolution (ADR)

Some forensic accountants choose to specialise in Alternative Dispute Resolution (ADR) due to their familiarity with both finances and the legal system. Business litigation can be a very expensive and costly. Generally, opposing attorneys will fight vigorously for their clients. When forensic accountants are engaged as EXPERT WITNESSES in business litigation, such fighting can drive up the cost of the expert witnesses and drive down the understanding of the forensic accountant’s work and, therefore, the client’s satisfaction with the forensic accountant. In a typical business litigation scenario, the opposing attorneys may fight against providing information which the forensic accountant has requested in order to calculate damages or to perform a business valuation. Depending on the amount of rancor between the parties and level of antagonistic determination between the attorneys. There are times he may have to perform the damage calculation or business valuation without all the relevant information he believes is necessary. In the absence of such information, the forensic accountant may have to make reasonable assumptions regarding the missing information. If there are differing assumptions by each side’s expert witness, significant differences in damage calculation or business valuation amounts may result. In such situations, the parties often may expend significant time and incur significant costs in using these forensic accounting experts. Especially when there are significant differences of opinion between the two expert witnesses, the experts’ fees and attorney fees can be even higher. Both parties also may come away with confusion and misunderstanding regarding how the relevant damage amount or business’s value was determined. This is because they may only speak with the expert retained by their...
PAY-AS-YOU-EARN AND PAYSLIP

PAY-AS-YOU-EARN AND PAYSLIP

PAY-AS-YOU-EARN Pay-as-you-earn is a tax deducted from employee salary account and remitted on or before the 10th day of the month following the month in which salaries were paid. See relevant sections of the Personal Income Tax Act (PITA). (S.81 of Personal Income Tax Act Cap P8 LFN 2011). S. for details WHAT IS TAXABLE ENTITLEMENT (GROSS) OR GROSS EMOLUMENTS This is the total amount your employer pay to you as salary including all benefits arising from employment. It can be a inform of wages, salaries, allowances including benefits in kind, gratuities, superannuation and any other incomes derived solely by reason of employment. All manner of allowance you earn, provided it’s not a re-imbursement of expense to you, is taxable.  Finance Act 2020, defined “gross income” as income from all sources less non-taxable income, tax-exempt items listed in Paragraph (2) of the Sixth Schedule and all allowable business expenses and capital allowance (finance-act-2020). This is addition to the Act. For example, if you spend an amount for training outside your station and the money is refunded or reimburse through your payslip, it must be subjected to tax. All pay not intended to be taxed must not be passed through payroll. Pay like training cost, transport to attend training etc. TAX RELIEF (TAX ALLOWANCE) This is amounts that can be deducted from a person’s annual income to reduce the amount on which tax is paid. Or the amount of your income which is exempt from tax aside from other statutory deductions. Consolidated relief allowance of N200, 000 or 1 per cent of gross salary or whichever is higher plus 20...

Audit Quality and Financial Performance of Quoted Firms in Nigeria

Abstract: This study examined the impact of Audit Quality and Financial Performance of Quoted Firms in Nigeria. The study spanned from 2000-2017 which is 18 year period. The independent variable is audit quality which is proxy with auditor’s independence, audit size and audit committee while the dependent variable is Financial Performance and proxy with earnings per share and return on asset. Three firms were chosen for this study, which are: Unilever Nigeria Plc., Oando Plc. and C & I Leasing Company. Time series data were used and gotten from annual report and account of the firms under study. The study applied Ordinary Least Square (OLS) estimation technique through E-view 7.0 version. The result revealed that for model 1 Company is below 5% significant level. The study thereby concludes that audit quality does not have significant impact on returns on asset of quoted firms in Nigeria. The study recommended that management of quoted firms in Nigeria can improve the financial performance and audit independence of their firms by increasing the amount of audit fees paid to the audit firm. This might seem like a profit reducing decision in the short run, but the benefits it will bring to the firm far outweighs the cost. Also management of quoted firms should employ the services of one of the Big 4 audit firms because their character and integrity is beyond question. Download Full publication here (PDF) Audit Quality and Financial Performance of Quoted Firms in Nigeria...
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