{"id":18774,"date":"2017-10-31T16:39:29","date_gmt":"2017-10-31T15:39:29","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=18774"},"modified":"2017-10-31T16:39:29","modified_gmt":"2017-10-31T15:39:29","slug":"driving-automation-among-small-businesses-can-help-nigerias-tax-goals","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/driving-automation-among-small-businesses-can-help-nigerias-tax-goals\/","title":{"rendered":"Driving Automation Among Small Businesses Can Help Nigeria\u2019s Tax Goals"},"content":{"rendered":"\n\n\n\n
The IMF has warned that Nigerian governments\u2019 ability to effectively finance infrastructure and services is constrained by low tax collection<\/em><\/strong><\/td>\n<\/tr>\n
Comments from the International Monetary Fund (IMF)<\/a> (http:\/\/APO.af\/e3xusi<\/a>) around Nigeria\u2019s low tax-to-GDP ratio highlight the importance of driving higher levels of payroll and accounting automation among the country\u2019s businesses, especially small, micro and medium-sized enterprises, says Magnus Nmonwu<\/a> (http:\/\/APO.af\/j24b88<\/a>), Regional Director for Sage West Africa.<\/p>\n

The IMF has warned that Nigerian governments\u2019 ability to effectively finance infrastructure and services is constrained by low tax collection. Despite recent tax reforms by the Federal Government, Nigeria needs to grow tax revenue by registering more tax payers and enhancing collections and compliance, says Nmonwu.<\/p>\n

Initiatives such as the government\u2019s Voluntary Assets and Income Declaration Scheme (VAIDS)<\/a> – (https:\/\/VAIDS.gov.ng\/<\/a>) which gives taxpayers an opportunity to voluntarily declare all previously undisclosed assets and income are steps in the right direction, he adds. Higher levels of automation and modernisation among tax authorities as well as increased use of digital filing and payment are also positive developments.<\/p>\n

Says Nmonwu: \u201cAnother way Nigeria\u2019s Federal and State Governments could enhance compliance is by encouraging businesses of all sizes to use technology to streamline capturing of transactions and automate payroll calculations. These solutions can help minimize the risk of non-payment of tax or incorrect remittances of taxes to the relevant government agencies.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201cWhat\u2019s more, the ability to generate financial statements, tax certificates, reports and electronic payslips with the click of a button is a major timesaver. An automated, cloud-based solution also means that businesses have an audit trail and reliable backups for all of their financial transactions, so that they can demonstrate their compliance with tax laws.\u201d<\/p>\n

Such software can help address some of the complexity Nigerian businesses face in paying tax. Nigeria aims to move from its current position of 181 out of 189 countries to top 50 on the Ease of Paying Taxes World Report<\/a> (http:\/\/APO.af\/xRjHCQ<\/a>) which means that we will see a lot of reform of the tax system in the years to come, says Nmonwu.<\/p>\n

\u201cSpreadsheets and other manual methods are no longer sufficient to keep up with the growing complexity of today\u2019s tax environment,\u201d Nmonwu says. \u201cAs the tax authorities digitise and automate processes, they should be supporting small and medium businesses in doing the same in an effort to accelerate Nigeria\u2019s integration with the global economy. They could, for example, run seminars or workshops together with vendors to showcase how cloud technology eases the compliance burden for small businesses.\u201d<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>","protected":false},"excerpt":{"rendered":"

The IMF has warned that Nigerian governments\u2019 ability to effectively finance infrastructure and services is constrained by low tax collection Comments from the International Monetary Fund (IMF) (http:\/\/APO.af\/e3xusi) around Nigeria\u2019s low tax-to-GDP ratio highlight the importance of driving higher levels of payroll and accounting automation among the country\u2019s businesses, especially small, micro and medium-sized enterprises, …<\/p>\n","protected":false},"author":11,"featured_media":16808,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23],"tags":[3173,616],"coauthors":[2393],"class_list":["post-18774","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","tag-small-businesses","tag-tax"],"yoast_head":"\nDriving Automation Among Small Businesses Can Help Nigeria\u2019s Tax Goals - National Wire<\/title>\n<meta name=\"description\" content=\"The IMF has warned that Nigerian governments\u2019 ability to effectively finance infrastructure and services is constrained by low tax collection\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/driving-automation-among-small-businesses-can-help-nigerias-tax-goals\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Driving Automation Among Small Businesses Can Help Nigeria\u2019s Tax Goals - National Wire\" \/>\n<meta property=\"og:description\" content=\"The IMF has warned that Nigerian governments\u2019 ability to effectively finance infrastructure and services is constrained by low tax collection\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/driving-automation-among-small-businesses-can-help-nigerias-tax-goals\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2017-10-31T15:39:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/08\/CBN-Building-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"225\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dayo Emmanuel\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/driving-automation-among-small-businesses-can-help-nigerias-tax-goals\/#primaryimage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/08\/CBN-Building-1.jpg\",\"contentUrl\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/08\/CBN-Building-1.jpg\",\"width\":300,\"height\":225,\"caption\":\"CBN-Building-1\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/driving-automation-among-small-businesses-can-help-nigerias-tax-goals\/#webpage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/driving-automation-among-small-businesses-can-help-nigerias-tax-goals\/\",\"name\":\"Driving Automation Among Small Businesses Can Help Nigeria\u2019s Tax Goals - 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