11042019 - INSECURITY: Senate condemns killings; insists on State Police

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20 — Vanguard, THURSDAY, APRIL 11, 2019 Tax compliance does not have to be a Practical steps eps t burdensome process for SMEs if they put record keeping makes appropriate policies and computing/estimating tax processes in place. The liabilities easier as the policies and processes will elements for key accounts also help ensure that they are readily available. In pay the right business addition, it provides proof business taxes, and adequately that transactions claimed manage their tax affairs. actually took place and are For SMEs an effective not fictitious or a sham. It bookkeeping system is is not difficult to perhaps the most implement bookkeeping important requirement for systems as there are effective tax compliance. several applications that It provides the first line of can be used - excel defence, in the possible spreadsheets, expense event of a tax audit. Proper managers, etc - to make eps to effectiv ective e tax compliance by SMEs this a fairly easy task. Another recommended best practice is the clear separation of non-business (personal) expenses from expenses. Though it seems quite basic, failure to inculcate this practice make businesses lose many taxdeductible expenses that would have hitherto reduced their corporate income tax liabilities. Having separate business accounts that are used strictly for business transactions is highly recommended. Likewise, there is the need to have basic knowledge of business tax laws, including rules guiding deadlines for filing returns and remitting taxes to the appropriate revenue authorities. This does not require the taxpayer becoming an expert tax professional overnight, he/she only needs to have a good understanding of how the tax laws apply to their businesses. Revenue agencies have made this easy by publishing tax calendars for each financial year to guide tax payers on their compliance deadlines. Also, they are working on making the entire compliance process automated. A number of tax consultancy firms have written several articles to summarize these tax laws in a manner that is easy to understand and these can prove to be very invaluable tools. Finally, it is very important for SMEs to stay informed on developments in tax laws and regulations. Revenue authorities and tax consultancy firms regularly publish updates on developments in the local tax regime, and it is recommended that SMEs subscribe to such updates. •Source: msmeHub.org Ton ony y Elumelu Foundation, AfDB partner to boost t youth entrepreneurship Stories by Yinka Kolawole Tony Elumelu Foundation (TEF) and African Development Bank (AfDB) have sealed a partnership agreement to accelerate youth entrepreneurship across Africa. This is coming against the backdrop of 3,050 young entrepreneurs, drawn from 54 African countries, selected to participate in the 2019 Tony Elumelu Entrepreneurship Program (TEEP), being the 5th cycle of the $100 million ten-year programme. The selected entrepreneurs are expected to receive support under the partnership, with AfDB facilitating an additional 1,000 entrepreneurs to benefit from TEEP. The agreement was signed in Abuja, by Parminder Vir, outgoing CEO of TEF who signed on behalf of the foundation, while Mrs. Oley Dibba-Wadda, AfDB's Director of Human Capital, Youth and Skills Development represented the development finance institution. Dibba-Wadda stated: "Youth are not Africa's future, but our present. When youth have the chance to succeed, economies across Africa will grow, job opportunities will increase and the quality of life for the people of Africa will improve. "Each year, more than 12 million youth enter the labour market, yet only 3 million jobs are created, leaving vast number of youth unemployed. Consequently, the poverty rate among youth in sub- Saharan Africa is 70 percent, and expected to rise if urgent action is not taken. The bank is committed to reversing this trend, working with public and private sector partners to help young people secure •From left: Ifeyinwa Ugochukwu, New CEO, Tony Elumelu Foundation (TEF); Parminder Vir, former CEO; Amb.Shimon Ben-Shoshan, Ambassador of Israel to Nigeria; Founder, TEF, Tony Elumelu; Mrs. Aisha Buhari, Wife of the President of Nigeria; and Dr. Awele Elumelu, Trustee, TEF; at the Selection and Unveiling of the 5th Cohort of the TEF Entrepreneurship Programme in Abuja. meaningful employment. "The partnership is aligned to the bank's mission to leverage the expertise of African institutions, optimizing proven solutions that empower African youth at scale, while ensuring their active contribution to the socio-economic growth of the continent." At the event to announce the selected beneficiaries in Abuja, TEF founder, Tony O. Elumelu, said: "Every year, we face an almost impossible task - to select 1,000 entrepreneurs, from the hundreds of thousands that apply. Our entrepreneurs are hungry to effect change. We know we are only scratching the surface, we see the depth of entrepreneurial talent that all of us - government, business, indeed African society, must harness to transform our economies and livelihoods. We must rally together to empower them and accelerate the change we want on the continent." This year, TEF said it received over 216,000 applications for the programme, up from 151,000 applications received last year. It added that nearly 90,000 were submitted by female entrepreneurs, an increase of 45 percent over the previous year. "The selected entrepreneurs will each receive nonrefundable $5,000 of seed capital, access to mentors, and a 12-week business training programme, directly focused on the needs of African entrepreneurs," the Foundation added in a statement. Abiso bisoye named LSETF's acting Executive Secretar ary Lagos State Governor, Mr. Akinwunmi Ambode, has appointed Mrs. Teju Abisoye as the Acting Executive Secretary (ES) of the Lagos State Employment Trust Fund (LSETF) with effect from April 1, 2019 pending confirmation by Lagos State House of Assembly. Prior to the appointment, Abisoye was Director of Programmes and Coordination at LSETF. She was responsible for delivery of targeted programmes designed to enable access to finance and financial inclusion for Micro, Small and Medium Enterprises (MSMEs); as well as enable skills development and other structured interventions to boost job and wealth creation in Lagos State. Abisoye replaces Mr. Akin Oyebode, the pioneer ES of the Fund who recently left to take up appointment with the Ekiti State government. Commenting on the appointment, Chairman of LSETF, Mrs. Ifueko Omoigui Okauru said: "We are pleased to have Teju assume the role of Executive Secretary of the Fund. She brings to this role her superior understanding of the vision, core values and strategies of LSETF as she Establishing accounting system for small business The series on standard financial management has been slightly modified after some repeated publications. We are introducing more elements that are reflected in a standard requirement for loan applicants in financial institutions. Thus an extended portion of the series is starting today with discussion on book-keeping meaning establishing a standard accounting system for an MSME. Earlier we had noted the overriding importance of sound financial management for survival and thriving of any business, more for small or emerging businesses. We had also listed the key elements of the sound financial management practices to include, setting up or opening a business bank account; creating and maintaining a budget, establishing an accounting system and book keeping method and this would be subdivided into two other practices, viz, account review and establishing a credit control system. The last content on this series focused on creating and maintaining a business budget. In another series we shall delve into a detailed discussion on budgets and forecasting which gives medium to long term view of the growth of the business. Today we look at establishing an accounting system for the business. Accounting (or bookkeeping) is a process of recording the financial transactions of a business. Keeping good records for your business can assist you to apply for finance, review your business activities, manage effectively and comply with tax requirements. For tax purposes you are legally required to keep records related to your income, payments to employees, payments for supplies and all inputs into the business and other sundry business expenses. Very important for the purpose of this topic is that your business cannot have access to loan without an accounting system. There are two types of accounting methods; Cash and Accrual. Next week we delve into more details on these. has been at the forefront of coordinating the delivery of the Fund's programmes. She has demonstrated exemplary leadership, deep knowledge of the interventions needed to tackle unemployment and is very passionate about gender parity." Also commenting, Abisoye expressed her commitment to achieving the Fund's mandate of job creation and tackling unemployment in the state. "I am grateful to Governor Ambode for the confidence reposed in me to serve in this role and to direct the affairs of the Fund. I am very grateful to my predecessor and the pioneer Executive Secretary, Mr. Akin Oyebode for his exemplary leadership and laying the foundation for me to build on. I look forward to leading the team and strengthening the impact of our work in the State."
Vanguard, THURSDAY, APRIL 11, 2019 — 21 IMF ranks Nigeria 2nd worst on use of Sovereign Wealth ....Ghana emerges second best Stories by Emeka Anaeto, Emma Ujah & Peter Egwuatu in Washington The International Monetary Fund, IMF, yesterday, in its Fiscal Monitor report released at the ongoing Spring Meetings of the World Bank and IMF in Washington, United States of America, has ranked Nigeria as the second worst country in the world in the use of Sovereign Wealth funds. This is even as the Fund advised the federal government to embark on tax reforms while using other fiscal policy instruments to complement the monetary policy in order to enhance economic growth amidst growing protest by Nigerians over proposed increase in Value Added Tax, VAT. The IMF Fiscal Monitor report showed that Nigeria beat only Qatar in the 33 country ranking where Ghana Sovereign Wealth Fund came second on the top performers after Columbia. The Fund explained that the index was compiled using the corporate governance and transparency scores of the sovereign wealth funds and the size of assets as a percentage of 2016 GDP of the countries considered. The Report stated: “It is critical to develop a strong institutional framework to manage these resources—including good management of the financial assets kept in sovereign wealth funds—and to ensure that proceeds are appropriately spent. “The governance challenges of commodity –rich countries – that is, the management of public assets- call for ensuring a high degree of transparency and accountability in the exploration of such resources. Countries should develop framework that limits discretion, given the high risk of abuse and allow for heavy scrutiny.” Meanwhile, Director, Fiscal Affair Department of the IMF, Mr Vitor Gaspar, yesterday, said that tax reform is a major issue in Nigeria and must be given adequate attention. He said: “Nigeria can use excise tax and also give tax incentives and exemption to enhance economic growth. Fiscal policy should tread carefully to balance growth and sustainability objectives.” He advocated for inclusive and growth-friendly budget recomposition to upgrade tax, social spending, and active labour market policies, as well as investment in infrastructure for better public service delivery.” While commenting on global fiscal policy, he said: “Over the past decade, fiscal policy has focused primarily on macroeconomic stabilization in response to shocks, notably the global financial crisis. Less emphasis has been placed on reforms to foster long-term inclusive growth by adapting to changing demographics, advancing technology, and deepening global integration.“ In many countries, public and private ... says Nigeria’s debt-to-GDP ratio is risky The International Monetary Fund, IMF, said yesterday that Nigeria’s Debt-to-GDP ratio though good but risky and cannot be guaranteed going forward. Debt-GDP ratio compares the size of a country’s debt to its economy with a view to determining the sustainability of the debt profile as well as the vulnerability of the economy to creditors and repayment obligations. The ratio which stood at 21.1 percent early last year was projected to reach 25 percent at full year 2018. But the Fund indicated that the range is already risky and cannot be guaranteed. The Fund also harped on the use of the funds borrowed saying that the channelling of the fund to productive sectors is necessary to achieve significant impact on the economy. Tobias Adrian, Financial Counsellor & Director of Monetary & Capital Markets Development of IMF, at a press briefing on “Global Financial Stability Report” at the ongoing World Bank/ Christine Lagarde, IMF's Managing Director IMF 2019 Spring Meeting in Washington DC, USA, stated: “Nigeria’s borrowing to GDP is still low but we cannot guarantee the risk going forward given the global economic downturn. The prudent use of the money borrowed is significant to improving the economy.” While commenting on the global economy, he stated that political and policy risks, such as an escalation of trade tensions or a nodeal Brexit, could affect market sentiment and lead to a spike in risk aversion. He advised that amid rising downside risks to global growth, policymakers should aim to avoid a sharper economic slowdown, while keeping financial vulnerabilities in check. “Policymakers should clearly communicate any reassessment of the monetary policy stance that reflects either changes in the economic outlook or risks surrounding the outlook. This will help avoid unnecessary swings in financial markets or unduly compressed market volatility. David Malpass, World Bank President “In countries with high or rising financial vulnerabilities, policymakers should proactively deploy prudential tools or expand their macro prudential toolkits where needed. These countries would benefit from activating or tightening broad-based macro prudential measures, such as countercyclical capital buffers, to increase the financial system’s resilience. “Efforts should also focus on developing prudential tools to address rising corporate debt from nonbank financial intermediaries and maturity and liquidity mismatches in the nonbank sector. “Regulators should also ensure that more comprehensive stress tests (that include macro-financial feedback effects) are conducted for banks and nonbank lenders. “Emerging market economies should ensure resilience against foreign portfolio outflows by reducing excessive external liabilities, cutting reliance on short-term debt, and maintaining adequate fiscal and foreign exchange reserve buffers.” Future outlook Adrian further stated: “Looking ahead, there is a risk that positive investor sentiment could deteriorate abruptly, leading to a sharp tightening of financial conditions. “This will have a larger effect on economies with weaker fundamentals, greater financial vulnerabilities, and less policy space to respond to shocks. “Possible triggers include the following: A sharper-thanexpected growth slowdown could lead to tighter financial conditions as risk asset prices fall, reflecting a weaker outlook for corporate earnings, even as policies turn more accommodative. “An unexpected shift to a less dovish outlook for monetary policy in advanced economies could trigger a reprising in markets, especially if investors realize that they have taken too benign a view on the monetary policy stance.” debt hover near historical peaks, long-term growth and development prospects are uninspiring, and inequality remains striking. With global growth slowing and uncertainty rising, fiscal policy should prepare for possible downturns—balancing growth and sustainability objectives—while also putting more emphasis on reforms to adapt to a fast-changing global economy.” DBN disburses N31bn to MSMEs, gets World Bank’s backing Development Bank of Nigeria (DBN) disbursed N31 billion to Micro Small and Medium Enterprises (MSMEs) in the country in its first full year of operation in 2018. Managing Director of the bank, Mr. Tony Okpanachi, disclosed this at the on-going Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington DC, USA. He said DBN has changed the landscape of MSMEs funding in the country with its innovative lending and focus on long-term loans to that sector of the economy. In a presentation to a team of the World Bank Group and international investors on the achievements of DBN and its plans for the future, Okpanachi said that his team was working assiduously to achieve a disbursement level of about N100 billion at the end of this year, which could be scaled up to N389 billion at the end of 2023, when the bank marks five years in active lending operations. According to him, the Partnering Finance Institutions (PFIs) had grown from two in 2017, when DBN started operations to 22 at the end of 2018, adding that the target for 2019 was to raise the number of PFIs to 30. Okpanachi stated: “Financial sustainability is our key focus from first day with steady profits in the last two years and a robust projection for 2019 and beyond.” He told the investors and stakeholders that the bank had taken risk management seriously in its frameworks and policies and had recorded zero Non-Performing Loans, NPL, so far. Watch China loans, IMF warns Nigeria, others The International Monetary Fund (IMF) has warned Nigeria and other African countries to be wary of Chinese loans, saying that the terms of the loans were not in conformity with Paris Club arrangements. The Financial Counselor and Director, Monetary and Capital Markets Department of the Fund , Mr. Tobias Adrian, gave the warning at the on-going IMF/ World Bank Spring Meeting in Washington DC, yesterday. Responding to a question on China’s inveatme ts in Africa, he said, “capital flows in general and This includes capital flows from Chi a are of course important for development on the one hand. “On the other hand, what is very important in those lending arrangements are the terms of the loans and we urge countries to make sure that when they borrow from abroad, that the terms are favourable for the.vpeeower “In particular, we tend to recommend that loans to cou tries should be so forming to Paris Club arrangements. And that is not always the case in the case of loans from China.” The Director, added that IMF was focusing on governance issues in Africa where transparency has been a major development problem for a long time.
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11042019 - INSECURITY: Senate condemns killings; insists on State Police

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