Kopa Logistics

A man was asked to paint a boat. He brought his paint and brushes and began to paint the boat a bright red, as the owner asked him.

While painting, he noticed a small hole in the hull, and quietly repaired it.

When he finished painting, he received his money and left.

The next day, the owner of the boat came to the painter and presented him with a nice check, much higher than the payment for painting.

The painter was surprised and said “You've already paid me for painting the boat Sir!”

“But this is not for the paint job. It's for repairing the hole in the boat.”

“Ah! But it was such a small service... certainly it's not worth paying me such a high amount for something so insignificant.”

“My dear friend, you do not understand. Let me tell you what happened:

“When I asked you to paint the boat, I forgot to mention the hole.

“When the boat dried, my kids took the boat and went on a fishing trip.

“They did not know that there was a hole. I was not at home at that time.

“When I returned and noticed they had taken the boat, I was desperate because I remembered that the boat had a hole.

“Imagine my relief and joy when I saw them returning from fishing.

“Then, I examined the boat and found that you had repaired the hole!

“You see, now, what you did? You saved the life of my children! I do not have enough money to pay your 'small' good deed.”

So no matter who, when or how, continue to help, sustain, wipe tears, listen attentively, and carefully repair all the 'leaks' you find. You never know when one is in need of us, or when God holds a pleasant surprise for us to be helpful and important to someone.

Along the way, you may have repaired numerous 'boat holes' for several people without realizing how many lives you've save. ❤️

Make a difference....be the best you...

The new cash withdrawal limits will have tax implications especially for individuals and MSMEs.

As many people will be forced to carry out transactions using electronic payments, small businesses that currently operate mostly on cash will become visible to the tax authorities.

This will trigger various tax obligations including:

Income tax

If your business is registered as a company you may be liable to CIT depending on your annual turnover (i.e. no CIT if your turnover below N25m, 20% if your turnover is between N25 to N100m, 30% if your turnover is more than N100m) in addition to Education Tax at 2.5%.

If your business is not registered as a company then you will be liable to personal income tax based on graduated taxable income bands between 7% and 24%.

VAT

All businesses are required to register for VAT and charge 7.5% on their goods and services except those with annual turnover below N25m.

PAYE

All employees earning more than N30,000 per month are liable to PAYE which must be deducted and paid to the tax authority by the employer on a monthly basis. You may also be liable to other statutory contributions such as pension depending on your staff strength.

Individuals

The more transactions you make electronically the more the tax authorities will get the intelligence to track your income and net worth making it easier to fish you out if you are a tax evader.

What to do

If you're a small business owner, you need to take some steps now:

1. Register with the relevant tax authorities (FIRS and the State Internal Revenue Service where you operate)

2. Open a separate bank account for your business (or dedicate one for that purpose if you already have a business account) and don't mix business with personal transactions.

3. Government on its part needs to sensitise the general public especially small business owners, and the CBN should ensure a proper handshake with the fiscal authorities. For instance, the conditions for excess cash withdrawals could include Tax Identification Number.

You will find this Nigeria tax summaries publication useful ​https://bit.ly/3XYh0Jn

NO!
You are not too smart to have your way by coercion or without consent!
She is not just another number!
He is not a toy!!
It is not a conquest!!!
It is your responsibility to understand what “consent” means...
Say No to R**e!