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Sage 50 Peachtree Accounting Software – All you need to know

peachtree accounting

Sage 50 Peachtree Accounting Software – All you need to know

What are the differences between the Sage 50 products?

Sage 50 Accounting software solution serves the needs of customers, including those automating their accounting for the first time, to seasoned, advanced users needing to consolidate financials for multiple companies. Please see attached for product comparism for Sage 50 Complete, Premium and Quantum Accounting software.

What Special Industry Solutions are offered by Sage 50?

Apart from the regular solutions of Sage 50 Complete, Sage 50 Premium & Sage 50 Quantum Accounting software, Sage 50 product line also offers specific solutions for Construction, Distribution, Manufacturing, and Nonprofits.

As my business grows, can Sage scale to meet my needs?

Sage offers solutions that will serve your needs throughout the life cycle of your company. Start with the Sage 50 solution that meets your needs and budget today, and as your requirements grow, upgrade to the next level of software when the time is right. Sage can truly support you through all phases of your business.

Why should I choose Sage 50 over QuickBooks?

Sage 50 offers superior quality and service, including robust functionality in inventory, job costing, time and billing, and fixed assets. Built-in accounting controls and detailed security provide the accuracy and control needed to run your business, giving you the peace of mind you deserve.

Additionally when you choose Sage 50 you can get direct access to our US-based technical support.

Can I convert from QuickBooks®?

Sage 50 Accounting offers an easy conversion wizard only for QuickBooks* to walk you through the steps, allowing you to get up and running in no time. Sage 50 supports conversions from QuickBooks 2007 – 2011 Pro through Enterprise.

*Excludes conversion of QuickBooks individual payroll transactions. For additional information on conversion limitations, please visit www.Sage50Accounting.com/qb

Getting Started with Sage 50:

What features are available in Sage 50 Accounting 2013 to get me started quickly?

All products come with a New Company Setup Wizard to walk you through the steps of setting up your accounting, as well as in-product tips and screen-level help, which tells you what info you should have on hand prior to setting up Sage 50.

Once I have Sage 50 Accounting 2013, how do I know what features are available and how to use them?

Our “What’s New in Sage 50” screens will walk you through all the new features in Sage 50 Accounting2013, plus tell you how to use them. This feature automatically displays when you first launch the product, and also has a link in the Help file so you can access it whenever you need it.

How many companies can I consolidate?

Provided that your companies have the same chart of account IDs, Sage 50 allows you to run up to 20 customized Financial Statements in consolidated format.

Support Questions:

What is the maximum number of users supported by Sage 50?

For our Sage 50 Complete, Premium Accounting and Industry Solutions products, you have the option to support up to 5 licensed, named users.* Sage 50 Quantum Accounting 2013 offers you the opportunity to support 5, 10, 15, 20, 30 or even 40 licensed, named users**.

*For multi-user access, you must purchase one single-user box per named user or one Multi-user Edition for up to five licensed, named users. **Multi User licenses available in of packs of 5, 10, 15, 20, 30 or 40. A maximum of 40 licensed, named users is allowed. Only the first 40 named users selected in the user maintenance screen are considered licensed, named users.

How many years will the Multi-Year* Reporting feature go back?

With an upgrade to Sage 50 Accounting 2013 or an earlier product, you will be able to see ‘real-time’ financial statement information from your current open 2 years plus 1 closed year, all within Sage 50. Once you upgrade to Sage 50 Accounting 2013, your historical information will begin to build year over year. Sage 50 Accounting 2013 and previous versions have no restrictions on how far back you can report for transactional data like sales order reporting, only for financial statements, account balances, and payroll reports.

*Upon upgrading to Sage 50 Accounting 2013, 3 years of converted Sage 50 Financial Statement data and account balance data on General Ledger reports will be readily accessible, as well as data for future closed years.

Within the Multi-Year* reporting feature, will the data being viewed in my closed year be altered?

No, one of the advantages of Sage 50 is that we lock-down all closed year information. This feature will allow you to see the information without concern of changes occurring.

*Upon upgrading to Sage 50 2013, 3 years of converted Peachtree Financial Statement data and account balance data on General Ledger reports will be readily accessible, as well as data for future closed years.

Sage 50 Add-on Services:

Does Sage 50 offer the ability to access my data remotely?

Yes, with Sage 50 Remote Access* powered by GoToMyPC®, you will be able to access your Sage 50 data from any other computer with Internet access any where in the world.

*Additional fees, internet access and credit card required. Subject to third party terms and conditions. Price is subject to change.

Sage 50 Other Questions:

Do I have to pay any yearly maintenance fee after buying Sage 50 (Peachtree)?
No, you do not pay any yearly maintenance fee. You only need to pay for one-time Sage 50 (Peachtree) software license. We provide Sage 50 (Peachtree) set-up, training and support, which we charge only when you require these services.They are not compulsory.

Do I need to know accounting to use Sage 50 (Peachtree)?
No, you do not need to know accounting to do data entry in Sage 50 (Peachtree). We can set up Sage 50 (Peachtree) for you, then train you how to use it. Our accountants can review and adjust your accounts after your data entry.

For how long can I use Sage 50 (Peachtree)?
You can use Sage 50 (Peachtree) for several years. You may wish to upgrade to latest version of Sage 50 (Peachtree) when it offers new features which you need, or when your new operating system does not allow export from your older version of Sage 50 (Peachtree) reports to xls file.

Can I use Sage 50 (Peachtree) for more than 1 company?
Yes, you can create up to 20 companies in Sage 50 (Peachtree)

What modules does Sage 50 (Peachtree) have?
Sage 50 (Peachtree) has integrated modules including general ledger, sales and receivables, purchases and payables, inventory, financial management, Job/ project management, payroll, system security and fixed assets.

How many standard reports does Sage 50 (Peachtree) have?
Sage 50 (Peachtree) has more than 150 standard reports. You can use Financial Wizard to build your own financial reports. Sage 50 (Peachtree) Premium includes Crystal Report Writer which provides enhanced and advance reporting.

Does Sage 50 (Peachtree) provide audit trails?
Yes, Sage 50 (Peachtree), except for Sage 50 (Peachtree) Pro, provide audit trails.

Can I view online reports after data entry?
Yes, you can set to post transactions on real time or batch basis.

How long has Sage 50 (Peachtree) been in the market?
Sage 50 (Peachtree) has been established for more than 40 years.

How often are enhancements to Sage 50 (Peachtree)?
Sage 50 (Peachtree) is enhanced every year – new release is available every year

Where is Sage 50 (Peachtree) made?
Sage 50 (Peachtree) is made in USA

Can I export Sage 50 (Peachtree) reports to Excel xls file?
Yes, you can export Sage 50 (Peachtree) reports to Excel xls file.

Can I import data into Sage 50 (Peachtree)?
Yes, you can import data in CSV format into Sage 50 (Peachtree).

What are the benefits of using multi-user version of Sage 50 (Peachtree)?
Up to 5 users (Sage 50 Complete & Premium), and up to 40 users (Sage 50 Quantum) can enter data into Sage 50 (Peachtree) common database at the same time

Can Sage 50 read earlier versions of Peachtree files?
Yes, when you upgrade to Sage 50 software, data conversion from Peachtree software is automatic provided you are on the same or higher product range, and Peachtree is in Windows version. E.g., Sage 50 Complete can read files from Peachtree Complete, but Sage 50 Pro cannot read files from Peachtree Complete, since Pro is a lower version

Can Sage 50 take Billion digits in its Amount and Inventory fields?
Yes, Sage 50 software can take Trillions (14 digits) and not just Billions in its Amount and Inventory fields. Upgrading to Sage 50 will solve all your former Peachtree Millions (9 digits) Amount field and Inventory field limitations.
You can reach us on telephone/whatsapp message on 08033857245 or 0803 239 3958. You can also send us an email info@skytrendconsulting.com

Need an accounting software solution for your business? Whatsapp us on 0803 239 3958. You have an article or review on financial implementation or an accounting solution you want us to publish, send to blog@skytrendconsulting.com.

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Sage 50 Accounting Software: 8 key benefits for your business

ACCOUNTING software

Sage 50 Accounting Software: 8 key benefits for your business

Definition of an accounting software
Accounting software is a computer program that allows automation of financial records and processes and assists accountants, store managers and business owners in maintaining, posting and reporting an organization’s financial transactions within a functional system.

The software solution contains modules such as customers, vendors and suppliers, sales ledger, purchases ledger, accounts receivable, accounts payable, journal, payroll, direct cost (cost of sales) and indirect cost (administrative expenses), assets, liability, trial balance, general ledger, etc. Basically it functions as an accounting information system.

With it, you can record transactions, generate reports, manage customer and vendor contacts, create purchase and sale orders and invoices, manage and track stock levels, bill customers, and monitor cash and bank account movement and balances.

How does Sage 50 Peachtree Accounting Software Works?
Sage 50 Accounting Software solution contains all the definition and functions of a good accounting software as given above when properly implemented and staff effectively trained.

It is easy to use and designed to automate financial transactions of business organizations as most accounting software do. Whether you are managing a trading company, hotel, manufacturing company, consultancy business, school, logistics company or a service oriented business, the software can be customized to fit your specific business needs.

The software helps organizations achieve more by simplifying everyday tasks so you can get more work done, helps you get to your data faster and provides tools to help increase organizational efficiency and financial recording accuracy.

Specifically the software has features to set up your charts of accounts for your business, and implement a workable system that gives you daily, weekly, monthly reports of your business and finances.

With the software, you can easily determine your turnover, direct & indirect cost, profitability, track and maintain inventory, cash and bank balances, to mention just a few.

7 key benefits of using Sage 50 Accounting software for your business

1. Manage the company’s payments, collections, receivables, cash and bank balances by the use of the automated solution.

2. Gain insight with periodic reporting for turnover, costs, profit, and cash flow management.

3. Get a high-level view of your key business and financial metrics.

4. Reduce errors and easily reveal, deter fraud with screen-level security and a clear audit trail

5. Work more efficiently with customer, vendor, and inventory management centers

6. Save cash and reduce costs using “what if” scenarios and your real-time financial information.

7. Periodically produce income and expenditure reports and balance sheet for the business and analyse financial trend at a glance.

8. Help to reinforce the internal control system of your organisation

About Skytrend Consulting?
Skytrend Consulting Ltd is an expert in accounting software solution implementation.

We have our head office at No 7 Obokun Close, Off Allen Avenue, Ikeja, Lagos. While our South West zonal office is located at Ado Ekiti. 6 Surulere Street, Off Road 1, Nova Road, Adebayo, Ado- Ekiti, Ekiti State.

When it comes to implementing suitable and cost effective value driven accounting software solutions for businesses, we are the EXPERT! And we have been doing this for over 10 years.

Our job is focused towards analyzing turnover, optimizing cost, facilitating business growth and improving steady profitability with the use of tailored and well tested accounting solutions that identify and build on the strength of our clients’ organisations.

Our testimonials from the different clients and businesses we have worked for and currently using our solutions, speak volume on the value our services have added to their business.

You can reach us on telephone/whatsapp message on 08033857245 or 0803 239 3958. You can also send us an email info@skytrendconsulting.com

Need an accounting software solution for your business? Whatsapp us on 0803 239 3958. You have an article or review on financial implementation or an accounting solution you want us to publish, send to blog@skytrendconsulting.com.

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Accounting software implementation: 5 key stages in a new accounting system

quantum accounting software

Accounting software implementation: 5 key stages in a new accounting system

What is an accounting software?

Skytrend Consulting defines “An accounting software as a business solution that records, analyzes and reports accounting transactions with a view to providing management information system from which business owners, decision makers or accountants can monitor financial processes, generate reports and make informed decisions.

Its essential feature is an interactive financial dashboard with a series of charts of accounts or general ledgers for handling double-entry bookkeeping. Common features to these accounting softwares include:

Monitoring turnover
Tracking direct and indirect costs
Tracking inventory movement and management
Automated invoicing
Receipt capturing
Monitoring and controlling vendors and creditors
Tracking profitability
Analytics for budgeting and revenue tracking
Financial reporting
Tracking Accounts payable/Receivables

Below are the 5 steps in a successful implementation of your new accounting software solution:

1. Analyze, Plan and Understand – Start at the beginning. The first step in the implementation process should begin with a thorough review of your business requirements and processes, to identify what is working well and which aspects of your business that may need improvement and refinement. These business requirements will then be mapped into your project plan, which will drive the remainder of the implementation.

2. Design, Develop and Build – Using the project plan produced in Step 1, the implementation team will next proceed to customize the accounting software into an accounting process that fits your orgazation. This will involve creation of ledger accounts, vendors, customers, bank and cash balances, fixed assets, employees, payroll, etc.

3. Training – This includes teaching your staff the best practices and procedures to deliver the required functionality. Results from the training period need to be reviewed and a sign-off should be secured, stating that the progress made to date is acceptable and in line with the overall goals of the implementation.

4. Implement and Go-Live – Working from the knowledge obtained in Steps 2 and 3, your new accounting system should now be complete. Your legacy data is migrated a final time to the new system and all of the experience and resources of the project team are on-site and ready to make the final transition to the new system.

5. Ongoing Support – With the successful launch of your new system, your financial consultant should now continue to provide on-going support. This can be delivered through a help-desk, along with the application of any new updates. Many financial consulting companies provide after implementation support services in the process of executing your daily accounting tasks.

As these 5 implementation steps are carried out, beginning with a broad-based and all-encompassing perspective of both your internal and external operating environments, the focus of the implementation project is then continuously narrowed to produce exactly the system that is required to meet and exceed the business objectives that have been defined.

Need an accounting software solution to run your business and understand the METRICS behind the figures? Call or Whatsapp us on 0803 239 3958.

You have an article or review on any accounting software solution or related financial services you want us to publish, send to blog@skytrendconsulting.com.

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REVEALED: Why Nigeria is restricting cryptocurrency, digital money

CRYPTOCURRENCY

REVEALED: Why Nigeria is restricting cryptocurrency, digital money

Nigeria’s central bank ordered deposit-taking banks and other financial institutions to immediately close accounts transacting in or operating cryptocurrency exchanges, saying such deals are “prohibited.”

Failure to comply with the directive will result in “severe regulatory sanctions,” according to a circular sent to financial institutions on Friday and published on the central bank’s website.

The country’s Securities and Exchange Commission said in September it would regulate trade in digital currencies to provide protection for investors and to ensure that transactions are transparent.

The tough stance by the central bank of Africa’s largest economy comes after protests in October against the excesses of the police’s Special Anti-Robbery Squad, known as SARS, which saw organizers accepting Bitcoins for funding after the government allegedly blocked local payment platforms for collecting donations.

“There’s a direct line that can be drawn from the EndSARS protests — which carried on partly with funding from cryptocurrency even though CBN restricted several accounts — to these latest regulations,” said Joachim MacEbong, a senior analyst at SBM Intelligence in Lagos. “This latest instruction will end up making the case for cryptocurrency adoption better than any other argument. One promises freedom, while the status quo only reinforces restrictions.”

But professionals in the crypto space do not believe the panic will last, or it will have any impact on crypto adoption.

Nigeria-based software and blockchain engineer Tosin Olugbenga told CoinDesk the CBN may have issued the directive because of the bitcoin price run of 2020 and growing interest in cryptocurrencies worldwide is causing Nigerians to convert their earnings to crypto.

“They’re moving money from naira to crypto. That is what the CBN sees and has taken issue with. It is not banning crypto trading. It’s just telling financial institutions not to allow their platforms to be used to buy or sell crypto on exchanges like binance,” Olugbenga said.

Olugbenga added that most crypto transactions in Nigeria happen on peer-to-peer exchanges, so once the panic dies down trading will continue as usual.

“The news has caused a panic in the crypto space, especially for new crypto investors, but the true essence of crypto is decentralization. [The] majority of crypto trades that occur in Nigeria are peer-to-peer,” Aronu Ugochukwu, chief executive officer of DeFi platform Xend Finance, told CoinDesk via an email.

Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

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1001applicants.com will disrupt the HR industry — Dumebi Adigwe

HR INDUSTRY
Dumebi Adigwe

1001applicants.com will disrupt the HR industry — Dumebi Adigwe

Dumebi Adigwe, brand manager of 1001applicants.com, a recently launched employer- jobseeker app , says the new app will disrupt the HR industry as it adopts a totally different approach to recruitment and job searches.

The new app launched by Ureka Technologies, a Lagos based start-up, according to its creators, will act as aggregator for jobseekers and mobile professionals on one hand and employers of all shades/HR practitioners on the other hand.

Adigwe adds, “SMEs especially would be positively impacted as replacing lost staff will no longer be an issue and at zero cost especially for now.

“Employers and HR practitioners no longer have to spend days, weeks and months sifting through endless piles of cv as the app does the sifting and delivers a shortlist in a matter of minutes!”.

Unlike conventional job apps, in 1001applicants.com, the jobseeker’s effort is limited to filling a comprehensive online cv that becomes a reference point for all potential employers, eliminating endless reprints.

Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

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Vacancy announcement: CFO, Senior Accounting positions, Commercial manager

VACANCY

Vacancy announcement: CFO, Senior Accounting positions, Commercial manager

Open Positions:

SEND CV TO recruitment@skytrendconsulting.com within 24 hours of this announcement.

1) Accountant – 4 to 7 years with Haulage experience. Location- Ewekoro, Ogun State.

2) Accountant (mid level) with 6 to 8 years Oil and Gas experience location – Lagos HQ

3) Chief Finance Officer (CFO) with 15 to 20 years experience including Oil and Gas experience. Location: Lagos HQ

4. Commercial Manager.. Experience in oil and gas administration and marketing. Location: Lagos HQ, Lagos State.

Commercial Manager report functionally to C.O.O and operationally to Head of Business Development. Commercial Manager and his/her team concerned with winning new business, exploring new avenues of activity and seeking opportunities that the company can exploit in its bid to develop and grow. He/She is responsible for;

• Develop and implement the marketing plan and contracting strategy in line with overall commercial strategy for regional customers that delivers the targeted value proposition and maximize financial returns.
• Develop and implement the regional pricing policies and ensure efficient management of all long-term contractual agreements.
• Lead contract negotiations to secure project volumes at attractive margin
• Ensure appropriate staffing levels, address personnel issues and lead staff development and coaching, recruitment & on-boarding where needed.
• To develop and lead a highly motivated and effective customer-focused team, as well as lead key negotiations and customer value proposition development.

Call or whatsapp 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

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JUST IN: Nigeria’s inflation hits 4-year record high of 15.75%

INFLATION

JUST IN: Nigeria’s inflation hits 4-year record high of 15.75%,

The inflation rate in Nigeria jumped in December to its highest level in more than three years, data released on Friday by the National Bureau of Statistics showed.

Inflation stood at 15.75 per cent in January, compared with 14.89 per cent in December, marking the 16th straight month of increases.

The consumer inflation rate in December was the highest since November 2017, when it stood at 15.90 per cent.

The NBS said the composite food index rose by 19.56 per cent in December from 18.30 percent in November.

“This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam, and other tubers, meat, fruits, vegetable, fish and oils, and fats,” it added.

Analysts at the Financial Derivatives Company Limited, led by foremost economist Bismarck Rewane, had said last week predicted that headline inflation would increase by 0.51 per cent to 15.4 per cent in December, describing it as “a hydra-headed monster that has eroded the disposable and discretionary income of consumers”.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

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Stock investors rally N75bn gain, market cap hits N21.07trn

stock investors

Stock investors rally N75bn gain, market cap hits N21.07trn

Stock investors of the Nigerian Stock Exchange on Tuesday, January 12, 2021 smiled to the bank as they rallied a gain of N75bn en evas the bulls regained grip on trading activities.

The market capitalisation of equities grew by N75bn from N20.99tn the previous day to N21.07tn on Tuesday as market sentiment remained in the positive territory.

The Nigerian Stock Exchange All-Share Index appreciated by 0.36 per cent with market breadth closing positive with 27 gainers against 20 losers.

The ASI appreciated by 145.17 basis points or 0.36 per cent to close at 40,295.95bps as against 40,150.95bps recorded the previous trading session.

Meanwhile, a turnover of 1.17 billion shares exchanged in 5,592 deals was recorded in the day’s trading.

The insurance subsector was the most active (measured by turnover volume), with 100.95 million shares exchanged by investors in 415 deals.

Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

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2020 Finance Act: 20 key amendments that will trickle down to your business

FINANCE ACT 2020

2020 Finance Act: 20 key amendments that will trickle down to your business

The newly signed Finance Act 2020 ensures a balance between broader macro economic strategies to attract investments, grow the economy and fiscal plan for domestic revenue mobilisation in response to COVID-19 pandemic, domestic and global economic downturn.

President Muhammadu Buhari signed the 2020 finance act on December 31, 2020.

The Act, which takes effect from January 1, 2021 amends the provisions of the capital gains tax act; companies income tax act; industrial development (income tax relief) act; personal income tax act; tertiary education trust fund (establishment) act, customs & excise tariff (consolidation) act and value added tax act.

Others include federal inland revenue service (establishment) act; fiscal responsibility act; public procurement act; stamp duties act; Nigeria export processing zones act; oil and gas export free zone act and company and allied matters act.

TheCable highlights some of the amendments introduced by the Finance Act 2020.

1. Car importation has gotten cheaper: Section 38 provides that levy to be paid on imported cars has been reduced from 35% to 5%. Import duty of tractors has been slashed from 35% to 5%; motor vehicles for goods transport and transport of more than 10 persons from 35% to 10%.

2. Individuals earning minimum wage or less will no longer pay personal income tax.

3. No more stamp duty on bank transfers: It however imposed an electronic money transfer levy of N50 on electronic receipts or transfer of money in the sum of N10,000 and above deposited in any bank or financial institution. The levy is to be paid by the receiver.

4. Small companies (businesses with gross turnover of N25 million or less) exempted from payment of tertiary education tax. This is according to Section 34 of the finance act which amended Section 1 of the tertiary education trust fund act.

5. Unclaimed dividends and bank account balances unattended to for at least six years will be available as special credit to the federal government through the Unclaimed Funds Trust Fund to be managed by the Debt Management Office. It added that the original owners of the money can claim it at any time.

6. VAT- exempt items have been expanded to include animal feed, “commercial aircrafts, commercial aircraft engines, commercial aircraft spare parts”, “airline transportation tickets issued and sold by commercial airlines registered in Nigeria” and “hire, rental or lease of tractors, ploughs and other agricultural equipment for agricultural purposes.”

7. Land, building, money and securities are not taxable goods for VAT purposes. This means VAT is not applicable on transfer of land, house rent and purchase, lease of residential/commercial property.

8. Donation made in cash or kind to any fund set up by government in respect of any pandemic or natural disaster or other exigency to be tax deductible subject to 10% of assessable profits after deduction of other allowable donations made by the company.

9. Compensation for loss of office up to N10m to be exempted from capital gains tax: Section 4 of the finance act provides that for amounts above N10m, any person who pays compensation for loss of office to an individual shall be required to, at the point of payment, deduct and remit the tax due to the relevant tax authority within the time specified under the pay-as-you-earn regulations.

10. Minimum tax for companies reduced from 0.5% to 0.25% of gross turnover for financial years ending between January 1, 2021 and December 31, 2021.

11. Introduction of software acquisition as qualifying capital expenditure to improve ease of doing business.

12. Non- resident companies that make a taxable supply to Nigeria are required to obtain tax identification number (TIN) and remit tax regularly to the country.

13. Excise duties will now be paid on services provided by telecommunication companies at a rate to be prescribed by the law.

14. Tax holiday for small and medium sized companies engaged in primary agricultural production (crop, livestock, forestry and fisheries): Section 23 of the finance act amended Section 1 of the industrial development (income tax relief) act.

It states that “Any small or medium sized company engaged in primary agricultural production shall be granted, pursuant to an application to the President, through the Minister, an initial tax- free period of four years which may be extended, subject to the satisfactory performance of such primary agricultural production, for an additional maximum period of two years, and such company cannot be granted similar tax holiday incentive under any other Act in force in Nigeria.”

15. Tax relief for companies operating in the free trade zones hinged on compliance to filing returns with the Federal Inland Revenue Service (FIRS).

16. Accountant general of the federation to open dedicated accounts for each tax type for the payment of tax refunds to be administered by the FIRS and funded based on annual budgets for tax refund for each tax-type as may be approved by the national assembly.

17. Balance of operating surplus of a corporation shall be paid to the Consolidated Revenue Fund of the federation on a quarterly basis. The finance minister may effect a direct deduction from the treasury single account (TSA) or other relevant accounts of such corporation to enforce compliance.

18. Introduction of the concept of significant economic presence (SEP) to personal income tax.

19. Empowerment of the tax appeal tribunal to “conduct its hearing remotely via virtual means, using such technology or application as may be necessary to ensure fair hearing.”

20. Corporations that claim the gas utilization incentive under the companies income tax act would not be entitled to similar incentives under the petroleum profits tax act or industrial development (income tax relief) act.

Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

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Nigeria’s Internet users hit 151 million in Q3 2020

INTERNET USERS

Nigeria’s Internet users hit 151 million in Q3 2020

The National Bureau of Statistics (NBS) says the number of Internet subscribers in the country grew to 151.51 million subscribers in the third quarter of 2020.

This is compared to the 143.63 million subscribers recorded in the second quarter.

According to the NBS report on telecoms data for Q2 and Q3 2020 released on Sunday, this represents a 5.48 percent growth quarter-on-quarter.

A total of 205 million voice subscribers were reported to have been active in Q3 2020 compared to 196.24 million subscribers in Q2 2020, representing a 4.59 percent increase.

“MTN has the highest share of subscriptions (both voice and internet). This is closely followed by GLO, Airtel, and emerging markets telecommunications services (EMTS)—9mobile respectively,” the report read.

For states, Lagos had the highest number of subscribers in terms of active voice in Q3 2020 with 25.25 million people, followed by Kano (14.42 million); Ogun (11.82 million); Oyo (10.46 million); and federal capital territory (FCT) with 9.09 million subscribers.

Meanwhile, Bayelsa (1.49 million), Ekiti (1.82 million), Ebonyi (1.83 million), Jigawa (2.58 million), and Gombe (2.65 million) were the states with the least number of active voice subscribers.

Similarly, Lagos state had the highest number of active internet subscribers in Q3 2020 with 19 million people, followed by Kano (10.26 million); Ogun (8.82 million); Oyo (7.95 million); and FCT (6.83 million).

Bayelsa (1.09 million), Ebonyi (1.28 million), Ekiti (1.43 million), Jigawa (1.85 million), and Gombe (1.87 million) had the least number of internet subscribers in Nigeria as at the end of Q3 2O20.

Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

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READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

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