Fiscal Street

Fiscal Street Sharing practical insights on money, business, and financial discipline. Guiding entrepreneurs and professionals toward smarter financial decisions.

27/04/2026

Good evening,

A leading utility company in the energy sector is urgently recruiting for the following positions:
‎- Internal Auditors
‎- Investigators
‎- IT Auditors
‎- Process Optimisation Professionals
‎
‎Please Interested and qualified candidates should send their CVs to [email protected].
‎
‎Thank you.
‎

If you live outside Lagos and work in Lagos and your employer remits your PAYE to LIRS. I am happy to tell you that you ...
25/01/2026

If you live outside Lagos and work in Lagos and your employer remits your PAYE to LIRS. I am happy to tell you that you are doing “giveaway” to Lagos State.

PAYE belongs to your state of residence, not your work location.

Check your payslip.
Confirm where your PAYE goes.
Correct it with HR if needed.

“You’re welcomes” 😉😉😉😉

©️Bishop OB Taiwo

Business owners, take note.I see funny narrations in Bank statements flying around.For Personal Income Tax, reliefs stay...
08/01/2026

Business owners, take note.

I see funny narrations in Bank statements flying around.

For Personal Income Tax, reliefs stay limited.

For business entities, expense claims follow strict rules. Miss one rule. The expense gets rejected.

Guidelines for allowable business expenses:

• Expense must arise from normal business operations
• Expense must link directly to income earned
• Expense must serve business purpose only
• Expense must relate to the relevant accounting year
• Expense must carry valid invoices and receipts
• Expense must appear in accounting records
• Expense must stay revenue in nature, not capital
• Expense must not be personal or private
• Expense must reflect market pricing between related parties
• Expense must pass the reasonableness test
• Expense must not arise from illegal activity
• Expense must fall within approved deductible categories

Recognised deductible categories include:
• Salaries, wages, and employee benefits
• Rent and premiums for income-generating properties
• Interest on loans tied to business income
• Research and development costs within statutory limits
• Donations to approved bodies within profit limits
• Foreign currency expenses recorded at official exchange rates

Claim clean expenses. Defend with evidence.

Be guided.

© Bishop OB Taiwo

05/01/2026

When do you need the service of a Tax Consultant?

A tax consultant becomes necessary when risk, complexity, or exposure rises. Look for these signals.

Individuals
• Multiple income streams. Salary, business, rent, investments.
• Self-employment or freelance work.
• Capital gains from asset sales.
• Foreign income or cross-border transfers.
• Large deductions or relief claims.
• Tax audit, query, or assessment notice.
• Penalties, interest, or arrears.
• Estate or succession planning.

Businesses
• Startup registration and tax structuring.
• VAT, WHT, PAYE compliance.
• Rapid growth or expansion.
• Industry-specific taxes and levies.
• Government contracts and tenders.
• Mergers, acquisitions, or restructuring.
• Transfer pricing exposure.
• Disputes with tax authorities.

Timing matters
• Before major transactions.
• Before filing returns with complex figures.
• Immediately after receiving a tax notice.
• During regulatory changes.

Outcome
• Lower compliance risk.
• Accurate filings.
• Defensible positions.
• Peace of mind.

If money moves, rules apply. Get expert guidance early.

When do you need the service of a Tax Consultant?
A tax consultant becomes necessary when risk, complexity, or exposure rises. Look for these signals.
Individuals
• Multiple income streams. Salary, business, rent, investments.
• Self-employment or freelance work.
• Capital gains from asset sales.
• Foreign income or cross-border transfers.
• Large deductions or relief claims.
• Tax audit, query, or assessment notice.
• Penalties, interest, or arrears.
• Estate or succession planning.
Businesses
• Startup registration and tax structuring.
• VAT, WHT, PAYE compliance.
• Rapid growth or expansion.
• Industry-specific taxes and levies.
• Government contracts and tenders.
• Mergers, acquisitions, or restructuring.
• Transfer pricing exposure.
• Disputes with tax authorities.
Timing matters
• Before major transactions.
• Before filing returns with complex figures.
• Immediately after receiving a tax notice.
• During regulatory changes.
Outcome
• Lower compliance risk.
• Accurate filings.
• Defensible positions.
• Peace of mind.
If money moves, rules apply. Get expert guidance early.

©️ BBishop OB Taiwo

01/01/2026

Happy New Year

ICAN Western Zonal Accountants' Conference
31/12/2025

ICAN Western Zonal Accountants' Conference

👍👍
31/12/2025

👍👍

Capital Gains Tax (CGT) impact on inherited property transactions.
31/12/2025

Capital Gains Tax (CGT) impact on inherited property transactions.

31/12/2025

Under the Nigeria Tax Act 2025, effective January 1, 2026, input VAT recovery changes significantly.

Businesses now recover input VAT on all purchases, including services and fixed assets. This reform aligns Nigeria with global VAT practice and removes long-standing cost distortions.

Before now, input VAT offset stayed largely limited to goods and services directly linked to taxable supplies. VAT paid on economic assets such as motor vehicles, furniture, and equipment often became a sunk cost.

Under the new regime:
• VAT paid on economic assets qualifies for offset against output VAT.
• Excess input VAT creates a refund position, not a loss.
• Businesses gain the right to formally apply in writing for VAT refunds where input exceeds output.

Result.
• Improved cash flow.
• Lower effective cost of capital assets.
• Fairer VAT treatment across sectors.

This marks one of the most practical and business-friendly shifts in the 2025 tax reforms.

© Bishop OB Taiwo

26/11/2025

CBN once handled its responsibilities with stronger results. One of the Dept I respect so much was their Consumer Protection Department. They delivered prompt responses whenever you filed complaints. In 2020, I supported a client with a forensic review of his bank statements. He took a loan of about N4b under the RSSF (Real Sector Support Facility). CBN guaranteed the facility at a 9% rate. You apply through your bank. The bank takes 4%. CBN takes 5%. The loan included a six-month moratorium before interest started.

He received the loan, and days later the Federal Government declared a nationwide lockdown due to COVID-19. He could not start the project. By the time activities resumed, he had less than one month of moratorium left. He also failed to ask the bank to restructure the loan to cover the lockdown period. Interest deductions began to hit him hard. He was at a point of getting a stroke (his BP was over 150/110) when he reached out to me to explain the situation.

The project required seven months to complete, and the funds would be used in stages. One point about seeking a bank loan is that the process works like any other contract or business negotiation. They present their terms and conditions, and you present yours. You need a clause that protects you from a debt crisis. For example, he should have negotiated for the moratorium to start on the first day of withdrawal from the facility. That step would have solved the problem. I advised him to request a restructuring. His Account Manager refused because the branch had already the unrealized income from the facility.

When the second repayment dropped, I escalated the issue. I wrote to the CBN Consumer Protection Department and copied Internal Audit and Operations. The bank called for a meeting immediately. During my review of the statements and loan contract, I found interest deductions above 17%. I raised it, and they said it was an error and promised to correct it.

That department no longer responds with the same strength. They received my letter and ignored it. This is why banks now impose harsh charges on customers without consequences. Protect your funds. Review your statements. Understand your loan terms. Prevent errors before they drain you.

©️Bishop OB TAIWO

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Badore

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