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Monday 09:00 - 17:00 Tuesday 09:00 - 17:00 Wednesday 09:00 - 17:00 Thursday 09:00 - 17:00 Friday 09:00 - 17:00

Index Managers

Name: Index Managers
Address: 25 Ekiti Street Old Bodija Ibadan, 17 Emmanuel High Street Ogudu Lagos, Ibadan, 234, NG
Telephone: +2348085897636

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Index Managers

A professional advisory firm with specialty in Accounting, Tax and Business advisory.

19/11/2024

Celebrating Strength, Resilience, and Excellence! 💪
Happy International Men’s Day from all of us at Index Managers! 🌟

18/10/2024

🌟 Weekend Vibes: Time for Family Fun! 🌟

Weekends are the perfect opportunity to unplug from the hustle and bustle and focus on what matters most – family. Here are a few ideas to make the most of your time together:

🎨 Try a DIY craft or baking project.
🎲 Have a family game night.
🌳 Take a walk or hike in nature.
🍿 Enjoy a cozy movie marathon.
Whatever you choose, make sure to cherish these moments of joy and connection.

Share your weekend family time photos with us using and inspire others to celebrate love and togetherness!

Share your family weekend moments with us using "

16/10/2024

1. Stay Organized: Keep track of receipts and expenses in real time.
2. Automate Your Invoices: Use accounting software to save time and avoid delays.
3. Separate Business and Personal Accounts: Simplifies tax preparation and ensures accurate records.
4. Monitor Cash Flow Regularly: Keep a close eye on income and expenses to make informed decisions.
5. Plan for Tax Season: Set aside funds and know your deductions to avoid surprises.

Are your business finances organized and ready for the year-end? These 5 accounting tips can help you streamline operations and prepare for a stress-free tax season.

✅ Let’s take the guesswork out of accounting together! Our experienced team at [Index Managers] is ready to help you manage your books, optimize cash flow, and maximize deductions.

💼 Ready to get started? Reach out to us today!

14/10/2024

The secret to progress? Just get started! ✨ Set your intentions, write down your goals, and tackle them one step at a time. Let this Monday be the start of something great. 💪📝

11/10/2024

Make time for fun and relaxation! 🎮💆‍♂️

09/10/2024

New WHT Regulations and Small Businesses - Frequently Asked Questions (FAQs)

Q1. How will the new WHT Regulations affect small businesses?

A1. Small businesses will enjoy exemptions from withholding tax under the new rules. This will reduce their tax burden, lower their cost of working capital, improve their cash flows, and overall ease of doing business.

Q2. What does the exemption entail in practical terms?

A2. It means that small businesses are no longer required to deduct tax on payments to their suppliers. However, to curb tax evasion, they must deduct tax if the supplier has no Tax Identification Number (TIN) or where the total payment to a supplier is one month exceeds N2 million except for transactions which are specifically exempted as listed in the Regulations.

Q3. How will the deduction be reported to the tax authority if the supplier has no TIN?

A3. Where a supplier has no TIN, the NIN in the case of an individual or RC number in the case of a company should be stated. The rate of withholding tax on such payment is doubled. This doubled rate is not applicable to investment income such as dividend, interest, and rent.

Q4. What is the definition of a small business?

A4. A small business is any company or an enterprise with an annual turnover not exceeding N25 million. There is a draft proposal to increase this threshold to N50 million subject to the law being enacted.

Q5. Where a deduction of tax is applicable, can the supplier insist that any deductions be grossed up, thereby increasing the cost of the small business?

A5. No. The new WHT Regulations prohibit the treatment of tax deduction at source as an additional cost of the recipient.

Q6. How about withholding tax on payment of an invoice due to a small business?

A6. Withholding tax is not applicable on payments due to a small business in the following circumstances:

- a small company with annual turnover not exceeding N25 million

- all businesses in respect of manufacturing, agriculture, and other production activities regardless of their turnover

- sales in cash or instant electronic payments

- other transactions stated as exempt under the new regulations

Q7. Does a small business need to file monthly withholding tax returns, whether it has withholding tax to remit or not?

A7. No. Businesses, including SMEs, are only required to file returns in any month when they have deducted taxes at source in the previous month. Such returns should contain the information prescribed in the schedule to the WHT Regulations.

Q8. What happens if a small business fails to deduct tax where applicable?

A8. An administrative penalty will be charged for failure to deduct tax where applicable. If you deduct tax and fail to remit it by the due date being the 21st (for remittances to FIRS) or 30th (for remittances to a state Internal Revenue Service) of the following month, you will be liable to pay the amount not remitted with penalty and interest.

Q9. When does the new Withholding Tax Regulations take effect?

A9. The new rules take effect from 1st of January 2025. However, an early adoption may be permitted subject to guidelines issued by the relevant tax authority.

Q10. How can we learn more about the new WHT Regulations and other ongoing fiscal and tax reforms?

Q10. You can learn more by visiting the fiscalreforms.ng website or social media accounts “Fiscal Reforms” on X, LinkedIn, Facebook, Instagram, YouTube, and WhatsApp Channel.

07/10/2024

Feeling overwhelmed by taxes? Don’t let tax season choke you! Get expert tax advisory services tailored to ease the burden. Visit www.indexmanagers.com.ng for the help you need. 🗂️📊

03/10/2024

Important Tax Update from the Federal Inland Revenue Service (FIRS)! 📢

Taxpayers and practitioners, please note the changes regarding the Deduction of Tax at Source Withholding (WHT) Regulations, 2024, effective from January 1, 2025. The current WHT regime remains valid until December 31, 2024. Ensure compliance with your tax obligations in line with existing laws.

For more details, reach out to the FIRS Tax Policy & Advisory Department.

01/10/2024

Happy Independence Day, Nigeria! 🇳🇬 Today we celebrate freedom, unity, and the power of the people. Together, we can continue to build a stronger nation where every voice is heard and every dream is valid. Let's honor the past and march forward to a brighter future! 🌍💚

"

27/09/2024

Running your business and meeting your professional needs can be overwhelming.
Speak to us and get to know the reasons over 200 businesses have trusted us to handle their operations.

As one of the most reliable advisors for small businesses, we specialize in:

Tax Management
Risk Assessment
Accounting Solutions
Business Consulting
You can relax while we take care of the heavy lifting, ensuring your business runs smoothly and efficiently.

26/09/2024

THE CURRENT POSITION OF LAW

For an Appeal against the Service or relevant tax authority under Rules 1 and 2 of Tax Appeal Tribunal Order, the aggrieved person shall:

(a) pay 50% of the disputed amount into the designated account by the Tribunal before hearing as security for prosecuting the appeal;

(b) file the Notice of Appeal as in Form TAT I(A), along with a deposition as in Form TAT I (B).

OUR BASIS FOR AMENDMENT

Based on the principle of fairness in taxation we are of the opinion that asking a tax payer to deposit 50% of the disputed sum and with no obligation on FIRS before an appeal can be heard portrays the tribunal as been skewed towards a party.

24/09/2024

A. Did you know that for your expenses to be allowed it must be;
1. wholly,
2. reasonably
3. exclusively
4. necessarily
incurred for the running of the business

B. Transactional Taxes applicable to your business
1. Withholding Tax (WHT),
2. Value Added Tax (VAT)
3. Stamp Duties (SD)
C. Once FIRS issues a Notice of Refusal to Amend (NORA), such an assessment cannot be objected. The only option left for you is to approach the Tax Appeal Tribunal

D. Section 19 of the CITA is to the effect that where the dividend paid out by a company in a year of assessment exceeds its total profit/taxable profit for the year, then the dividend paid out will be regarded as the total profit and taxed accordingly.

E. When an income is taxed more than once, it would only amount to double taxation. This means the same income is taxed more than once in the hands of the same taxpayer.

F. where a dividend becomes due from or payable by a Nigerian company to any company or person to whom the Personal Income Tax Act applies, the Company paying such dividend must deduct a 10% tax and pay the same to the FIRS.

G. Section 80(3) of the CITA provides that the dividend received after deduction of tax stipulated in Section 80(1)-10% withholding tax, is to be regarded as Franked Investment Income of the Company receiving the dividend and is exempt from further tax as part of the profit of the receiving company.

H. Section 14 of the Industrial Development (Income Tax) Act, exempts profits from the income tax of Pioneer Companies.

I. It is a MUST to have complete Documentation of Transactions and at all times have access and ability to retrieve relevant source documents, contract documents, and payment documents to the relevant tax authorities to substantiate the validity of a transaction considered to have passed the WREN (Wholly, Reasonable, Exclusively and Necessarily INCURRED) Test.

J. A taxpayer must ensure the full disclosure of all and any information and documents that it deems important to substantiate any of its claims or objections to an assessment by the FIRS.

K. The FIRS cannot charge VAT on reimbursable costs (provided, it is truly a reimbursable cost). However, note that consumers of taxable supplies (for cross-border transactions) in Nigeria where no tax is charged now must self-account for the VAT under the amendment to the VAT Act by the provisions of Section 37 of the Finance Act 2019.

L. The FIRS cannot charge VAT on reimbursable costs (provided, it is truly a reimbursable cost). However, note that consumers of taxable supplies (for cross-border transactions) in Nigeria where no tax is charged now must self-account for the VAT under the amendment to the VAT Act by the provisions of Section 37 of the Finance Act 2019.

M. The TAT’s ruling on Excess Dividend Tax complies with the amendment contained in the Finance Act 2019, which exempts franked investment income and pioneer profits from Excess Dividend Tax.

Address

25 Ekiti Street Old Bodija Ibadan, 17 Emmanuel High Street Ogudu Lagos
Ibadan
234

Opening Hours

Monday	09:00 - 17:00
Tuesday	09:00 - 17:00
Wednesday	09:00 - 17:00
Thursday	09:00 - 17:00
Friday	09:00 - 17:00

Telephone

+2348085897636

Website

http://www.indexmanagers.com/

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