DATA Vision Business Solutions

13/01/2026

Dear Respected Ma/Sir,
As part of our ongoing commitment to improving your financial management, internal controls, and audit readiness, this memo serves as a guide on proper accounting record-keeping practices that must be maintained at all times.
Accurate and complete records are essential for financial reporting, decision-making, compliance, and audit purposes.
1. Proper Filing of Invoices
All invoices issued or received must be properly kept and filed.
This includes:
• Invoices sent to customers or clients
• Invoices received from suppliers or service providers
Invoices serve as primary evidence of sales, purchases, and obligations. They must be properly numbered, dated, and filed systematically (physically or electronically) for easy reference.
2. Proper Retention of Receipts
All receipts issued or received must be retained.
This includes:
• Receipts given to customers
• Receipts collected from vendors, suppliers, or service providers
Receipts provide proof of payment and support cash and bank transactions. Missing receipts often lead to inaccurate records and audit issues.
3. Use of Payment Vouchers for All Expenses
Every payment made by the business must be supported with a properly prepared payment voucher.
Each payment voucher should include:
• Date of payment
• Amount paid
• Purpose of payment
• Mode of payment (cash, transfer, cheque)
• Supporting documents (invoice, receipt, contract, approval)
Payment vouchers create a clear audit trail, helping to prevent errors, fraud, and undocumented expenses. If you can’t afford the constant printing of this booklet, you can create an Excel document to track this or use a higher education or hardcover booklet
4. Linking All Payments to a Project or Operating Request
All payments must be clearly traced to:
• A specific project, or
• An approved operational request or expense
No payment should be made without a clear business purpose. This ensures accountability, cost control, and accurate reporting for projects or departments.
Important Additional Notes
• Avoid making business payments from personal accounts; always use the company’s designated accounts.
• Ensure approvals are obtained before payments are made.
• Keep records updated daily or weekly, not months later.
• Digital copies of documents should be backed up securely.
• All financial records should be made available when requested for review, reporting, or audit purposes.
Proper documentation protects your business, improves financial clarity, and enables us to serve you better as your accounting and consulting partner.
Thank you for your cooperation and continued trust.
Kind regards,

Philip Uzoma
Data Vision Consults
Director

29/12/2025

Fifty new tax exemptions and relief measures are expected to take effect in January 2026 as part of Nigeria’s tax reform program.
The goal is to:
• Reduce hardship on low-income earners
• Support retirees and pensioners
• Encourage small businesses and startups
• Lower taxes on essential goods and services
• Improve cash flow for small companies
• Promote investment and job creation
The reforms were outlined by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.

1. Who Will Not Pay Personal Income Tax?
Certain categories of Nigerians will be exempt from paying PAYE / Personal Income Tax:
• People earning minimum wage or below
• People earning up to ₦1.2 million per year
• People earning up to ₦20 million per year get tax relief
• Gifts received are not taxed
This is meant to reduce the tax burden on low and middle-income workers.

2. Expenses You Can Deduct Before Tax
Some expenses will be allowed to reduce taxable income, such as:
• Pension contributions
• NHIS & Health Insurance contributions
• National Housing Fund contributions
• Interest paid on home loans
• Life insurance premium
• Rent relief up to ₦500,000
Meaning — your tax is calculated after deducting these expenses.

3. Pension & Retirement Benefits — Not Taxed
Tax exemptions apply to:
• Pension payments
• Retirement gratuity
• Compensation for job loss up to ₦50 million
• Capital gains on sale of personal home
• Lump-sum pension withdrawals
• Life insurance payouts
• Sale of small business shares under ₦50 million
These provisions protect retirees and people exiting jobs.

4. Small Businesses — Major Tax Protection
Businesses benefit significantly:
• Small companies under ₦100 million turnover
o No Company Income Tax
• Small businesses exempt from development levy
• Reduced Withholding Tax (WHT) for SMEs
• Tax waivers for business reinvestment
• Tax holiday for startup companies
• Special incentives for:
o manufacturing
o agriculture
o technology
o innovation hubs
These are intended to:
✔ encourage entrepreneurship
✔ support job creation
✔ reduce the cost of doing business

5. Essential Goods — Zero VAT or VAT-Free
The government is keeping basic needs tax-free:
• Basic food items
• House rent
• Education services
• Healthcare services
• Pharmaceuticals
• Medical equipment
• Public transport
• Renewable energy products
• Books & learning materials
• Sanitary pads & tampons
• Buying land & buildings (VAT-free)
This helps reduce the cost of living.

6. VAT Reliefs for Businesses
Small companies:
• Don’t pay VAT on basic supplies
• Can claim VAT refunds on equipment purchases
• Are exempt from VAT on:
o farming inputs
o health items
o disability aids
o humanitarian relief materials
This improves cash flow and capital investment.

7. Stamp Duty — Removed on Small Transfers
Stamp duty will be removed on:
• Transfers below ₦10,000
• Transfers within the same bank
• Salary payments
• Student transfers
• Pension transfers
• Transfers of government securities
This will especially benefit:
✔ students
✔ low-income earners
✔ small traders

Overall Impact
These reforms aim to:
• Reduce taxes on the poor
• Support retirees & pensioners
• Help SMEs grow faster
• Encourage investment & job creation
• Lower cost of essential goods
• Simplify Nigeria’s tax system
They will be implemented as part of the 2024-2026 Tax Reform Roadmap and will be fully effective from January 2026.

21/12/2025

https://whatsapp.com/channel/0029Va9TXV07YSd9p7PYxM43

21/12/2025

TAX INFORMATION IN NIGERIAN MAJOR LANGUAGES

DATA VISION TAX INFORMATION - ENGLISH

Effective next month, all transaction entries must be accurately described.

Tax treatment depends on the nature of each transaction, not merely on cash inflow.
Improper narration may result in misclassification as income and unnecessary tax exposure.

Use the following approved descriptions where applicable:

Family funds → Gift / Family Support

Repayments → Refund / Reimbursement

Own funds transfer → Personal Transfer / Savings

Loans → Loan Received

Owner’s funds into business → Capital Contribution

Compliance Note:
Any incorrect or misleading narration may attract audit queries and will be subject to correction.

Strict compliance is required.

FOR MORE INFORMATION, CONTACT US
+234 808 455 8224
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DATA VISION TAX INFORMATION - IN PIDGIN

From next month, make sure say every money transaction get correct description.

Tax no be just say money enter your account —
na wetin the money really be matter.

If description no correct, tax people fit count am as income, and you fit pay extra tax wey no suppose.

USE THESE CORRECT DESCRIPTIONS (WHERE E APPLY)

Money from family
→ “Gift / Family Support”

Person dey pay you back your money
→ “Refund / Reimbursement”

You move your own money from one account go another
→ “Personal Transfer / Savings”

Money wey you borrow
→ “Loan Received”

Your own money wey you put inside business
→ “Capital Contribution”

IMPORTANT NOTICE:

Make sure say the description na true reflection of the transaction.

Wrong or misleading description fit bring audit query and correction.

Compliance na must.

FOR MORE INFORMATION, CONTACT US:
+234 808 455 8224
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ÌTỌ́NISỌ́NÀ OWÓ-ORI DATA VISION

Láti oṣù tó ń bọ̀, ẹ jọ̀wọ́ ẹ máa ṣàlàyé gbogbo ìforúkọsílẹ̀ owó dáadáa.

Owó-ori kì í dá lórí pé owó wọ inú àpamọ́ rẹ nikan —
ó dá lórí irú owó tí í ṣe gan-an.

Tí a bá ṣàlàyé owó lọ́na tí kò tọ́, wọ́n lè ka a sí owó-wíwọlé (income), tí yóò sì fa owó-ori tó pọ̀ ju bó ṣe yẹ lọ.

LO ÀWỌN ÀPÈJỌWE (DESCRIPTION) YÌÍ NÍGBÀ TÍ Ó BÁ YE

Owó tí ẹbí ránṣẹ́ sí ọ
→ “Gift / Family Support”

Owó tí ẹnìkan san padà fún ọ
→ “Refund / Reimbursement”

Tí o bá ń gbe owó tirẹ láti àpamọ́ kan sí omíràn
→ “Personal Transfer / Savings”

Owó tí o bá yá (gbà gbèsè)
→ “Loan Received”

Owó tirẹ tí o fi sínú ìṣòwò
→ “Capital Contribution”

AKIYESI PÀTÀKÌ:

Àpèjọwe owó gbọ́dọ̀ jẹ́ òtítọ́ gẹ́gẹ́ bí owó náà ṣe rí.

Àpèjọwe tí kò tọ́ lè fa ìbéèrè ayẹwo (audit query) àti ìtúnṣe owó-ori.

Ìfarabalẹ̀ sí ìlànà yìí jẹ́ dandan.

FUN ALAYE SI I, PE WA:
+234 808 455 8224
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DATA VISION TAX INFORMATION

Malite ọnwa na-abịa, biko hụ na e depụtara ihe ọ bụla ị nwetara n’eziokwu.

Ụtụ isi adịghị adabere naanị na ego bịara na akaụntụ gị —
ọ dabere na ụdị ego ahụ bụ n’eziokwu.

Ọ bụrụ na ị kọwaa ego n’eziokwu, ụtụ isi ga-adị naanị mgbe iwu chọrọ ya.
Ma ọ bụrụ na ị kọwaa ya na-ezighị ezi, ego ahụ nwere ike ịkọwara dị ka income, nke ga-eme ka ị kwụọ ụtụ isi karịa ka ọ kwesịrị ịdị.

JIRI NKE A DEPỤTA EGO N’EZI ỤDỤ

Ego si n’ezinụlọ
→ “Gift / Family Support”

Ego enyi laghachiri gị
→ “Refund / Reimbursement”

Ego gị onwe gị nyefere site na akaụntụ otu gaa na ọzọ
→ “Personal Transfer / Savings”

Ego e nyere gị dịka ngwá ahịa (loan)
→ “Loan Received”

Ego gị onwe gị tinye na azụmahịa
→ “Capital Contribution”

NDỤMỌDỤ AUDIT:

Ego ahụ ga-abụ nke eziokwu dị ka o si dị n’eziokwu.

Ọ bụrụ na e depụtara ya na-ezighị ezi, ọ nwere ike ibute audit query na mgbanwe ụtụ isi.

Ịgbaso iwu a bụ ihe dị mkpa.

Maka ozi ndị ọzọ, kpọọ:
+234 808 455 8224
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BAYANI KAN HARIN KUDI – DATA VISION

Daga watan mai zuwa, a tabbata cewa duk wani ajiyar kuɗi an rubuta shi daidai.

Haraji ba wai kawai yana da alaƙa da kuɗin da ya shiga asusunku ba —
amma yana danganta da menene ainihin kuɗin.

Idan ba a rubuta kuɗin daidai ba, za a iya ɗaukar shi a matsayin income (kuɗin shiga), kuma za a biya haraji fiye da yadda ya kamata.
Idan an rubuta shi daidai, za a biya haraji ne kawai idan doka ta tanada.

AMFANI DA WADANNAN BAYANI (LEGAL DESCRIPTIONS)

Kuɗin daga dangi
→ “Gift / Family Support”

Kuɗin da aboki ya mayar maka
→ “Refund / Reimbursement”

Canja kuɗin ka daga asusu ɗaya zuwa wani
→ “Personal Transfer / Savings”

Kuɗin da aka ba ka a matsayin lamuni (loan)
→ “Loan Received”

Kuɗin ka da ka saka a kasuwanci
→ “Capital Contribution”

LURA:

Dole ne rubutun ya nuna gaskiyar halin kuɗin.

Rubutun da ba daidai ba na iya jawo tambayar audit da gyaran haraji.

Bi waɗannan ƙa’idodin yana da muhimmanci.

DON SAMUN ƘARI BAYANI, TUNTUBE MU:
+234 808 455 8224

07/11/2025

BUSINESS NAME vs LIMITED COMPANY — TAX DIFFERENCE!

If your business makes ₦90,000,000 profit:

✅ Business Name (Enterprise):
Pay ₦17,072,000 in Personal Income Tax.

✅ Limited Company (Small Company):
Pay ₀% Corporate Tax + ₦9,000,000 dividend tax.

✅ You Save: ₦8,072,000

If you're still running a big business as a Business Name, you're losing millions.
Upgrade to a Limited Company today.

✅ We can help you upgrade to LTD
✅ We manage your financial records in line with the new 2026 tax laws

Send a message to get started. ON 0808 455 8224 OR E-mail is @ [email protected] or [email protected]

02/11/2025

30/10/2025

30/10/2025

My WordPress Blog

28/10/2025

🌟 TUESDAY INSIGHT by DATA VISION CONSULTS® 🌟
"Don’t wait for the perfect time — create it through knowledge and action."

Every successful business and professional you admire started by taking one bold step — learning, planning, and executing. At Data Vision Consults, we don’t just teach or advise; we transform your ideas into measurable success.

🚀 Book a session today — let’s turn your goals into results!
📞 08084558224 | 08148273761
📧 [email protected]

📍 St. Patrick’s Catholic Church Secretariat, Ipaja, Lagos

27/10/2025

MONDAY TIPS FOR CLIENTS FROM DATA VISION CONSULTS

1. Business Management
Start your week with clarity! Review your business goals for the week and assign clear tasks to your team. Clarity drives consistency.

2. Financial Management
Always track cash inflow and outflow. Knowing where your money goes keeps your business alive and not just busy.

3. Record Keeping
A business without records is a business without direction. Update your sales and expenses before the close of the day, and daily accuracy saves future stress.

4. Productivity
Don’t start 10 things — finish 3 important ones. Focus on impact, not just activity.

5. Client Relations
Follow up with at least one old client this week. Retention is cheaper — and more profitable — than new acquisition.

6. Growth & Strategy
Invest time in planning, not just doing. A one-hour strategy session can save you a week of wasted effort.

7. Learning & Development
Upgrade your skills before your business outgrows you. Enroll for a short course or attend a training this month, and growth is intentional.

8. Accounting & Compliance
Keep your receipts organized. You’ll thank yourself when it’s time for an audit or tax filing!

9. Marketing & Branding
Tell your business story. People buy from brands they know, like, and trust. Start by showing your value online.

10. Data Vision Signature Tip
Every successful business stands on three pillars — Planning, Record Keeping, and Accountability.

Let’s help you strengthen yours.
📞 08084558224 | 08148273761
✉ [email protected] / [email protected]
📍 DATA VISION CONSULTS®
Business Management • Accounting • Training

Call us today for personalized business sessions on:
• Business Strategy & Start-up Support
• Staff Training on Sustainability and Efficiency
• Accounting & Financial Management Training

Empower your team. Strengthen your systems. Let’s build a smarter business together.

Start your week strong with Data Vision Consults!
These 10 Monday Tips will help you manage, grow, and sustain your business the right way. Remember, success isn’t luck; it’s strategy, discipline, and the right guidance.

Need support?
We provide customized business strategy sessions, staff training, and accounting setup for SMEs and organizations.