• OshoAdemolaJoel
• Business
• May 15, 2020

NAFDAC introduces Automated Product Administration and Monitoring System

NAFDAC introduces Automated Product Administration and Monitoring System (NAPAMS), an online portal for the registration of  food, drugs, cosmetics, medical devices, chemicals, and packaged water in Nigeria

The National Agency for Food and Drug Administration and Control (NAFDAC) has finally joined the league of government parastatal adopting technology to make services seamless for Nigerians.

NAFDAC in a bid to facilitate easy registration, it has introduced the online registration portal dubbed  Automated Product Administration and Monitoring System; Micro, Small and Medium Enterprises (MSMEs) can now process the registration of their products with NAFDAC from the comfort of their homes, and at an 80% discounted rate over a period of six months.

Also, in recognition of the current economic challenges, NAFDAC commissioned additional palliatives for Micro/Small businesses, which includes zero tariffs for the first 200 micro and small businesses to register on the e-platform and waiver on administrative charges for overdue/late renewal of expired licenses of products for a period 90 days.

Read Also: How To Access COVID-19 CBN Loan of 50 Billion For SMEs and Household

What is New Registration and Data Capture about?

The New Registration and Data Capture exercise is necessary to achieve the following

• To ensure that the information captured under the new registration and data capture processes will form the basis for future product renewal for all existing clients/companies registered by NAFDAC.

• To capture the details of existing NAFDAC approved Products and Companies unto the NAFDAC Automated Product Administration and Monitoring System Database in order to create an authentic and reliable database of all NAFDAC registered products in Nigeria.

Information captured under the process are divided into 2 categories as follows:

•  Client/company information

• Products information

How to access the New Registration Portal?

•  visit www.napams.org

• On the homepage, click on the Sign In link.

• Select login as a Client.

• Create an account if you are first time user or  log-in with your username and password if
  you an existing user

• Click on Register (if you do not have an existing account)

• Register as a client by filling the Company Registration Profile page.

• Click on the Save button to proceed to the dashboard.

How to  Purchase and Fill a New Registration and/or Data Capture Form

•  Click on the New Registration Form link on the navigation panel to select the Application Type.

• Select your product category, product source, sub-category (i.e. Drug, Medical Devices, Cosmetics, Food etc.)

• Click on the Continue button to proceed.

• Enter the product and manufacturer’s details

• Enter product-specific details, upload approval documents, and product image

• Proceed to payment

• Click on ‘Make Payment’

• The system displays the Remita payment platform.

• Select ‘payment method’ e.g. card details, online Internet banking, Pay at Bank Branch option etc.

•  Enter your card details.

• You are automatically redirected to the Product Summary page to proceed.

• Click on Next

• View, Select Processing Site and Submit the completed form

How to check your product status

• Click on Dashboard

• Click on View (View Application Status) corresponding to the product.

How to update your Company’s Profile?

•  Click on Company Profile

• Edit/Update the details and click on Update.

How to change your Company’s information?

The company’s information that can be changed includes name, addresses, email, phone number, etc. but cannot be completed without NAFDAC approval. The process below explained the process:

•  Go to the Dashboard

•  Click on Other Application Forms.

• Proceed with the application and submit.

To learn how you can assign a representative, read NAFDAC directives and other salient information about NAPAMS, kindly click here

• OshoAdemolaJoel
• Business
• May 14, 2020

Federal Inland Revenue Service Tax Review In Response To COVID -19

The Federal Inland Revenue Service (FIRS)  has introduced tax relief measures to address the impact of the coronavirus (COVID-19) pandemic on taxpayers:

• Extension of the due date for filing of value-added tax (VAT) and withholding tax returns from the 21st day of the month to the last business day of the month, following the month of deduction

• Extension of the due date for filing of the companies income tax return by one month

• Use of electronic platforms for paying taxes and processing tax clearance certificates

• Electronic filing of tax returns by taxpayers

• Filing of tax returns by taxpayers without audited financial statements which must be submitted within two months of the revised due date of filing

• Proposed creation of a portal where documents required for desk reviews and tax audits will be uploaded by taxpayers for online access by the tax authority.

• Submission of tax returns online by taxpayers via efiling.firs.gov.ng or by designated e-mail accounts published by the FIRS

Read Also: How To Access CBN 50 Billion Naira COVID-19 Loan

• Taxpayers facing challenges in sourcing foreign exchange (FOREX) to settle tax liabilities on their FOREX-denominated transactions are permitted to pay the Naira equivalent, based on the prevailing Investors & Exporters FOREX window rate on the day of payment.

• Extension of personal income tax (PIT) returns filing deadline for personnel of Foreign Affairs, Military and Police, and non-resident persons by three months from 31 March 2010 to 30 June 2020.

In addition, an “Emergency Economic Stimulus Bill, 2020” was passed by the House of Representatives (HoR) to:

• Grant a tax rebate of 50% of the actual amount due or paid as pay-as-you-earn, to Nigerian companies who retain all their employees from 1 March 2020 to 31 December 2020.

• Suspend import duties on medical equipment, medicines and personal protective gear required for treatment and management of COVID-19 for three months, effective 1 March 2020.

Read also: Central Bank of Nigeria monetary measures to COVID-19 for MSMEs

• Introduce a new moratorium on mortgage obligations of Nigerians under the National Housing Fund.

The Bill is yet to be passed by the Senate.

Additional Information

The FIRS recently announced the following additional measures to mitigate the impact of COVID-19 on taxpayers:

• Waiver of late returns penalty for taxpayers who pay their tax liabilities early but submit their tax returns later. Evidence of tax payment can be forwarded to the relevant FIRS e-mail address or submitted later to the appropriate tax office

• Extension of the timeline for remittance of VAT from the 21st day to the last day of the month, following the month of deduction

• Taxpayers facing challenges in sourcing foreign exchange (FOREX) to settle tax liabilities on their FOREX-denominated transactions are permitted to pay the Naira equivalent, based on the prevailing Investors & Exporters FOREX window rate on the day of payment

• Extension of personal income tax (PIT) returns filing deadline for personnel of Foreign Affairs, Military, and Police, and non-resident persons by three months from 31 March 2010 to 30 June 2020

• Indefinite suspension of all field tax audit, investigation, and monitoring visits.

Additional Information

Various State Internal Revenue Services announced the extension of the filing deadline for annual returns for employees and self-employed persons;

• Lagos Internal Revenue Service granted a two (2) months extension – 31 March 2020 to 31 May 2020.

• Federal Capital Territory Internal Revenue Service granted a three (3) months extension – 31 March 2020 to 30 June 2020.

Donation to COVID-19 Fund to be tax-deductible – Minister of Finance (MoF)

The MoF, in a press statement, promised to issue an Executive Order granting additional tax reliefs to organizations that make donations to the COVID-19 fund in Nigeria.

The Executive Order is yet to be issued.

• In Nigeria, no specific relief is provided by the VAT law with regard to bad debts. In practice, companies can make adjustments for VAT on bad debts once it is certain that the agreed payment that is subject to VAT has truly become irrecoverable. This is because taxpayers are required to act as agents of the tax authority (FIRS) and collect and report VAT on a cash basis.

•  Invoices need to be structured so that they clearly state the nature of a transaction so that the FIRS does not subject an exempted or zero-rated good or service to VAT at a rate of 7.5%.

Read also: How To Access COVID-19 CBN Loan of 50 Billion For SMEs and Household

Source

• OshoAdemolaJoel
• Business
• May 14, 2020

Central Bank of Nigeria palliative support for MSMES during COVID-19 pandemic

CBN provides palliative measures to assist MSMEs cushion the effect of COVID-19. It reduces the CBN loan rate from 9% to 5%

The Central Bank of Nigeria has set out a number of measures to tackle the impact of the coronavirus, including establishing a fund to support the country’s economy (of 50 billion naira; i.e. EUR 121 million), targeted at households and micro and small enterprises. The interest rate has also been cut, a moratorium has been announced on principal repayments for CBN intervention facilities and tax measures are being taken.

The Monetary Policy

•  1-year extension of a moratorium on principal repayments for CBN intervention facilities;

• The reduction of the interest rate on intervention loans from 9 percent to 5 percent;

• Strengthening of the Loan to Deposit ratio policy (i.e. stepped up enforcement of directive to  extend more credit to the private sector);

• Creation of N50 billion target credit facility for affected households and small and medium enterprises;

Read also: How To Access COVID-19 CBN Loan of 50 Billion For SMEs and Household

• Granting regulatory forbearance to banks to restructure terms of facilities  in affected sectors;

• Improving FX supply to the CBN by directing oil companies and oil servicing companies to sell FX to the CBN rather than the Nigerian National Petroleum Corporation;

• Additional N100 billion intervention fund in healthcare loans to  pharmaceutical companies and healthcare practitioners intending to expand/ build capacity;

• Identification of a few key local pharmaceutical companies that will be   granted funding facilities to support the procurement of raw materials and equipment required to boost local drug production;

• N1 trillion in loans to boost local manufacturing and production across critical sectors.

Read also: How To Access COVID-19 CBN Loan of 50 Billion For SMEs and Household

FIRS tax review in response to COVID -19

Source

• OshoAdemolaJoel
• Business
• December 5, 2019

The TIN Matter: Implication of The Financial Bill On Your Bank Account

It is all over the internet that by 2020 existing bank accounts will be on hold while a new account opening process will require a Tax Identification Number (TIN).

The National Assembly amended sections 33, 49 and 58 of the Personal Income Tax. This will affect the deduction of pension and personal relief allowance. In a nutshell, many human resources managers and entrepreneurs have to review their payroll system.

On the TIN matter

Anyone who needs to open an account or operate an existing account will submit TIN as part of the Know Your Customer requirement. This includes employees, self-employed, unemployed(student, corps members – thiers is simply for accreditation) and Nigerians living in the diaspora.

According to the minister, the debit/credit card will cease to work, no deposit or debit will be allowed on an existing account once the bill is passed to law.

However, the unemployed and students will not be subject to tax deduction until there is substantial evidence that they earn salaries.

This will be ascertained when a regular amount drops in the account at a specified date of every month.

Also, banks might set out a limit on the amount that a student bank account can receive at a time.

For entrepreneurs, you are advised to profile all your staff for taxation including yourself and remit to the State Internal revenue tax deducted as at when due.

Click here: This e-book can help you solve your tax issue  even as a NOVICE

Also, paying of Value Added Tax ( this will upscale from 5%- 7.5% and more goods/services are added to exemption lists) is compulsory; you are also advised to demand a receipt for every withholding tax any organisation remits on your behalf.

The implication of this development is that tax might be deducted at source just like stamp duty comes from the source any time soon especially for defaulters.

If you have your BVN, registered phone number or National ID card, there is a possibility you already have a TIN.

Meanwhile, I implore you to collect your national identity card if you have not received it. The collection of international passport and application to some embassies may also require that you supply National Identification Number.