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Unlocking Success in 2024: The Power of Budgeting for Private Companies

By Wale Oyekunle on
  Unlocking Success in 2024: The Power of Budgeting for Private Companies In the dynamic landscape of private enterprise, the compass that steers the ship toward financial prosperity is none other than a well-crafted budget. As 2024 unfolds, the significance of budgeting for private companies cannot be overstated—it's the linchpin for sustainable growth and strategic decision-making. 1. Visionary Roadmap: A budget serves as the North Star, guiding companies through the uncharted waters of the business world. It crystallizes the company's vision into tangible, measurable goals, laying the foundation for a roadmap to success. 2. Resource Optimization: Budgeting empowers companies to allocate resources judiciously. By forecasting income and expenses, organizations can optimize their financial resources, ensuring that every dollar is strategically invested in areas that fuel growth. 3. Risk Mitigation: In the turbulent seas of business, storms are inevitable. A robust budget acts...
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Tax Waiver of Penalties and Interest on all outstanding tax Liabilities Announced By Federal Inland Revenue Services (FIRS)

By Wale Oyekunle on
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A complete waiver of penalties and interest on all outstanding tax liabilities has been approved by Nigeria's Federal Inland Revenue Service (FIRS), provided that the entire principal is paid by December 31, 2023. According to the agency, the concessions were taken into consideration in recognition of the difficulties encountered by numerous taxpayers in settling their unpaid tax obligations and in accordance with the government's pledge to assist businesses. These concessions are in accordance with Section 32 of the Federal Inland Service (Establishment) Act, LFN 2004 (as amended). According to a statement released by Zack Adedeji, the Executive Chairman of FIRS, if the outstanding uncontested liability is still repaid in full or in part at the end of the one-time concession window, the entire penalty and interest would be reintroduced. According to Section 27(2) of the FIRS Act, failure to comply with a demand made by the FIRS for payment of an unpaid tax, rather than failing...
Location: Nigeria
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By Wale Oyekunle on
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  Navigating the CFO Landscape: Mastering Goal Setting and Strategic Planning As Chief Financial Officer, I understand the intricate dance that is goal setting and strategic planning. In the ever-evolving financial landscape, steering the ship toward success requires not just technical prowess but a strategic mindset. Here are insights gleaned from the CFO trenches on overcoming the challenges of goal setting and strategic planning: - Embrace the Power of Vision - SMART Goals, Sharp Outcomes - Leverage Financial Data Insights - Collaborate Across Departments - Agility in Planning - Transparent Communication - Continuous Learning and Development - Lead with Positivity - Tech Integration for Efficiency - Strategic Risk Management Embrace the Power of Vision: At the heart of every successful strategic plan lies a crystal-clear vision. As a CFO, take the time to define not just financial objectives but the broader vision that propels your organization forward. A well-defined vision bec...
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Nigeria Proposed Policy to Remove VAT on diesel

By Wale Oyekunle on
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  The fiscal policy and tax reform committee of Nigeria president Bola Ahmed Tinubu proposed the  remover of VAT on diesel and is projected increase in ratio of tax revenue  to GDP to 18% ,  which  is  the average  for Africa
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