Winnie ~💎

I simplify systems, optimize workflows, and drive results✌️

[Winnie ~💎 @julius_rejoice]

@AramideOyekunle Interested

[Winnie ~💎 @julius_rejoice]

@Yaw_nyame35 Auf Wiedersehen

[Ab Abdillah👩‍💻 - ACA @Hishaqq08]

Before You Panic About 2026 Taxes, Read This About Your Bank Statements

While I’ve seen a lot of misconceptions going on social media regarding the use of bank transaction descriptions as a means of avoiding the taxation of inflows in bank statements, it is important to clarify these issues so that people won’t be misled.

While I will acknowledge that the use of description is a good and inevitable practice not only for tax purposes, but also for other issues such as transaction tracking, account reconciliation, budgeting, reporting purposes against money laundering etc.

In fact, some people are being denied visa because there was no clarity on the transactions in their bank statements.

Having said that, will that only impact your taxes in 2026? Yes and No, kindly take your pen as I demystify.

Firstly, the news flying around that banks will deduct tax from customers accounts from 2026 is FALSE and MISLEADING.

Tax authorities do not have the power to automatically debit your account until a tax liability has become “final and conclusive”

What does this mean? Kindly read the detailed explanation here for better understanding👇

https://t.co/wLT5DkcEnp

Let me break it down further

1. In Nigeria, we operate a self assessment system whereby a taxpayer will voluntarily disclose information about his income and transactions for the period to the tax authority. This process is called “filing of tax returns”.

- For an individual generating an income, the deadline for filing self assessment returns is on or before 31st March of the following year. For example, returns for the 2025 financial year must be filed on or before 31 March 2026.

-While for companies, the returns should be filed within six months after the end of their financial year for existing companies, while newly incorporated companies have 18 months from the date of incorporation or six months after the end of their first financial year (whichever comes first).

2. After the returns have been filed, that’s where the real tussle begins. Where the tax authority believes that the returns you filed is understated or incorrect, they’ll send you an assessment letter telling you to come and pay the outstanding liability.

At this point, the question you’ll ask me is how will the tax authority knows the tax return I filed is incorrect?

The tax authority has access to intelligence report through the NIBSS and BVN frameworks, and this includes your bank information based on the statutory disclosure requirements of banks and other financial institutions.

Specifically, Section 29 of the Nigeria Tax Administration Act (NTAA) mandates banks and financial institutions to submit quarterly reports on:

a) Individuals with cumulative monthly transactions of ₦25 million and above and

b) Corporate entities with cumulative monthly transactions of ₦100 million and above.

Please note that this disclosure requirement is not a new provision just that the threshold has been revised in the new laws.

3. Also, prior to now, not all SIRS leverage on this intelligence report, but the dynamic might change going forward particularly for Lagos and FCT.

Here’s the practical reality.

4. In practice, most time, tax authorities will issue a very “high and unrealistic assessment”, and they’ll tell you that’s your outstanding liability and then request for your bank statements. This is where your bank transaction descriptions become useful and will save you🫵

They don’t know about the inflows in your statement, the onus is on you to prove that “Not all inflows are revenue” rather some relates to loans, gifts, refunds, capital and others.

But Does It End There? NO

This is the crucial part many people are not talking about and that’s called “proper documentation”.

Your bank description alone does not exempt an amount from being taxed, your documentation does.

That’s why in taxation, the tax man doesn’t rely on verbal explanations or stories, they rely strictly on verifiable evidence.

[Winnie ~💎 @julius_rejoice]

@nathanielblow Amen 🙏

[Nathaniel Bassey @nathanielblow]

A good time to make this spread and trend again…….
Let’s go !

Jesus just has to be who He says He is. No one gives this joy that He gives.
We celebrate our king, JESUS !

[A I S H A @EemanBintSulaym]

LEEP is hiring, and the roles look interesting.

Please apply if you’re interested and qualified.

https://t.co/tnd59Sc7BI

[Winnie ~💎 @julius_rejoice]

Day 2 #30dayswithAdeife

Bio revamp Done ✅

[Winnie ~💎 @julius_rejoice]

Day 1 of 30 day’s challenge with @adeife_adeoye

I’m diving in—fully committed.
Some days will be smooth. Others? Not so much.
But quitting? Not an option !

#30dayswithAdeife

[Gbemisola Taiwo @MisolaofJesus]

Midnight Prayers. 🔥

This quiet time between you & God is an opportunity to pour out your heart, knowing that He listens to every whisper.

Please don't rush these prayer points, take your time to pray them well.

Spend at least 5 minutes on each prayer point.

[GitHub Projects Community @GithubProjects]

Which side are you on?

[🦄Marvellous 💙✨ @__hypthshawry]

KOINONIA COME UP HITHER SUNDAY SERVICE 🇨🇦 🇨🇦WITH APOSTLE JOSHUA SELMAN
09-03-2024
THE SUPPLY OF THE SPIRIT

#ApostleJoshuaSelman
#MoreThanConquerorsPart2
#TheSupplyOfTheSpirit
#SundayService
#KoinoniaExperience
#KoinoniaCanada
#KoinoniaAbuja
#KoinoniaZaria
#koinoniaglobal

[ayoks peperenpe 🫢 @Tryphosa_aoe]

WEEK 11

FOCUS: WALKING IN BOLDNESS

I am strong, bold, and filled with love. God’s spirit of power, love, and self-discipline is alive in me, and I live confidently in His strength.

[Winnie ~💎 @julius_rejoice]

Dating to marry isn't pressure, it's PURPOSE.

[Winnie ~💎 @julius_rejoice]

Ayomide 🤗

[𝓐 @Sincerely_AO]

Bible verse for the week, “Fear not, for I am with you; Be not dismayed, for I am your God. I will strengthen you, Yes, I will help you, I will uphold you with My righteous right hand” - Isaiah 41:10

[Winnie ~💎 @julius_rejoice]

@Tech_babby I'm looking for Product Management internship.

[Winnie ~💎 @julius_rejoice]

@GithubProjects https://t.co/AkXj4SsMxF

[Gbemisola Taiwo @MisolaofJesus]

Midnight Prayers. 🔥

This quiet time between you & God is an opportunity to pour out your heart, knowing that He listens to every whisper.

Please don't rush these prayer points, take your time to pray them well.

Spend at least 5 minutes on each prayer point.

[Winnie ~💎 @julius_rejoice]

@Web3_Dad Interested