Imagine walking through the ever-busy streets of Lagos during this festive season. The air rings with excitement, festive lights cast a warm glow, and shops are filled with enticing displays of clothes, gadgets, and gifts. Amid this celebration, it’s impossible to miss the unbridled enthusiasm for shopping. But why do people spend so much more during festive seasons? Unlike other times of the year. I believe we should educate ourselves on the reasons for our unbridled spending during festive seasons. Read also: https://ritefinance.blog/2024/12/21/avoid-these-15-costly-holiday-shopping-pitfalls/ This article draws insights from a study titled “A Study on Consumer Buying Behaviour During Festive Season” by N.R. Narayanan , Associate Professor at Guruvayurappan Institute of Management, Navakkarai, Coimbatore. Published in the International Journal of Research in Social Sciences (March 2018, Vol. 8, Issue 3), the research explores consumer behaviour during festivals in Coimbato...

  So, let’s say the National Reform Tax Bill (NRTB) 2024 makes it through the gauntlet of debates, objections, and controversies, and finally becomes law. If you’re a non-resident individual—whether you’re a foreigner or a Nigerian living abroad—here’s the deal: any income you earn from Nigeria might just land you on the Nigerian tax radar. Yes, it’s that serious. But how does it all work, and more importantly, how will it affect you?   Read also: https://www.insightxtra.com/2024/12/national-tax-reform-bill-2024-what.html   Who is a Non-Resident Individual? First, who exactly is a “non-resident individual”? In simple terms, it’s someone who doesn’t live in Nigeria but somehow has a financial or business relationship with the country. They are individuals who don’t reside in Nigeria but earns income from the country. For example, if you’re a Nigerian software developer living in the U.K. but earning money from clients in Nigeria, or an American consultant offer...

  This Article is Based on research by Mohamed Fairooz Abdul Khir, International Shari‘ah Research Academy for Islamic Finance) Imagine stepping into a bustling marketplace where every financial transaction is a dance of ethics, trust, and timing. A merchant sells goods on deferred payment, while a buyer eagerly negotiates the terms. Beneath the surface lies a powerful principle shaping these interactions—the Time Value of Money (TVM). But how does this concept align with the sacred principles of Shari‘ah? Mohamed Fairooz Abdul Khir, through his meticulous research, offers a deep dig into this question, exploring how Islamic jurisprudence frames and applies TVM in ways distinct from conventional finance. This article unravels TVM from a Shari‘ah perspective, blending historical insights, juristic views, and practical applications while ensuring the topic remains engaging, accessible, and rooted in Islamic values. Understanding the Core of TVM in Islamic Finance ...

  Amid the dissonance and unending debates, heated consultations, and widespread speculations before and after the indefinite suspension of the National Tax Reform Bill   (NTRB) 202 4, one thing remains clear: if the northerners had a rethink (since they are the group most antagonistic towards the bill), and the bill is passed into law, it could redefine the way Nigerians perceive and handle their incomes. From allowances to bonuses and even digital earnings, the bill proposes a sweeping approach to taxation that ensures virtually all streams of income are fair game for tax authorities. Let’s explore in details what the NTRB 2024 intends to tax as the incomes of an individual living in Nigeria. What Incomes of an Individual Will Be Taxed? The NTRB 2024 paints an all-encompassing picture of taxable incomes , leaving no stone unturned. Below is a detailed list of the incomes that would be subject to taxation: Salaries and Wages: These are any compensa...

  Yesterday, December 2, 2024, the National Assembly stunned many by suspending the National Reform Tax Bill 2024 indefinitely. This move, while justified by some as a call for broader consultations, feels more like throwing the baby out with the bathwater. At a time when Nigeria’s fiscal challenges demand bold solutions, shelving this ambitious bill has sparked questions about the country’s commitment to meaningful reform. This article takes a deep look into the National Reform Tax Bill 2024, its major components, why it was seen as a game-changer, and what its suspension means for Nigeria's economy. What Is the National Reform Tax Bill 2024? The National Reform Tax Bill 2024 was no ordinary legislative proposal. It was a comprehensive attempt to address Nigeria's notoriously complex and inefficient tax system. Introduced by the executive arm, the bill aimed to streamline tax administration, expand the tax base, and enhance revenue collection. Essentially, it was a...