This Course teaches the recent changes to the Nigerian Tax laws, especially as it affects Nigerian SME businesses.
Late last year, 2019, we started to hear about the Finance Bill - a document which was to bring several changes to our tax laws in Nigeria. In 2020, it got passed into law and it became the Finance Act of 2019.
Most business owners have not had any formal education about the Finance Act. They just pick up snippets, here and there; and only know about the very common changes.
The most common changes are the VAT rate moved from 5% to 7.5% and exclusion of small businesses from paying VAT and Company Income Tax.
But there's so much more that a business owner needs to know - tax penalties got worse, more items became VAT-exempt, tax holidays were introduced and even dormant companies have expectations to be met.
They say, "the burden of proof is that of the tax-payer." But, how does a tax-payer prove anything if he has no knowledge of it?
Chioma is a brilliant accountant and entrepreneur who passionately loves small businesses.
She had an exciting 11-year working career, as an accountant, starting from PricewaterhouseCoopers, and going on head the finance/accounting functions in several organizations, including Jumia Nigeria.
In 2016, Chioma went on to launch Accountinghub, a tech-accounting firm, focused on serving top-quality bookkeeping and allied accounting services to small business, at prices they can afford.
She built an online accounting shop (www.accountinghub.ng/shop) which allowed businesses access to accounting services, by simply choosing the service they wanted and paying for it, online.
Till date, Accountinghub has served over 400 businesses and trained well over 2000 business owners.
Chioma says she is on a mission to reinvent the way that small business owners access help with their accounting and tax needs in Nigeria; using the power of story-telling and technology.
While learning to run Accountinghub, Chioma developed huge love for entrepreneurship and shares this with other people in business, as well as people looking to launch businesses, via her facebook page, using the hastag #chiomasbusinessschool.
She challenges old ways and believes there can always be a better way of doing things. She implements accounting systems for businesses in a record-period of 24 hours, she grew a massive stocktaking community of over 2000 people and automated the accounting system for over 250 businesses within 2 years.
Chioma is well-known as Nigeria's small business accountant and the No. 1 expert in deploying cloud accounting tools.
She is a Chartered Accountant of 13 years and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN).