Proposals for the draft Finance Bill 2021; to amend relevant tax and duty statutes in response to the tax policy reforms of the Federal Government, to amend the law relating to the public procurement and fiscal responsibility and to make further provisions in connection with the Federal Government financial management and public revenue, is a major topic for discussion right now.
Businesses, through their responsible persons, are expected to proactively study the Bill, get involved in its discussion and strategize on aligning their operations ahead of the effective date after being signed into law.
For a business to make impact, remains competitive and at the same time maintains full compliance with laws, regulations and best practices in this 21st century. Reliance on past knowledge, skills, laws and practices are no longer sufficient but business managers’ ability to learn, unlearn and relearn as well as correct application of knowledge which in other word called wisdom is critical.
Accountants’ roles have evolved from the traditional functions of keeping records and reporting to roles that support strategic planning and decision-making in business. In other words, rather than accountants seeing themselves as historic record-Keeper/Commentator, they are to be seen as Diligent, 21st century savvy and highly Sophisticated Business Partner.
You can get a copy of the Finance Bill 2020 by clicking here https://2gdb-consult.com/wp-content/uploads/2020/11/4_5866376944911648882.pdf