Tax Archives - Qeeva Advisory Limited

Tax planning strategies for small businesses

22 Jul

Taxation of Expatriates in Nigeria

TAXATION OF EXPATRIATES IN NIGERIA INTRODUCTION An expatriate is an individual living in a country other than his or her own native country or country of citizenship, most reasons are related to work or education. Take for example, Mr. A has been living in Canada since birth which means that he has acquired citizenship by birth. A firm seeking to expand its horizon to other continents appoints Mr A as the managing director of the organization in Nigeria. Mr A [...]

20 Jul

Transfer Pricing in Nigeria

TRANSFER PRICING IN NIGERIA INTRODUCTION Transfer pricing can be regarded as the price determined for the sale of goods and services between a related and controlled organization. It is simply the general term for pricing of cross border, intra-firm transactions between related parties. Transfer pricing can be also further defined as the price that is charged by one segment or group of an organization for a product or service supplied to another segment or group of the same organization. These transactions [...]

By qeeva Tax Arm's length principle, Cost plus method, CUP method, FIRS, Resale price metho, Taxation, Transfer price, Transfer Pricing

17 Jul

Value Added Tax (VAT) in Nigeria

VALUE ADDED TAX (VAT) IN NIGERIA INTRODUCTION Value Added Tax (VAT) can be defined as an indirect tax that is imposed by the government on the supply of goods and services. It is the final consumer of a product or service that bears the burden of the payment of VAT. The Finance bill 2020 implemented the new tax rate for Value Added Tax (VAT) in Nigeria as 7.5%. The rate for VAT was previously 5% before this new amendment came. An [...]

By qeeva Tax Finance bill, Input VAT, Output VAT, Tax on goods and services, Taxation, Value Added Tax, VAT form 001, VAT form 002, VAT in Nigeria

16 Jul

How to obtain a Company Income Tax (CIT) clearance certificate in Nigeria

HOW TO OBTAIN A COMPANY INCOME TAX (CIT) CLEARANCE CERTIFICATE IN NIGERIA All businesses whether small or large is liable to pay tax on the income generated. The payment of tax is dependent on the form of business and it is respective to their taxable income. Company income tax is only payable to the federal government annually. Whenever a business is registered, the next step to take by the business owner is to acquire a Company Income tax clearance certificate. [...]

By qeeva Tax CIT clearance certificate, Company income tax, Taxation, Taxation in Nigeria

15 Jul

Tax Planning Strategies for Small Businesses in 2020

TAX PLANNING STRATEGIES FOR SMALL BUSINESSES IN 2020 INTRODUCTION According to Wikipedia, small businesses are privately owned corporations, partnerships or sole proprietorships that have fewer employees and or less annual revenue than a regular sized business or corporation. The number of employees in a small business may range from 5-50 employees. Small business can always apply for the government support and also qualify for preferential tax policies governing a certain state or nation. Nigeria’s new financial bill that was signed into [...]

By qeeva Tax Personal Income Tax, Tax Liability, Tax Planning, Taxation, VAT, Withholding tax

14 Jul

Non Resident Companies Taxation in Nigeria

NON RESIDENT COMPANIES TAXATION IN NIGERIA INTRODUCTION Non-resident companies can be defined as a company or an entity that is not registered or incorporated in Nigeria but which derives income or profits from Nigeria in any kind of business it ventures into. Every company or corporation in Nigeria whether resident or non-resident company is liable to tax in Nigeria if its income is liable to tax under the provisions of the Companies Incomes Tax Act. Take note that the Nigerian tax [...]

By qeeva Tax Company income tax, Company income tax of foreign companies, Derivation principle, Non resident companies taxation, Taxation, Taxation of foreign companies, Turnover assessment, Value Added Tax, Withholding tax

13 Sep

Taxation of Companies under Nigeria’s Companies Income Tax Act 2011

A country’s tax system is always a key factor for any business, So people often ask such questions which will answered as read on . What is the corporate tax rate? What are the chargeable profit? Is depreciation taxed? What are the capital allowances? Are there any incentives for overseas businesses? Are there double tax treaties in place? How will foreign source income be taxed? Firstly, Note that all companies in commission in Nigeria outside the Petroleum sector of the [...]

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19 Aug

17 Things you need to know about Value Added Tax (VAT) Act 2007 as Amended

VAT or value added tax text on black block In the face of dwindling oil receipt by the Federal Government of Nigeria, and the likelihood that the Federal Inland Revenue Service will up their game in generating income for the government to function properly. Should this happen, businesses are likely to face pressures from the Revenue Services than they have in the past. It is therefore apposite to say that an astute entrepreneur will be in goodstead if it makes [...]

By Tax Public Finance, Revenue Generation, Tax, Tax Adviser, Tax Consultancy Companies, Tax Consultants, Tax Consultants in Nigeria, Tax Laws, Value Added Tax