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Pension Reforms Act 2014, A Summary

A Quick look into the Pension Reform Act amended 2014 By Razaq Ayeni   Pension Reform Act was first enacted in the year 2004 to see into the after work (retirement) experience of all employee both in the public sectors, private sectors and the Federal Capital Territory. This 2004 Pension Reform Act was repeal On 1 July 2014, President Goodluck Jonathan signed it into law the new Pension Reform Act 2014 which repealed the Pension Reform Act No. 2 of 2004 (repealed Act) like ten years after [...]

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Pension Certificate of Compliance

OBTAINING PENSION CLEARANCE CERTIFICATE IN NIGERIA By Razaq Ayeni National Pension Commission referred to as the commission by the Pension Reform Act 2004 repealed in 2014 is the body in charge of the welfare and smooth running of the employee retirement savings account. The National Pension Commission has the power as one of their responsibility to issue Pension Compliance Certificate to every employer who has fully comply with the provisions of the Pension Reform, 2014 (PRA 2014). The pension commission made it [...]

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INDUSTRIAL TRAINING FUND ACT 2011

A review of the major and important fact worth knowing about the Act by Razaq Ayeni This Act was enacted to cater for the Workers’ training and see to the welfare of the fund donated by the Federal Government and the employers. It is an Act that has 8th October 1971 but that has later been amended in the year 2011. The Fund mentioned in this Act is the sum amount of money provided by the Federal Government for the purpose [...]

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EMPLOYEES’ COMPENSATION ACT 2010

EMPLOYEES’ COMPENSATION ACT 2010 By Razaq Ayeni The Employee’s Compensation Act, 2010 is a publication of the Federal Government which commenced 17th day of December 2010. It contains nine parts and sixty-nine sections. It was enacted basically to address the patent errors, loopholes and some other area not covered and repeals the Workmen Compensation Act CAP. W6 LFN 2004 The Act provides a shield and guides the employees who suffer from occupational diseases or sustain injuries arising from accidents at the workplace or [...]

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Tax Consulting Tax Planning, Tax Compliance and the Profitability of the Small Business

Tax Consulting Tax Planning, Tax Compliance and the Profitability of the Small Business With the plethora of tax legislation and the pressure faced by businesses to grow their turnover and hence maintain reasonable profitability, small businesses are often caught in the web of not tax compliance issues. Tax Planning is an exercise undertaken to minimise tax liability through the best use of all available allowances, deductions, exclusions, exemptions, etc., to reduce income. Tax planning can be defined as an arrangement of one’s [...]

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Business Plan

Are you trying to start up a new business? Is your company already established and needs to craft a future for itself with hard information making its way into the document? You may just be talking or thinking in terms of a business plan. As Entrepreneur, your need to draw up the business plan which is a broad statement of formal goals of your company and how your company plans to achieve them. Expectedly, the business plan will discuss both [...]

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Tax Clearance – Obtaining Tax Clearance in Nigeria

Tax Clearance – Obtaining Tax Clearance in Nigeria 26 July, 2014vaultNo CommentsUncategorized Tax Clearance – New Tax Payer We present the following as steps for obtaining tax clearance certificate for a newly incorporated company with the Federal Inland Revenue. Engage a Tax Consultant in Nigeria Step One: Register To Obtain Tax Identification Number The tax payer must present the following document to the nearest Integrated Tax Office to its head office as in the document furnished with Corporate Affairs Commission of the Situation of Registered Address. 1. [...]

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Starting a Business in Nigeria as a Foreign Investor

Starting a Business in Nigeria as a Foreign Investor Are a Foreigner seeking to do investment in Nigeria? You have done your research about the opportunities in the country and you have decided that you want to open shop in Nigeria. As you may already know doing business as a foreigner is governed by the following basic laws. Companies and Allied Matters Act 2004, Nigerian Investment Promotion Commission Act Foreign Exchange (Monitoring and Miscellaneous Provisions) Decree No.17 of 1995. Securities & Exchange Commission Act Immigration [...]

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COMPANY REGISTRATION IN NIGERIA

In Nigeria, the following are the basic forms of registering a company in Nigeria: Registration of Business Name Sole Proprietorship. A Sole Proprietorship is one individual or married couple in business alone. Partnerships, Incorporation of Companies (Private or Public Company, Limited by guarantee) TYPES OF COMPANIES Basically, four types of companies are recognized for business ventures in Nigeria, namely: Private Limited Company (LTD) Public Limited Company (PLC) Companies limited by guarantee and Unlimited Companies. Registration of Business Names On the Corporate Affairs Commission Website: https://services.cac.gov.ng/, Click Online Registration Menu You will [...]

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KEEP YOUR BUSINESS ALIVE: PROTECT YOUR WORKING CAPITAL

The first question that’ll come to the mind of someone that is not financially literate is what is Working Capital? It shouldn’t come as a surprise that this person may just be a business owner engaged in a form of trade. As a business owner, consciously or unconsciously, whether we’d like to admit it or not, you have tried to manage your working capital. Most Sole Proprietors do this without even knowing that the act they are carrying out [...]

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