Tag - Taxation

Tax planning strategies for small businesses

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 [...]

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Transfer Pricing in Nigeria

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 [...]

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Top 10 auditing firms in Nigeria

Top 10 Auditing firms in Nigeria

TOP 10 AUDITING FIRMS IN NIGERIA Auditing is mandatory legally for all for companies and businesses.  An auditing firm deals with investigating all the activities and aspects of a company in order to identify inefficiencies, reduce costs and ensure its accounts accurately reflect the real status of the company. Although there are many auditing firms in Nigeria, this post indicates the top auditing firm in Nigeria with respect to the quality of service, cost, experience, and reviews from their clients. In [...]

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Tax planning strategies for small businesses

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 [...]

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Tax planning strategies for small businesses

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. [...]

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Tax planning strategies for small businesses

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 [...]

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Legal types of Business Structure in Nigeria

LEGAL TYPES OF BUSINESS STRUCTURE IN NIGERIA INTRODUCTION One of the key decisions a business owner will make when starting a business is the business structure he or she wants to adopt.  The choice of business structure comes with different variations such as the taxes that go along with it, cost of setting it up, personal liability, the amount of paper work and registration process associated with the business. A business structure can be defined as a category of an organization that [...]

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Non Resident Companies Taxation in Nigeria

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 [...]

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