Tag - Value Added Tax

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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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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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 [...]

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