What is PAYE?
PAYE simply means “pay as you earn”. It is a tax system derived from the Personal Income Tax Act in Nigeria which is a method of tax calculation on the income of persons. This means that all tax payable...
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Taxes
26 articles · Newest first
Effect of the new Finance Act on VAT and Stamp Duty charges in Nigeria
The Finance Bill now the Finance Act 2019 has no doubt affected the VAT and stamp duty charges in Nigeria. By this new law, the Value Added Tax which was originally 5% has been increased to 7.5%. The stamp...
What IS TCC and when is a company eligible for one?
Tax Clearance Certificate (TCC) in Nigeriais a document issued by the FederalInland Revenue Service(FIRS) or States Inland Revenue Service showing that the applicant’s taxes has been filed up to date and...
8 things every business owner should know about the new Finance Act
The Act comes into effect on Saturday the 1stof February, 2020. Value Added Tax (VAT) has increased from 5% to 7.5% but items in the VAT exemption list are tax free. If you have a business that reports less...
Provisions of the new Finance Bill in Nigeria
So many persons see the Finance Bill as a welcome change in Nigeria Tax regime because of some of the favourable additions to the bill. Although there is a debate that the Increase in Value Added Tax from 5%...
What is the procedure for Pioneer Status application in Nigeria?
Pioneer status is also known as a Tax holidayand it is an incentive granted to a company to be exempted from paying tax for a period of time. The initial grant is usually for a period of three years and an...
What is the Industrial Training Fund (ITF) in Nigeria all about?
The Industrial training Fund (ITF) is a parastatal of the Federal Government of Nigeria under the Ministry of Industry, Trade and Investment and it was established in 1971. The essence for the establishment...
What are the products/industries eligible for Pioneer Status Incentive in Nigeria?
Pioneer status incentive is a tax holiday given to companies for a period of time to encourage the growth and development of the Nigerian economy. A new company or an existing company with an expansion plan...
How to dissolve a foundation in Nigeria
Do you have a Foundation/ NGO which you are tired of running and you have been wondering how to dissolve it? you can get it dissolved by taking the following easy steps; Write a petition for dissolution to...
How to register an NGO/Foundation in Nigeria
In Nigeria, a foundation, also known as a Non-Governmental organization is registrable as an Incorporated Trustee under the Companies and Allied Matters Act (CAMA). The following is the procedure for...
How do i amend the constitution of my NGO/Foundation?
The constitution of a foundation is a document stating the following; (a) The name or title of the association which shall not conflict with that of a company, or with a business name or trademark registered...
Contents of a company’s Financial Statement
The financial statement of a company is a document that contains information about the company’s activities and financial performance in a particular year and a copy of this statement is required by a...
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