Companies Income Tax: In Nigeria, NFPOs are exempted from paying Companies Income tax in accordance with Section 23 (1) of the Companies Income Tax Act (CITA) Cap C21, LFN 2004. However, NFPOs are expected to file tax returns even though…
On 9th May 2022, the Federal Inland Revenue Service (FIRS) in Nigeria issued a Public Notice directing companies that incurred Qualifying Capital Expenditure (QCE) worth ₦500,000 and above between 2016 and 2021 years of assessment to submit the Certificates of Acceptance…
FIRS directs Methandienone tablets taxpayers to submit Certificate of Acceptance on Fixed Assets
On 31st December 2021, President Muhammadu Buhari signed the Finance Bill, 2021 (now referred to as ”Finance Act, 2021”) into law. The overall analysis of the 2021 Finance Act depicts that it is aimed at increasing government revenue; unlike those…
On 9th May 2022, the Federal Inland Revenue Service (FIRS) in Nigeria issued a Public Notice directing companies that incurred Qualifying Capital Expenditure (QCE) worth ₦500,000 and above between 2016 and 2021 years of assessment to submit the Certificates of Acceptance…
Companies Income Tax: In Nigeria, NFPOs are exempted from paying Companies Income tax in accordance with Section 23 (1) of the Companies Income Tax Act (CITA) Cap C21, LFN 2004. However, NFPOs are expected to file tax returns even though…
Questions What is the difference between Value Added Tax (VAT) and Withholding Tax (WHT)? What are the examples of goods and services that are changed to tax / vatable goods and services? Answers Value Added Tax (VAT) Value Added Tax…
It is very interesting to note that many business people are getting interested in the basic principles of Tax in Nigeria. Tax is very important and must not be ignored by any entrepreneur who wants to succeed and grow his/her…
Value Added Tax – What supplies are liable to VAT in Nigeria? Many people have been asking me many questions about VAT in Nigeria since the last article. It is necessary for every citizen to understand the basic principles of…
Value Added Tax (VAT) What is Value Added Tax – VAT? VAT is a Tax on goods and services. It is paid by the buyer to the registered seller who remits the tax to the tax authorities. The tax is…
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