Bookkeeping is an essential part of any business, and it involves keeping track of financial transactions, including purchases, sales, receipts, and payments. Bookkeeping helps businesses maintain accurate financial records, monitor cash flow, and prepare tax returns. However, bookkeeping can be…
Filing annual returns is an important obligation that companies in Nigeria must fulfill. Failure to do so can lead to penalties and loss of benefits. Annual returns refer to the financial statement that companies in Nigeria are required to file…
In Nigeria, filing payee (Pay-As-You-Earn) is required by law. It is a tax system where employers deduct taxes from the salaries of their employees on a monthly basis and remit the deductions to the relevant tax authorities. This system is…
Registration of Business (a) – Incorporation as a Limited Liability Company (Private or Public) – Incorporation as a Private Company Limited by guarantee (b) Filing of Annual Returns with CAC (c) Registration of Business Name or Partnership. Registration…
Compliance with various taxes as at when due gives an organisation peace of mind and also confidence to do business without the worry of having tax officials disturbing and threatening the workplace. Compliance also helps to ensure you submit necessary…
Business owners, service providers, individuals, companies, partnership and various organizations are subject to tax payment. No one can escape from the tax of the country. To support this, there is an interesting statement mentioned by Benjamin Franklin “nothing is certain…
Taxes are divided into two. 1. Indirect Taxes 2. Direct Taxes Indirect taxes are taxes collected for the government by businesses e.g. VAT. Direct taxes are taxes paid directly to the government by individuals and businesses e.g. income tax. Common…
What is Partnership? A partnership business, is a type of business that consists of two or more people who combine their resources to form a business and agree to share risks, profits and losses amongst themselves. Common partnership business examples…
TAX APPEALS IN NIGERIA – updates (June 2022) TAT upholds FIRS Establishment Act over the TAT (Procedure) Rules 2021 regarding security deposit for tax appeals On Tuesday 8 March 2022, the Tax Appeal Tribunal (TAT or “the Tribunal”) sitting in…
*Tax Appeals refers to the appeal of any and all penalties and/or interest imposed on the business by any federal, state, and/or local tax authorities* Tax appeals are a common way to resolve disagreements you have with the Relevant Tax…
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