Insurance serves as a valuable resource for safeguarding individuals from the effects of uncertain and hazardous situations. It involves transferring responsibility to an insurance company, which will pay or repair damages caused by specified unforeseen events.
Taxes are a necessary part of doing business and understanding and managing your tax obligations will contribute to the overall success of your business.
Businesses can maintain legal compliance and avoid penalties and legal repercussions by understanding the registration requirements, such as obtaining a TIN and fulfilling tax obligations like VAT, CIT, and WHT.
By complying with income tax requirements, being aware of VAT implications, fulfilling property tax obligations, and understanding capital gains tax rules, individuals can ensure their compliance with Nigerian tax laws, avoid penalties, and contribute to the country’s development.
Taxable employee compensation refers to any form of compensation that an employee receives from their employer that is subject to federal, state, and local income taxes. This can include regular wages, bonuses, commissions, and other forms of compensation. It’s important to understand what constitutes taxable compensation to ensure that you’re paying the correct amount of taxes on your income.
Understanding the Nigerian tax system is essential for the growth and success of your business. As a business owner, it is important to prioritize compliance with tax laws and seek professional advice when necessary.
By understanding the types of taxes, compliance requirements, and how to pay your taxes, you can avoid penalties and legal trouble while planning for the financial growth of your business.
People employed or who operate a small business under a partnership or business name are subject to tax. In Nigeria, a person’s tax liability can be evaluated through Pay-As-You-Earn or direct assessment.
People have different questions related to taxes. Therefore, it is pertinent to provide authoritative answers to their many questions. It is why we have compiled a list of the most asked questions and answered them accordingly.
Pay-As-you-Earn tax is one of the taxes that must be withheld by employers each month and paid to the Internal Revenue Scheme on the taxpayer’s behalf.
As a Nigerian business owner, you may have a lot of questions about taxes, especially when it comes to the Federal Inland Revenue Service (FIRS). From understanding your tax obligations to submitting your returns, the process can be confusing
Whether you are a new employee, a retiree, or just curious about pensions, this article will provide you with the information you need.