Its common knowledge that NGOs are primarily not created to generate profit. But it would interest you to know that NGOs in Nigeria are not totally exempted from paying taxes. Shocking right? In this article, we examine to what extent NGOs in Nigeria are exempted from filing and paying taxes as well as under what...
I recently received an inquiry about obtaining a Tax Clearance Certificate and the question reads thus; “… I don’t know if a newly registered business can be given a tax clearance certificate. In summary, I want a tax clearance certificate, but there doesn’t seem to be a way for me to get one…” Upon receiving...
Do you operate a business in Nigeria? Ever been confronted by revenue officials at your business premises to pay taxes or levies you weren’t aware of? The fact is that in most State and local government areas, there is yet to be a unified tax payment system for taxpayers. That explains situations where certain levies...
In most states in Nigeria, the revenue court is responsible for hearing tax matters as it concerns the State or Local Government. Before a revenue court summons is served on a business owner/premises, it’s presumed that such business owner has failed to pay a stipulated levy required by law despite service of demand notice on...
There appears to be a mistaken notion (especially among small business owners) that when it comes to the subject of taxes, an accountant or tax accountants is the only professional to resort to for solutions. No doubt, tax accountants have a significant role to play as it concerns tax preparation on the one hand,...
In October 2019, President Muhamadu Buhari presented a Finance Bill to the National Assembly, to amend the various tax laws in Nigeria. The bill was presented with the following objectives; Promote fiscal equity Reform domestic tax laws to align with global best practices Introduce tax incentives for investments in infrastructure and capital markets. Support MSME’s...
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