HOW TO AVOID TAX CHARGES IN NIGERIA AS A REGISTERED BUSINESS WITH NO OPERATIONS.

As a lawyer, i’ve met people who have raised the above concern. If you recently had your business registered in Nigeria, and you have similar concerns please take the following steps;

  1. Obtain your tax identification number from the relevant tax authority immediately after having your business registered.
  2. Notify the relevant tax authorities of your intentions not to commence business operations for the time duration you have in mind.
  3. Keep an acknowledged copy safe for future references.

However, it is important that you take note of the following points;

  1. Your notice of non – commencement should be done immediately after registration. A notice of non – commencement given after five years of registration for instance may not fly.
  2. Where you claim your business isn’t in operations, you must ensure your claim can be verified by your words and actions. You can’t say your business isn’t in operations and you have a business account indicating ongoing financial transactions!

I hope you got value from this?

 

Cynthia Tishion
Cynthia is a lawyer and currently serves as Head of Corporate / Commercial Services at LEX – PRAXIS. With her passion for business and entrepreneurship, she is actively engaged in creating awareness on the legal aspect of businesses through various platforms such as writing, public speaking engagements.

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