Tag: corporate income tax
-
Tax compliance becomes more complicated as a business grows. A small business may begin with only a few tax responsibilities. As it adds employees, customers, suppliers, new revenue streams and more transactions, the number of tax obligations it needs to monitor can increase. Company Income Tax, VAT, Withholding Tax, PAYE and other applicable obligations may…
-
Starting a business in Nigeria comes with many questions, and one of the biggest is whether a new company has to start paying tax immediately. The idea of a startup tax exemption in Nigeria is often misunderstood. Simply registering a new business does not automatically make it tax-free. However, qualifying startups may benefit from important…
-
Businesses that make payments subject to Withholding Tax (WHT) need to do more than deduct the tax from a vendor or service provider. The amount withheld must be properly reported, remitted, and supported with accurate records. For businesses looking for online tax remittance options, the process is increasingly digital. Nigeria’s federal tax administration is now…
-
If you are starting a small business in Nigeria, one of the first questions you will probably ask is: How much is business name registration in Nigeria? The answer is more nuanced than simply quoting one number. The total amount you spend can depend on whether you register directly with the Corporate Affairs Commission (CAC),…
-
Tax compliance is an essential responsibility for businesses, employers, self-employed individuals, and other taxable persons in Nigeria. However, calculating or deducting a tax is only one part of the process. The next crucial step is ensuring that the money reaches the appropriate tax authority. This process is known as tax remittance. Understanding tax remittance in…
-
Has there been an increase in corporate tax in Nigeria? This question is increasingly relevant to business owners, investors, finance teams, and anyone trying to understand the changing cost of doing business in the country. The answer is however more complicated than simply saying that Nigeria increased its corporate tax rate. Under the Nigeria Tax…