The Federal Government of Nigeria introduced a one-time Windfall Tax on Realized Foreign Exchange (FX) Profits by Nigerian banks. This tax targets the unexpected gains banks made from foreign exchange revaluation, especially due to the
The new circular on withholding tax issued by the Nigerian Minister of Finance outlines the rules for deducting tax from payments to taxable persons under various tax acts. Key highlights include reduced tax rates for
Introduction The internet has revolutionized various aspects of modern life, providing unprecedented access to information, connectivity, and commercial opportunities. Yet, under its surface lies the dark web, a shadowy realm facilitating numerous illicit activities, including
Sequel to the retirement of Mr David Abiodun Olaleye as Chairman, in line with the firm’s policy, the partners of Nexia Agbo Abel & Co. are pleased to announce the appointment of Mr Abel Onyeke
Nexia Agbo Abel & Co is proud to announce its new partner, Kofi Alex Peddler, effective 1 January 2021. Kofi began his professional career with the firm in 2005 and grew rapidly through the ranks.
Filing annual returns ensures that a business complies with the requirement of the tax laws. It also ensures that a company gets Tax Clearance Certificate (TCC) which is a requirement for government contract bidding in Nigeria. Failure to file annual returns with the FIRS attracts penalties that can become a major problem to a […]
Why is CIT administration important? For one, it ensures that all resident & non-resident companies comply with relevant tax laws & the applicable taxes assessed are collected and used in the country’s development. What is involved in CIT Administration? Companies Income Tax administration involves tax filing & assessment, collection & enforcement, objection and appeal under […]
PIT Rate PIT rate is applied on a graduated scale and taxable income bands as set out below: Tax Band Tax Rate First N300,000 7 Next N300,000 11 Next N500,000 15 Next N500,000 19 Next N1.6m 21 Above N3.2m 24 How is PIT Computed Let us consider a practical demonstration on PIT computation […]
What is Personal Income Tax? Personal income tax (PIT) is the tax imposed on the income of individuals, corporate sole or body of individuals, partners in partnership business, trustees or executors of any settlement or estate. Personal income tax in Nigeria is on a Pay As You Earn Basis (PAYE) which means that the […]
Today we’ll discuss What CGT is, what assets qualify for CGT, who pays CGT, and the percentage charged. What is Capital Gains Tax? Capital gains tax is charged on the gains arising from disposal of a chargeable asset. So, if Company A buys a generator for day-to-day use (a generator is an example of […]
Withholding tax (WHT) is an advance payment of income tax which may be used to offset or reduce income tax liability or claimed as a refund. It is an advance payment to be applied as tax credit to settle the income tax liability of a taxpayer for the relevant year of assessment. This means […]
There are VATable and non-VATable goods and services. In this video, we explain what some of these are according to the laws in Nigeria at the release of this video. Don’t know what VAT is? Check out this video where we explain it. FOLLOW US on Social Media Linkedin Instagram Facebook For professional consultation, […]
The amount remitted to the tax authorities as a business owner is “tax liability”. In this video, we teach you how to calculate VAT as a business owner in Nigeria. Don’t know what VAT is? Check out this video where we explain it. FOLLOW US on Social Media Linkedin Instagram Facebook
Do you know that as a final consumer you pay Value Added Tax (VAT)? In this video, we explain who a final consumer is, what VAT is and why it is charged. Learn the basics of VAT in Nigeria. FOLLOW US on Social Media Linkedin Instagram Facebook