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
Background On 30 November 2020, the Tax Appeal Tribunal (TAT or the Tribunal) sitting in Lagos decided in the case of Tetra Pak West Africa Limited (Tetra Pak or the Appellant) and Federal Inland Revenue Service (FIRS or the Respondent) that sales in the ordinary course of a company’s business
Background In the wake of a series of gross corporate abuses around the turn of the 21st century, the United States Congress passed Sarbanes-Oxley Act, which intended to make corporate governance more rigorous, financial reporting more transparent, and management criminally liable for lapses. The first year of implementation was costly
Overview The Pandemic has had a significant commercial impact globally, with over 94 percent of the Fortune 1000 feeling the heat of disruptions caused by it. Nigerian businesses have not been exempted from these negative effects. Some organisations have restructured their staff salary and even laid off workers in a
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
Overview Following the disruption to businesses occasioned by the recent EndSARS protest across Nigeria, the Federal Inland Revenue Service (FIRS) on Wednesday, 4 November 2020 issued a public notice (the Notice) granting additional palliatives to businesses in Nigeria. Additional Palliatives Granted by the Service The additional palliatives granted by
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
Prior to the enactment of Companies and Allied Matters Act (CAMA) 2020, the old legislation made provisions only for general partnerships. This type of partnership permits individuals to enter into partnership agreements which can be registered under part B of CAMA as a business name. Professionals have long used this
Over the past decade, there has been a strong global move towards digitalisation. Most sectors are gravitating towards improving and transforming their business operations. Business functions and processes are leveraging technology solutions to expand the use and context of digitized data. In most economies, tax authorities have also tapped into
Imagine a Lagos state with tamed bus stops, uncrowded motor parks, and rush hour commutes that still moved in a steady pace. A Lagos with enough space to actually walk on pedestrian lanes. One where a journey by 8am across 3rd Mainland Bridge would not consume the bulk of the