DOING BUSINESS IN NIGERIA - TAX MATTER

As Nigeria undergo series of CHANGES and restructuring to ensure corruption is eradicated and good governance is enshrined, kindly note that the government is depending on TAX to augment the shortfall in crude oil prices.

While a number of difficulties may be experienced as event unfold, it would rather be an easy ride for businesses that are well prepared ahead before the TAX MEN hit the streets.

What is Tax?

Tax is defined as a compulsory Money paid to the government other than transaction-specific goods and services.

It can be said to be a burdensome demand.

This implies that everyone of us are liable and responsible on this assignment to pay our taxes to the government.

In Nigeria, there are three levels of government, Local, State and Federal and all these three are empowered by law to collect Taxes from people - individuals and governments.

Are you Paying your Tax?

This is a serious question everyone must answer. Unlike before when it was only advertised in the media, this time, government officials are coming at your doorstep, that is if they haven't got to you yet. They have been to my office already.

It is better to Safe than Sorry.

There are various types and rules to paying Taxes, we will be unveiling these in the subsequent posts.

First Thing First?

Register for Tax Identification Number as a company. Be it enterprise or Limited Liability Company.

Either you have started business or planning to start in five or ten years time. You must have your Tax Identification Number (TIN) immediately you register your company and you have the grace of six months after getting the CAC document, otherwise, penalties would come on you.

So, if you are yet to get your Tax Identification Number, write me now to get that done for you in 24 hours.

What is Value Added Tax? 

How do I charge for VAT or who pays it?

Which one is WithHolding Tax?

And several other questions, we would be answering later.

Feel free to ask me any question via whatsapp/text 08168779399.

I am,

Sunday Obanubi

Your Business Doctor