Tag: Tax
Easy Steps On How to Get Tax Identification Number (TIN) in Nigeria Online
A tax identification number (TIN) is a unique number used for tax purposes in Nigerian and other countries. The Federal Inland Revenue Service (FIRS) is an agency of the Nigerian Federal Government responsible for issuing the tax identification number to Nigerians in conjunction with the Joint Tax Board. You can get this number as an …
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Withholding tax in Nigeria: Key details
What is withholding tax? Withholding tax are taxes deducted at the point of payment for goods and services or gaining of a revenue. It is levied on non-residents’ income in Nigeria as well as certain categories of resident income. The idea behind withholding tax is that the payer is responsible for withholding a certain percentage …
Value Added Tax in Nigeria: An overview
The administration and management of Value Added Tax (VAT) assessment and collection in Nigeria have long been under the control of the Federal Inland Revenue Service (FIRS), an agency of the Federal Government. In the case of AG Rivers State v. AG Federation, which was decided by the Federal High Court, Port-Harcourt Division, on August …
Tax incentives for foreign and local businesses in Nigeria
Corporations have the potential to significantly contribute to the development of developing nations like Nigeria, especially given their capacity to raise living standards through innovation, generate wealth by luring in domestic and foreign capital, and lower unemployment rates by generating new jobs. Companies in Nigeria generally believe that the regulatory and commercial environment presents numerous …
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Personal income tax rates in Nigeria
In Nigeria, certain laws regulate and provide for the taxes to be paid to the government. Personal income tax is one of them. Personal income tax is a tax imposed on individuals and is applied to several sources of income from salaries and wages, pensions, dividends, and interests on loans. Personal income is a key …
How to get Tax Identification Number in Nigeria (TIN)
Tax Identification number (TIN) is a number issued by the Federal Inland revenue service for enrolling all working individuals and operating businesses to collect tax. TIN has become necessary if you want to get certain services from the Federal and state governments. It is important you get TIN not just as a responsible citizen but …
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Company Income Tax in Nigeria: Everything you need to know
The Company Income Tax Act (CITA) is the primary law that governs company taxation in Nigeria. Nigeria’s tax system is a multi-level tax system, which means that taxation is handled by three levels of government. The Federal Inland Revenue Service (FIRS) is in charge of administering or overseeing corporate income taxes. The Companies Income Tax …
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