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Revolutionizing the Workplace: A Deep Dive into Industrial Training Funds Initiatives in Nigeria

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Introduction: In the fast-paced and ever-evolving landscape of the Nigerian workplace, the need for continuous skill development and innovation has never been more critical. As businesses strive to stay competitive and resilient, one instrumental force driving this transformation is the Industrial Training Fund (ITF). This government initiative is catalyzing change by revolutionizing the workplace through …

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Building Resilience: Strengthening Businesses through Industrial Training Funds in Nigeria

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Introduction: In the dynamic and competitive landscape of the Nigerian business environment, resilience has become a key factor for the success and sustainability of enterprises. One of the strategic ways businesses can enhance their resilience is by tapping into the potential offered by the Industrial Training Fund (ITF). This government initiative plays a crucial role …

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Addressing Challenges: Tips for Streamlining Social Insurance Processes in Nigeria

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Introduction: In the dynamic landscape of Nigerian business, streamlining social insurance processes is a critical aspect of ensuring compliance, promoting transparency, and fostering a supportive work environment. The Social Insurance Trust Fund (SITF) serves as a cornerstone in providing financial protection to workers during challenging life events. In this article, we will explore practical tips …

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The Future of Social Insurance in Nigeria: Trends and Innovations

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Introduction: In the ever-evolving landscape of social insurance in Nigeria, the future hold promises of transformative trends and innovative approaches. As a crucial pillar of support for the nation’s workforce, social insurance, particularly the Social Insurance Trust Fund (SITF), is poised to undergo advancements that not only streamline processes but also enhance the overall well-being …

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How Social Insurance Supports Nigerian Workers During Health Challenges.

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Introduction: In the intricate tapestry of Nigeria’s workforce, the well-being of employees is paramount for sustainable business practices. Health challenges can pose a significant threat to the financial stability and security of workers. Social insurance, particularly the Social Insurance Trust Fund (SITF), plays a pivotal role in providing a safety net for Nigerian workers during …

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Unlocking Business Potential: Tax Incentives in Export Processing Zones (EPZ) and Free Trade Zones (FTZ) in Nigeria.

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In the dynamic landscape of global trade, Export Processing Zones (EPZ) and Free Trade Zones (FTZ) have emerged as catalysts for international investment and economic growth. Countries worldwide, including Nigeria, recognize the pivotal role these zones play in fostering economic development. One common denominator among these zones is the implementation of tax incentives to attract …

Unlocking Business Potential: Tax Incentives in Export Processing Zones (EPZ) and Free Trade Zones (FTZ) in Nigeria. Read More »

UNDERSTANDING NIGERIA’S COUNTRY-BY-COUNTRY REPORTING REGULATIONS.

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Nigeria embraced the Country-by-Country Multilateral Competent Authority Agreement (CbC MCAA) on January 27, 2016, paving the way for the introduction of the Income Tax (Country-By-Country Reporting) Regulations in 2018. This regulatory framework serves as a crucial administrative tool for Country-By-Country (CBC) reporting in Nigeria, aligning with the OECD’s Base Erosion and Profit Shifting (BEPS) Action …

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UNDERSTANDING THE TAXATION OF INSURANCE BUSINESS IN NIGERIA.

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The Companies Income Tax Act, Cap C2, LFN 2004 (“CITA”) serves as the overarching income-tax administrative framework for companies operating in Nigeria. Notably, Section 16 of CITA is specifically tailored to address the unique income-tax administrative requirements of companies within the insurance sector. In a significant revision brought about by the Finance Act 2021 (“The …

UNDERSTANDING THE TAXATION OF INSURANCE BUSINESS IN NIGERIA. Read More »

Key Aspects of Company Income Tax (CIT) in Nigeria.

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Introduction: Companies operating in Nigeria, earning legitimate income, fall under the purview of the Company Income Tax Act (CITA), Cap C21, LFN 2004 (as amended). While CITA mandates the payment of taxes on revenue from various sources, there are exemptions outlined in the Act. Taxable Income Sources: The following income sources are subject to CIT …

Key Aspects of Company Income Tax (CIT) in Nigeria. Read More »

Accessing Retirement Savings for Residential Mortgages: New Guidelines.

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Introduction: The National Pension Commission (PenCom) has recently approved and implemented guidelines allowing Retirement Savings Account (RSA) holders in the Contributory Pension Scheme (CPS) to access part of their RSA balance for equity contributions towards residential mortgages. This development follows the amendments introduced by the Finance Act of 2020, enabling Pension Fund Administrators (PFAs) to …

Accessing Retirement Savings for Residential Mortgages: New Guidelines. Read More »

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