Introduction A Non-Governmental Organization (NGO) is an association of individuals registered under Section 590 of the Companies and Allied Matters Act (CAMA) 2020. NGOs aim to advance religious, educational, literary, scientific, social, cultural, sporting, and charitable causes. While NGOs are typically not profit-making entities, any profit derived from their activities is subject to income tax […]

On July 1, 2024, the Federal Ministry of Finance introduced the Deduction of Tax at Source (Withholding) Regulations 2024, setting forth new rules for deducting taxes from payments to taxable persons under the Companies Income Tax (CIT) Act, Petroleum Profits Tax (PPT) Act, and Personal Income Tax (PIT) Act. These regulations took effect on the

In Nigeria, withholding tax (WHT) serves as an advance payment on income tax, designed to ensure a steady stream of tax revenue and minimize tax evasion. This article provides a detailed breakdown of how WHT works in Nigeria. Withholding Tax Explained Withholding tax is a type of tax deducted at the source of specific payments.

Introduction Starting a business in Nigeria is an exciting venture, but one of the initial and crucial steps is to register your business with the Corporate Affairs Commission (CAC). The CAC is the government body responsible for regulating businesses in Nigeria. Although the process can be complex and time-consuming, following this guide will help you

Introduction Employees, self-employed individuals, and business owners in Nigeria are all required to pay taxes on their personal income. One of the critical deductions from an employee’s gross income is tax, which leaves them with their net income, or take-home pay. This article delves into the Pay As You Earn (PAYE) tax system in Nigeria,

Introduction Launching a startup in Nigeria is an exciting endeavor with its own unique challenges. One of the most significant hurdles is navigating the complexities of Nigerian tax law. Non-compliance can lead to hefty penalties and hinder your startup’s growth. Early mistakes can have long-lasting consequences, impacting your finances and potentially jeopardizing your business. This

Introduction Nigeria boasts substantial reserves of various natural resources, including energy minerals like coal and lithium, metallic minerals such as gold and lead-zinc, and industrial minerals like limestone and barite. During the 1960s and early 1970s, the country was a significant exporter of tin, columbite, and coal. However, by the mid-1970s, the mining sector saw