Nigerian Tax

How Technology is Revolutionizing Tax Compliance and Evasion Detection by FIRS.

Introduction: In the digital age, technology is transforming every facet of our lives, and tax administration is no exception. The Federal Inland Revenue Service (FIRS) in Nigeria has embraced technological advancements to revolutionize tax compliance and enhance the detection of evasion. This article explores how technology is reshaping the landscape of tax administration, making processes …

How Technology is Revolutionizing Tax Compliance and Evasion Detection by FIRS. Read More »

Comprehensive Guide to Social Insurance Contributions for Nigerian Employers.

Introduction: In the dynamic landscape of Nigerian business, understanding and navigating the intricacies of social insurance contributions is a crucial responsibility for employers. The Social Insurance Trust Fund (SITF) serves as the backbone of this system, providing financial support to employees during critical life events. In this comprehensive guide, we will break down the key …

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Dispelling Common Misconceptions About Social Insurance in Nigeria.

Introduction: In the complex tapestry of Nigeria’s employment landscape, social insurance stands as a crucial safety net, providing financial security and support to workers in times of need. However, misconceptions about the nature and scope of social insurance persist. In this article, we aim to dispel common myths surrounding social insurance in Nigeria, shedding light …

Dispelling Common Misconceptions About Social Insurance in Nigeria. Read More »

Exploring the Tactics Used by Tax Evaders in Nigeria and FIRS’ Countermeasures.

Introduction: As Nigeria strives for economic development and fiscal stability, the issue of tax evasion remains a significant challenge. Tax evasion, the illegal act of evading the payment of taxes, not only deprives the government of much-needed revenue but also undermines the integrity of the entire tax system. In this article, we will delve into …

Exploring the Tactics Used by Tax Evaders in Nigeria and FIRS’ Countermeasures. Read More »

Unlocking Growth: How Industrial Training Funds Can Propel Nigerian Businesses Forward.

Introduction: In a dynamic and competitive business environment, staying ahead of the curve is essential for the growth and sustainability of any enterprise. Nigerian businesses, both large and small, are constantly seeking innovative strategies to enhance their competitiveness. One often-overlooked avenue for growth is the effective utilization of Industrial Training Funds (ITFs). In this article, …

Unlocking Growth: How Industrial Training Funds Can Propel Nigerian Businesses Forward. Read More »

Navigating Tax Considerations in Mergers and Acquisitions: A Comprehensive Overview.

As businesses continually evolve to align with dynamic economic policies, corporate restructuring becomes a strategic imperative for entities seeking resilience, growth, or compliance with regulatory changes. Corporate restructuring may arise from various circumstances such as business failure, expansion goals, or regulatory mandates like increased minimum capital requirements for financial institutions. One of the most prevalent …

Navigating Tax Considerations in Mergers and Acquisitions: A Comprehensive Overview. Read More »

TAX IMPLICATIONS OF FREE TRADE ZONE TRANSACTIONS IN NIGERIA.

In its pursuit of increased foreign and local investments, Nigeria has strategically established Free Trade Zones (FTZs) – a practice not unique to Nigeria but embraced globally by countries like Tanzania, Libya, China Hong Kong, and others. Nigeria boasts 42 licensed FTZs, with 14 currently operational. A Free Trade Zone (FTZ) is a designated economic …

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UNDERSTANDING THE TAXATION OF INSURANCE BUSINESS IN NIGERIA.

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.

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.

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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