In Nigeria, the government generates revenue from the taxation of individuals and businesses. Nevertheless, the Federal Government of Nigeria may exempt a business from corporate income tax for a specific period. This type of tax exemption is known as a Pioneer Status Incentive…
March 2019 started on a slow pace till the middle of the month. Here are four (4) major events that shaped the Nigeria tax space in March 2019. Federal Government plans to increase the Value Added Tax (VAT) rate. More details here. Senate…
Under the Pension Reform Act (2014), only employers with 15 employees and above are required to contribute to the Pension Scheme. The Act further provides that private organizations with less than 3 employees will be governed by guidelines. There is now a proposed…
“To be?” or “Not to be?” “Would President Mohammadu Buhari assent to the National Housing Fund (Establishment) Bill, 2018? That was the question on the lips of the Nigerian masses as they awaited the President’s verdict on the National Housing Fund (Establishment) Bill,…
Under the Personal Income Tax (Amendment) Act 2011, we have two types of annual payroll tax returns. First, the annual employer tax return (Form H1) which shows the annual income and taxes of all employees in a company. More information on Form H1…
Nigeria is getting ready for its first increase in Value Added Tax (VAT) rate since 1993. The Minister for Budget and National Planning, Udoma Udo Udoma and the Chairman of FIRS, Babatunde Fowler announced this on 19 March 2019. By increasing the VAT…
Food. Clothing. Shelter (Housing). These are three basic needs of human beings. Housing is one of the key parameters for measuring the standard of living as well as the social status of a person. Housing is a product and a process. As a product, housing refers…
New companies in Nigeria are expected to file their first set of tax returns in line with the commencement rule. However, the Finance Act (2019) has changed the tax narrative. New companies, with effect from 13 January 2020, can now file their corporate…
