The Joint Tax Board (JTB) issues a certificate of tax identification number (TIN) to individuals and businesses in Nigeria. Upon successful registration on https://tinverification.jtb.gov.ng/, the new taxpayer can download the certificate which JTB will deliver to the e-mail address or use the JTB TIN verification. TIN is a specific digit given to a person upon…
BRC Publication contains an investor’s guide to doing business in Nigeria in 2024. The document is a general guide for foreign investors who intend to establish a new business in Nigeria, Western Africa. It contain the different phases as well as type of business to start considering preference, skills, and funding requirements. To download the publication,…
The document is a general guide for foreign investors who intend to establish a new business in Nigeria, Western Africa. Country Profile: Population (2024): 229,152,217 Area: 923,768 square km Capital: Abuja Political system: Presidential GDP/capita (2024): $1,087.89 Currency: Naira (NGN) Language: English Key ethnic groups: Igbo, Yoruba, Hausa ISO Code: NGA Telephone code: +234 Nominal…
Nigeria’s Minister of Finance has released the Deduction of tax at source (Withholding) Regulations 2024 (Withholding regulations 2024). (Withholding regulations 2024 contain the revised rules for deducting tax on specific transactions from payments to taxable persons under the Capital Gains Tax Act, Companies Income Tax Act, Petroleum Profits Tax Act, and Personal Income Tax Act. Eligible…
President Bola Ahmed Tinubu has signed an Executive Order to boost the manufacturing of healthcare products in Nigeria. The Order allows zero tariffs, excise duties, and value added tax (VAT) on selected machinery, equipment, and raw materials. Healthcare products include pharmaceuticals, diagnostics, needles and syringes, biologicals, and medical textiles. Other items are active pharmaceutical ingredients,…
Technology has changed the way a business supplies goods or services. More so, a foreign company may not need to travel physically to conclude a transaction with a consumer in Nigeria. Another name for a foreign company is a non-resident company. In this article, we will learn how to register a foreign company for tax with…
“We will require your tax clearance certificate to……”. “Please submit your TCC to complete the application”. If you are an employee or self-employed person in Nigeria, you may have heard these words from a bank or government agency. The first step to managing the hassle is to know the information required to obtain an individual…
Federal Inland Revenue Service (FIRS) has introduced a new feature to ease the registration of new taxpayers in Nigeria. The self-registration module on TaxPro Max allows taxable persons to register for taxes with FIRS online. Taxpayers can now register with FIRS online, given the need to improve the ease of doing business in Nigeria. Businesses…
Introduction On 27 February 2024, the Federal Government of Nigeria launched the Expatriate Employment Levy Handbook. The Expatriate Employment Levy Handbook (EEL Handbook) contains guidelines for businesses that have expatriate employees in Nigeria. This article provides an overview of the EEL. Topics covered are the objective, scope, persons exempt, rate, registration process, responsibilities, and penalty….
There’s good news for businesses in Lagos State, yet to file their annual tax returns. The Lagos State Internal Revenue Service (LIRS) has extended the time to file 2023 tax returns by seven (7) days. The initial due date of 31 January 2024 is no longer applicable, while the new deadline is Wednesday, 7 February…