The World Bank (WB) brought a soothing relief to the Nigerian economy with its Ease of Doing Business 2018 Report. Each year, WB releases this report which compares business regulation for local firms in 190 economies. Nigeria’s ranking soared from…
Taxpayer identification number (TIN) is essential for opening a corporate bank account in Nigeria. A tax resident who supplies goods or services is expected to apply for TIN with the Federal Inland Revenue Service (FIRS). Thereafter, a taxpayer uses TIN for tax…
New and existing businesses in Nigeria are saddled with two or more statutory requirements. This article focuses on taxation of profits of new companies. In Nigeria, this concept is called commencement rule based on Section 29(3) of the Companies Income…
Recently, the Nigerian Senate passed a bill to revoke and reenact the Companies and Allied Matters Act. An individual intending to form a company can explore beyond the sole-proprietorship option. The proposed Act would reduce the “2 or more persons”…
The Nigerian Investment Promotion Commission (NIPC) has launched an online portal (iGuide Nigeria) for investors seeking to conduct business in Nigeria. The iGuide Nigeria emerged as a collaboration between NIPC, the United Nations Economic Commission for Africa (UNECA) and United…
