In our previous article, we discussed the theory of capital allowance in Nigeria. Now, we shall consider three (3) examples on how to calculate capital…
The Court of Appeal has overruled the decision of the Federal High Court (“FHC”) in Stanbic IBTC Holdings Plc (“Stanbic”) vs Financial Reporting Council of…
June is one of the busiest tax filing seasons in Nigeria. It is the deadline for filing of companies income tax (CIT) returns for taxpayers…
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…
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)…
In financial accounting, net profit arises when revenue is greater than the cost otherwise it is a loss. The equation is different when it comes…
Capital allowance is an allowance granted for income tax purposes instead of depreciation. It reduces the taxable profits and tax liability of a business. However,…
Businesses often buy items that will generate benefits above 12 months. When these items are also tangible and hard to convert into cash, they are…
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…