Category Companies Income Tax

Capital allowance in Nigeria

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 called fixed assets. Each company is free to set a threshold for recognizing fixed assets…

Commencement rule in Nigeria

Commencement rule in Nigeria

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…