An employer is required to deduct Pay-As-You-Earn (PAYE) tax from employees’ salary in each month. Thereafter, the employer must remit the amount to the relevant tax authority within 10 days of the next month. Besides the monthly PAYE tax return,…
Each country has its own tax laws. Nigeria, for instance, adopts the residency principle while some countries apply the source principle in deciding whether a taxpayer will pay tax in that jurisdiction. Hence, if a business is tax resident in…
The going concern principle states that an entity will continue operations in perpetuity. In other words, the entity will not stop operations or liquidate its assets in the short term. Still, certain factors could force a company to stop operations.…
Global mobility will be easier if employment tax rates are the same in every country. Well, it isn’t! The tax liability of an employee often changes during an international assignment. If an expatriate is tax resident in a foreign country,…
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…
In our daily lives, we usually come across people who sell goods and services to buyers at a price. The volume of sales could be on a small, medium, or even on a large scale. If you purchase an item…
What is VOARS? VOARS means Voluntary Offshore Assets Regularization Scheme. President Muhammadu Buhari issued the Executive Order 008 called Voluntary Offshore Assets Regularization Scheme (“VOARS” or “the Scheme”) on 8 October 2018. The Scheme allows Nigerian taxpayers to declare their…
Multinational companies often send employees to another country for business purposes. It could be a formal or an informal assignment. An example of an employee on formal assignment is an expatriate. An expatriate is a person residing in another (host)…
