A taxable person is required to register for taxes in Nigeria. Individuals, employees, partnerships, and communities pay personal income tax in Nigeria. Personal income tax is payable to the relevant tax authority. Tax residents in Lagos State usually pay tax…
Upon commencement of a business in Nigeria, a taxable person shall register for taxes. Every taxable person will register with the Federal Inland Revenue Service (FIRS) as well as the relevant State Internal Revenue Service (IRS). Registration with FIRS does…
Once upon a time, new companies in Nigeria paid taxes twice on the same profits. This unique tax provision, known as the commencement rule, applied to only new businesses in the first three years of operation. The three years of…
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…
