Food. Clothing. Shelter (Housing). These are three basic needs of human beings. Housing is one of the key parameters for measuring the standard of living as well as the social status of a person. Housing is a product and a process. As a product, housing refers to the output of the construction work. In contrast, housing, as a…
Lagos State Internal Revenue Service (LIRS) recently appointed all payers of capital sums as collection agents for Capital Gains Tax (CGT). This appointment takes effect on 1 January 2019. According to LIRS, employers will withhold and remit CGT from compensation for loss of employment payable to employees. Loss of employment comes in various forms. They…
The Lagos State Internal Revenue Service (LIRS) has extended the time for filing 2018 employer tax returns by seven (7) days. The initial due date of 31 January 2019 is no more applicable. The new deadline is now Friday, 8 February 2019. This extension of time became necessary due to a large number of outstanding tax…
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, an employer should file an annual tax return. In this piece, BRC addresses nine (9)…
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, such income will be taxable. Likewise, an expatriate may still attract tax and/or social security…
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) country for work reasons. The duration ranges from short-term, medium-term, and long-term. A company in Nigeria must…
Personal Income Tax is the charge on the income of individuals, trustees, and executors. In Nigeria, the key legislation is the Nigeria Tax Act 2025. The effective date of the Nigeria Tax Act is 1 January 2026. This article provides a guide on the taxation of employees (PAYE tax) in Nigeria. Employees pay tax based…