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The primary objectives of NGOS is not profit making. The following are the obligations of NGOS in Nigeria -Register and obtain taxpayer identification Number. -Deduct and remit PAYE and WHT where necessary. -File tax returns on or before the due dates. -Pay taxes when engage in business(profit making) -keep accounting books and records of transactions. -Pay VAT on goods and services consumed (exempted only for those used for humanitarian activity) -Charging and remitting of Vat when engage in business(profit making) For more information see www.tconceptpro.com  or call +234-80 67922530. Disclaimer : Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for advice.  copyright(c) 2016-Obi Azubuike

-LOSSES INCURED BY A COMPANY -this can be carried forward  or relieved for a maximum period of four years except for Petroleum and agricultural business. Recently loss relief  limit for insurance company was extended indefinitely(that is removed). -The loss to be relieved will not be more than the actual loss. -The loss must be relieved from profit from the same source. For more information call +234-80 67922530. Disclaimer : Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for advice.  copyright(c) 2016-Obi Azubuike

 Nigerian Personal Income tax rate is charged on a graduating scale after some allowance permitted by law. Some relief allowed includes -20% of  gross emolument Plus200,000 NGN or 1%  of gross emolument whichever is higher. Others includes approved  Pension, gratuity,NHF............ See below the rate. First-N300,000 -7% Next-300,000  -11% Next-500,000   -15% Next-500,000   -19% Next-1,600,000  -21% Above-3,200,000-24% Reference. PITA-LFN For more information call +234-80 67922530 or visit www.tconceptservices.com Disclaimer : Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for advice.  copyright(c) 2016-Obi Azubuike

A company in Nigeria is subject to minimum tax  -where a company has no taxable profit or the tax payable is less than the Minimum tax. -If not exempted from Minimum tax. Minimum tax is computed as follows The highest of -0.5% of Gross Profit. -0.5% of Net Asset. -0.25% of paid up share capital -0.25% of Turnover up to  500,000 plus -0.125% of turnover in excess of N500,000. For more information call +234-80 67922530. Disclaimer : Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for advice.  copyright(c) 2016-Obi Azubuike

A company which pays dividend from profit on which tax is not payable because:- - It has no taxable profit; or -Its taxable profit is less than the dividend paid. The company's Dividend paid or declared is charged to tax as if the dividend is the total taxable profit for the 'tax year'. Reference. Company Income Tax Act -LFN. For more information call +234-80 67922530. Disclaimer : Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for advice.  copyright(c) 2016-Obi Azubuike

- Nigerian company which is liable to pay tax under the Company  Income Tax Act(CITA) in Nigeria for any  year on any part of its profits proves to the satisfaction of the board that is has suffered or, deems to suffer Commonwealth income tax for that tax year in respect of that part of its profit, it shall be entitled to relief from tax paid or payable by it under CITA on the part of profit at a rate thereon to be determined as follows. (I) If the Common Wealth(CW) rates does not exceed one-half of the rate of tax under this Act,  the rate at which relief is to be given shall be the CW rate. (II) In any other case, the rate at which relief is to be given shall be half  of the rate of tax  under this Act. If  any Foreign company is liable to pay tax under the CITA for any tax year on any part of its profit is subject to tax by the Service and suffered  or deemed  to suffer CW income tax for that year in respect of its profit...

Double taxation relief is an arrangement which recognize tax paid in other countries and allows a relief for it. -Their are double taxation arrangements(in Nigeria) with some countries listed below.   UK, Canada, China, South Africa, France, Belgium, Netherland and others. -Common Wealth 'Double tax relief' also exist in Nigeria. Up to 50 per cent of tax paid. For more information call +234-80 67922530. Disclaimer : Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for advice.  copyright(c) 2016-Obi Azubuike

International taxation arises between individual(s) or corporate(s) bodies operating within two or more countries. Issue arising are stated below. 1.Individual's income being subject to tax in two or more countries. 2.Company's income being subject to tax in two or more countries. 3.Individual being subject to tax in two or more countries. 4.Transaction(s) in a country being subject to tax in two or more countries.   DOUBLE TAXATION RELIEF Double taxation relief is an arrangement which recognize tax paid in other countries and allows a relief for it. -Their are double taxation arrangements(in Nigeria) with some countries listed below.   UK, Canada, China, South Africa, France, Belgium, Netherland and others. COMMON WEALTH DOUBLE TAXATION RELIEF  Nigerian company which is liable to pay tax under the Company  Income Tax Act(CITA) in Nigeria for any  year on any part of its profits proves to the satisfaction of the board that is ...

Other benefits of applying for pioneer certificate (apart from income tax exemption) are stated below. -Deduction of  loss during pioneer from profit after pioneer period. -Deduction of Fixed asset incurred during pioneer period after pioneer period. -Dividend paid out from pioneer period are tax exempt whether paid out within and after pioneer period. For more information call +234-080 67922530. Disclaimer : Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for advice.  copyright(c) 2016-Obi Azubuike

The regulation provides that an applicant for a pioneer status incentives must -be a body corporate registered in Nigeria. -have incurred capital expenditure of not less than N10 Million Others include -Payment of non refundable fee of N200,000 -Service charge of  2% of estimated tax savings(savings as a result of tax exemption). Disclaimer : Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for advice.  copyright(c) 2016-Obi Azubuike

Some industries that qualifies for pioneer Status( to be granted tax relief for 3 years and additional 2 years) after meeting some specified requirements are as below. -Oil palm/rubber plantation and processing. -Manufacture of Pharmaceuticals. -Iron & Steel from Ore -Gas Cylinder. -Maintenance of aircrafts. -Manufacture of glass , Ceramics & marbles. -Integrated dairy production. -Manufactures of Electrical  appliances/Equipment. -Manufactures of computer chips/photographic products. -Gas & gas distribution. -Local fabrication of machinery equipment. -Cattle/piggery ranching. Disclaimer : Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for advice.  copyright(c) 2016-Obi Azubuike

Getting a good tax planner can mean a lot when it comes to personal income tax. There is always a legal 'loopholes' in any tax law. Some are created by Government to boost investment and to encourage savings. Hiring a good tax expert can impact on your personal income tax. Disclaimer : Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for advice.  copyright(c) 2016-Obi Azubuike