-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
Some individuals pay high taxes due to inability to plan their taxes and are ignorant about the provisions of tax laws This book highlights some tax planning and investment strategies. Some topics discussed include (a) Tax planning strategy (b) Indirect tax strategy (c) Fixed asset strategy (d)Risk Management Strategy (e)Investment Strategy. BUY
SPECIALISED TAXATION -Air and sea transport business -Engaged in cable undertaking -Foreign companies engaged in -insurance business(life and non-life) -Authorized unit trust scheme Income derived in Nigeria Exempt -loaded or routes outside Nigeria -In transit in Nigeria COMPUTATION OF ASSESSABLE PROFIT BY FIRS . The format to be used is as prescribed by CITA However this format can be used as a guide Adjusted profit ratio=profit b4 depreciation /worldwide income. Depreciation ratio =Depreciation allowance /worldwide income Assessable profit =income receivable in Nigeria * profit ratio Less Capital allowance =income Received in Nigeria * depreciation ratio Total profit Income tax payable= CURRENT TAX RATE. C. Minimum tax APPLICABE RATE AS SPECIFIED BY CIT LIFE ASSURANCE...
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