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SPECIALISED TAXATION

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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LOSS RELIEF IN NIGERIA

-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
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FAITH

FAITH "Faith" is something that cannot be explained by physical laws or visible immediate evidence.    Many have become successful because of faith not only hard work. Some entrepreneur has persevered when there is no progress or evidence supporting their success. This is inexplicable phenomena. Faith should be directed towards supreme power to be real. We have heard about Abraham the father of faith. This is what keeps some going when everything is shattering. Faith goes with work not vice-versa. Imagine the inventor not having faith that his goal will be achieved. How will this be achieved?   Faith is an incomparable quality. Faith defies verifiable evidence. Imagine someone believing that he can fly like a bird without the aid of wing. Someone will say that this is impossible. Faith is not mental inadequacy. It is built in previous evidence which is believed in the future could be accomplished. Faith has been shown to be main reason for ...
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