obitaxanswer

Due to complex tax regimes and changes in tax laws. Sometimes there seems to be no specific guideline or method or legal rule to follow. Uncertainty arises when certain treatment in tax  seems to be complex and  likely be objected by tax authority, and the treatment is not illegal. It is necessary that the tax payer quantify the possible future effect and make appropriate provision. 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.                                                    ...

Transfer pricing have been a controversial topic in the area of taxation . Below are areas difficult to price and enforce in transfer pricing. 1.Pricing of patent , royalties and discovery 2.Group  discoveries and services 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.                                                     obi Azubuike (c) 2015

The following companies below are mandated to deduct VAT at source in Nigeria. . 1.Ministries Departments and Agencies(MDAs) 2.Oil and gas companies. 3.Oil servicing companies

Income tax expenses=current year tax +prior year tax +deferred tax. Income tax expenses includes the current year tax ,prior year tax(i.e previous year tax that was carried forward) and deferred tax.

The following  transaction is exempted from WHT in Nigeria- Sale in the ordinary course of business. Inter-bank interest. All income exempted from income tax. Redistributed dividends by holding company. Interest on Bonds. claims in insurance business. 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.

According to VAT ACT 1993 as amended. Good and services exempted from Vat in Nigeria. 1.All medical and pharmaceutical products. 2.Basic food items. 3.Books and educational materials. 4.Newspaper and magazines. 5.Baby products. 6.commercial vehicles and commercial vehicle spare parts. 7.Fertilizer, agricultural and veterinary medicine, farming machinery and farming transportation equipment. 8.All exports. Services Exempted. 1.medical services. 2.Services rendered by community banks, people's banks and mortgage institutions. 3.Plays and performances conducted by educational institutions as part of learning. 4.All exported services.  ZERO RATED goods and services. 1.Non-oil exports . 2.Goods and services purchased by diplomats 3.Goods purchased for in humanitarian donor funded project.   -Recently transactions in the Nigeria stock exchange market were exempted from VAT Disclaimer : Obi Azubuike is not by this publication acting as ...

According to company income Tax Act-LFN-2004. When FIRS raise an assessment or raise  additional assessment and the tax payer is not satisfy, he has to object. Condition for Valid objection. a)It must be  in writing. b)It must contain the ground of objection. c)It must be made within 30 days of the receipt of the  notice of assessment. When FIRS  objects, it will raise a notice of refusal to amend. The tax payer is free to appeal within the stipulated time.  HIERARCHY OF  TAX APPEAL. 1.TAX APPEAL TRIBUNAL. 2.HIGH COURT. 3.COURT OF APPEAL. 4.SUPREME COURT OF NIGERIA 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)2015-Obi Azubuike