obitaxanswer

There are different methods of pricing goods and services for the purpose of determining appropriate price.    some of the methods are highlighted below. 1.Cost plus margin. 2.Cost plus markup. 3.Comparable price method. 4.Profit split method. 5.Cost contributory method. 6.Expected cashflow method from asset/invention. 7.Advance pricing agreement. Sometimes it becomes more difficult to price a product or services. For example pricing invention is more difficult to do. However there are legal requirements for pricing goods and services for tax purposes as specified by different countries. For more information call us  +2348067922530 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

Managing tax risk  associated with VIADS  is crucial in the present nigeria condition with the recent executive order on voluntary declaration of income and assets for tax purposes with waiver of interest and penalty.This incentive which must be taken within a period of 9 months from 1st of july 2017 after which aggressive enforcement of tax laws will commence. Managing of risk of the scheme includes managing the risk of cash flow involve. For more information call  +2348067922530 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 law requires  the employer of labour to file annual tax return for their staff emolument  to relevant tax authority before 31st of January. For more information call us +2348067922530 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

According to  Company Income Tax Act 16(1 )Notwithstanding anything to the contrary contained  in this Act, insurance business shall be taxed as a.An insurance company ,whether proprietary or mutual ,other than a life insurance company. b.A Nigerian company whose profit  accrued in part outside Nigeria,  the taxable profit=Gross premium interest and other income receivable in Nigeria less reinsurance and deducting from the balance so arrived at, a reserve fund for unexpired risks at the percentage consistently adopted by the company in relation to its operation as whole for such risks at the end of the period for which the profit are being ascertained, subject to the limitation imposed in subsection(8)(a) -The implication of the above is that Life  insurance business is seen as a separate business from other non-life insurance  business from tax perspective. For more information call us +2348067922530 Disclaimer : Obi Azubuik...

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