Company Income Tax (CIT) is the levy imposed on the profits of all registered companies in Nigeria. The tax also applies to foreign entities who carry out business activities in Nigeria. It is paid by all limited liability companies in Nigeria (where public or private). CIT is regulated by the Company Income Tax Act (CITA). The Acts regulates all taxations…
Every individual and business venture in Nigeria is mandated by law, to pay taxes. Taxes are financial charges imposed by the government to provide social amenities, infrastructures and improve the overall economy of the country. Tax payment is a civil responsibility, and defaulters are punished by law. The government makes use of taxes to generate revenue and meet up with…
Personal Income Tax (PIT) is a tax imposed by the government on the incomes of all individuals in employment; whether a private organization, government organization, or small business. Personal Income Tax is guided by the Personal Income Tax Act Cap P8 LPN 2004 (as amended), in Nigeria. Tax collection is a federal duty, however, the personal income tax is usually…
Value Added Tax (VAT) is a tax on the supply and distribution of goods and services. VAT is collected during the production and distribution chain. It is however known as a consumption tax because it is eventually borne by the final consumer. VAT is on economic operations in Nigeria including imported goods and services. In Nigeria, the standard rate of…
Tax Clearance Certificate is an official document that certifies that all income tax a specific period of time has been paid in full. A tax clearance certificate (TCC) is also called Tax Form Z. In Nigeria, the tax clearance certificate is issued by the Federal Inland Revenue Service (FIRS) for only companies and issued by the State Inland Revenue Services…