Personal Income Tax Filing Reform Obligations for Employees and Contractors Under Nigeria’s Tax Reforms
Under recent tax administration reforms and evolving enforcement practices, employees and individual contractors—including freelancers, virtual assistants (VAs), consultants, and self-employed professionals—should clearly understand their income tax filing obligations. 1. Who Must File a Tax Return? Under the updated framework, all individuals earning income in Nigeria are required to register for tax and file an annual […]
Withholding Tax & Personal Income Tax in Nigeria Explained for Contractors
In Nigeria, one of the most common challenges independent contractors and freelancers face is understanding how taxes work — particularly Withholding Tax (WHT) and Personal Income Tax (PIT). Whether you offer professional services, handle short-term projects, or work remotely with clients across states, knowing your tax obligations is key to staying compliant and protecting your […]
Simple Bookkeeping Best Practices for Your Nigerian Small Business
Imagine this: You’re driving your trusty Keke Napep (that iconic Lagos tricycle), hustling to get passengers where they need to go. You know how much fuel you bought, how many fares you collected, and maybe even how much you spent on repairs. That’s basic tracking, right? Now, imagine trying to grow your Keke business. Maybe […]
Navigating Corporate Tax in Nigeria: A Simple Guide for Lagos SMEs
Is Corporate Tax Giving You Headaches? You’re Not Alone! As a small or medium-sized business (SME) owner in vibrant Lagos, you’re juggling a lot – managing staff, chasing sales, and keeping customers happy. The last thing you need is the stress of understanding complex corporate tax laws! Many Nigerian entrepreneurs feel overwhelmed by Federal Inland […]
The Importance of CAC Registration for Businesses in Nigeria
Registering your business with the Corporate Affairs Commission is a crucial step for any entrepreneur in Nigeria. The Corporate Affairs Commission (CAC) is the government agency responsible for the regulation and registration of companies, and obtaining CAC registration offers numerous benefits that can significantly impact the success and sustainability of your business. Firstly, CAC registration […]
The Importance of Consulting and Advisory Services in Business Growth
Consulting and advisory services play a pivotal role in helping businesses navigate the complexities of today’s dynamic market environment. These services provide expert guidance and strategic insights that can drive growth, enhance operational efficiency, and ensure long-term success. Internal Audit is a fundamental consulting service that helps organizations assess their internal processes and controls. By […]
Understanding Taxation: A Critical Aspect of Financial Management
Taxation is a vital aspect of financial management which affects individuals, businesses, and governments alike. It is the process through which a government collects financial contributions from citizens and businesses to fund public services and infrastructure. These contributions are essential for maintaining societal functions, including education, healthcare, defense, and social services. For individuals, taxation typically […]
