Introduction   It is trite that individuals are liable to tax on their income/profits from employment, trade, business or investments. This tax is required to be remitted to the relevant tax authority in the state in which such individual is resident, subject however to certain exceptions.[1] Furthermore, owners of business entities such as Sole Proprietorships […]

President Muhammadu Buhari has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS) from the initial March 31 to June 30, 2018.

A company secretary is a person, either individual or a corporate body, appointed by the directors of a company to guide them in the discharge of their functions, and ensure compliance with the legal obligations of the company.   Section 293 of the Companies and Allied Matters Act, LFN 2004 mandates a company to have […]

“We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle”- Winston S. Churchill Introduction It is undeniable that no matter how well a tax regime is structured, there will be vacuums and loopholes creating avenues […]

Introduction  Globalization and trans-border migration has resulted in the movement of people from one country to another for different reasons. Individuals move across national borders for tourism, permanent migration, work etc. Such people who take up employment outside of their home countries are normally referred to as expatriates. Nigeria is not left out of its […]

Introduction Value Added Tax (VAT) is tax payable on the supply all of goods and services, except those exempted by the law.[1] It is a multi-stage tax system imposed at every stage of production chain, that is, from the manufacturer to the final consumer. The final consumer usually bears the burden of VAT. It is […]

Introduction Over the years, mediums of exchange have evolved from barter to the use of gold and other precious metals, fiat currency and high-tech e-money characterized by the use of credit cards and e-wallets. Then in 2009 the concept of money and payments changed with the emergence of blockchain technology and the birth of cryptocurrencies. […]

Introduction  Business entities in Nigeria may be set up using any one of three legal structures. These structures are Sole proprietorships, Partnerships or registered companies (which may be limited by shares, limited by guarantee or unlimited). The decision to adopt any of the above business structures should stem from a careful consideration of such factors […]

One of the essentials of a good tax system is “certainty”. That is, such a system must clearly prescribe those who are liable to pay tax, the amount/rate to be paid, and the time within which such payment must be made, hence the need for tax regulations. Different countries have their tax regulations which specify […]