Definitive Guide:  Personal Income Tax in Nigeria

Definitive Guide:  Personal Income Tax in Nigeria

What is personal income tax? Personal Income Tax (PIT) is a levy imposed by the federal or state government of Nigeria, on the income of certain individuals such as employees, partners in partnership, families or communities, which they are liable to pay to the relevant federal or state agencies where they reside in Nigeria. Personal…

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Nigeria Social Insurance Trust Fund (NSITF): An Expert Guide

A Brief History of the Nigeria Social Insurance Trust Fund (NSITF) The NSITF was established in 1961 as the National Provident Fund (NPF) to provide a poverty alleviation measure as required by convention No.102 of the International Labour Organization (ILO).  The scheme is targeted at protecting private sector employees (whose employers were then mostly multinationals)…

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The Ultimate Guide to Trademark Registration in Nigeria

Understanding Trademarks A trademark is a word, phrase, design, sign, or symbol that distinguishes your goods or brand from that of another. The look, spelling, or pronunciation of your trademark must be distinctive and easily identified with your business. When you register a trademark, laws protect the articles (word, phrase, design, sign, or symbol) preventing…

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Withholding Tax Rates in Nigeria: A Practical Guide

Withholding Tax (WHT) is an advance payment on income tax. In practical terms, it’s a small percentage of your income that’s held back (or “withheld”) by the entity paying you, whether that be a business or an individual. Let’s help you understand your WHT obligations and rates as a resident or non-resident company doing business in Nigeria.

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The Nigeria Money Laundering Act 2011/2022: An In-depth Guide for SMEs

What is Money Laundering? The term “laundering” means cleaning. This translates money laundering literally to “money cleaning.” Money laundering is, however, broadly defined as concealing the origin of illegally earned money by converting it into a legitimate source. The perpetrators get most of these funds from illegal activities; for example, embezzlement, corruption, drug trafficking, kidnapping,…

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Tax Exemption for New Companies in Nigeria: A Concise Guide

What are Tax Incentives? By lowering the amount of tax paid to the government, a tax incentive is a policy the government adopts with the goal of motivating people and businesses to invest more money in their operations.  Who is Entitled to Tax Incentives in Nigeria?  For ease of reference, we will classify companies into…

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The Tax System in Nigeria: A New & Updated Overview

Key Stakeholders in the Tax System in Nigeria The Government  This includes the federal, state, and local governments with their respective ministries and agencies. The government is obligated to: The Taxpayer A taxpayer is a person or group of persons or an entity that pays or is liable to tax. As a taxpayer, you are…

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Companies and Allied Matters Act (CAMA 2020): The Business Guide

As a business owner, it is important to understand the impact/implications and key provisions of Nigeria’s recent CAMA 2020. Let’s walk you through it.

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