Compliance Requirement For The Remittance Of Value Added Tax(Vat) For Individuals, Business Owners And Companies. Part 2

FIRS EXPECTATIONS FROM MINISTRIES, DEPARTMENTS AGENCIES AND OTHER COLLECTING AGENTS: Collecting agents are agents of Tax collection with regards to Value Added Tax, they facilitate the deduction and remittance of VAT to the Tax Office e.g. Governmental Agencies, Departments and Agencies, Oil and Gas Companies and Non-Governmental Organizations (NGOs). They are required to: Register and […]

Inheritance Taxes And Tax Incentives For Estate Planning And Administration In Nigeria

– It is important to state that an inheritance tax is a tax paid by a person who inherits money or property of a person who has died, whereas an estate tax is a levy on the estate of a person who has died. Without mincing words, estate duties albeit very similar are not equal […]

Compliance Requirement For The Remittance Of Value Added Tax(VAT) For Individuals, Business Owners And Companies – Part 1

INTRODUCTION What is Value Added Tax? Value Added Tax (VAT) is a consumption tax paid when goods are purchased, or services are enjoyed. In simple terms, VAT is a tax levied on consumption. It is payable ONLY when taxable goods or services are consumed. Consequently, if there is no consumption the tax is not collectable. […]