Nigeria’s government is proposing a 70% windfall tax on the foreign exchange profit made by the financial institutions in the country, following the country’s devaluation of its currency. So what is windfall tax? A windfall tax is a levy imposed by governments on companies that have benefited unexpectedly from circumstances they did not contribute to, … Read more
Dealing with tax debt can be daunting, often overwhelming individuals and businesses and unsure of where to turn. Fortunately, the IRS Fresh Start Program offers a lifeline to those struggling with tax debt. This initiative provides options to help taxpayers manage and resolve their tax obligations more efficiently. In this blog post, we will delve … Read more
Child insurance is often used as an investment strategy by parents to ensure the financial safety of the future of their children, and these plans can be easily obtained from life insurance firms as a way of investing in the future of your children. When your children grow into adults, they will appreciate it if … Read more
Applying for small business loans can be a pivotal step in securing the funding needed to start, expand, or sustain your business. However, navigating the loan application process can seem daunting, especially for first-time entrepreneurs. This step-by-step guide breaks down the process into manageable steps, helping you navigate the complexities of applying for small business … Read more
The Federal Inland Revenue Service (FIRS) collected at least N89.077 Trillion in 25 years, increasing its tax revenue by 1,936.48% between 1999 to 2023, Tax Revenue Statistics on the agency’s site reveals. FIRS is an agency of the Federal Ministry of Finance in Nigeria with the core functions of assessing, collecting, remitting, and accounting for … Read more
If you live in Nigeria or you’re a registered person or entity, you need to have a Tax ID Number. So, this article covers everything you need to know about TIN, including how to obtain one, how to verify it and how to remit your tax to the government online. What is a Tax Identification … Read more
The imposition of excise tax on foreign exchange transactions outside the official market is one of the recommendations of the Presidential Fiscal Policy and Tax Reforms Committee which submitted its recommendations Wednesday in Abuja. In a report titled “Quick Wins”, the committee head and a tax expert, Taiwo Oyedele led his members to submit its … Read more
What Are R&D Costs? Research and Development costs are the expenditures incurred by a company in its pursuit of new and improved products, services, or processes. For companies in various sectors, especially those in automobile, technology, pharmaceuticals, and manufacturing, R&D is the lifeblood that fosters innovation and long-term competitiveness. Think of Research and Development expenses as what … Read more
Introduction As cryptocurrencies continue to gain widespread adoption across the world, the landscape is becoming more appealing for more investors and traders to join the bandwagon on a daily basis, including Nigerian traders and investors. Being the giant of Africa in terms of land mass, economy size, as well as population, cryptocurrency investment is undoubtedly … Read more
Let’s get straight into it: gains on cryptocurrency are taxable in Nigeria following the signing into law of the 2023 Finance Bill on May 28, 2023, by former President Muhammadu Buhari. Although, the law became effective on May 1, 2023. How much is taxable on crypto gains in Nigeria? Traders of digital assets are compelled … Read more