FINANCIAL AND TAX MANAGEMENT FOR START-UPS IN NIGERIA

In this piece, I shall be walking you through the importance of financial and tax management for start-ups in Nigeria. In recent times, Nigeria has risen to be one of the leading business locations in Africa; most significantly for start-up businesses.

Business in Nigeria is a wonderful experience when your business venture succeeds, however before success there could be great challenges and difficulties that a new business or startup must face, one of which is usually financial and tax management.

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A Series on Tax Reliefs Part 1

A few months back, I heard the story of a young man who was in a rather unfortunate situation. I could only sympathize with his predicament. Before the COVID-19 pandemic disrupted economic and business activities in the country, this young man had a stable job but had undergone an interview with a prospective new employer in the hope of securing a better job. Based on his performance at the interview, he had been given assurances that he would get the job. However, he was yet to receive an employment letter. This young man went ahead to quit his job at the time and was waiting for the call from his “new employers”. Fast-forward to a few months later; this young man was told that the new company could not offer him the job as the COVID-19 pandemic had seriously affected their operations and ability to recruit new personnel.

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COMPANIES INCOME TAX AND THE DIGITAL ECONOMY

Introduction

The world’s most popular media company Facebook, creates no content. The world’s most popular retailer Ali Baba carries no stock, and the world’s largest accommodation provider, AirBnB, owns no property.

The above quote is as pertinent as it is trite. Straits Times notes that digitization has led to the emergence of new business models and increased international trade, while removing the need for a company to have physical presence in a country to conduct business with its residents.

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12 Nuggets on Companies Income Taxation in Nigeria

  1. What is Companies Income Tax (CIT)? CIT is tax on the profits of incorporated entities in Nigeria. It also includes the tax on profits of non-resident companies who accrue or derive profits from Nigeria or bring or receive their income in Nigeria. It is therefore commonly referred to as corporate tax. CIT was created by the Companies Income Tax Act (CITA or the Act), it is one of the taxes administered and collected by the Federal Inland Revenue Service (“FIRS” or “the Service”)
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A Brief Review Of The African Continental Free Trade Agreement

On the 28th of June, 2019, news broke out that the Desmond Guobadia-led panel set up by the Federal Government to review the African Continental Free Trade Agreement (AfCTA) had amongst other things, put forward a recommendation that President Buhari should go ahead with signing the free trade agreement which would give Nigerian businesses unfettered access to the over $2.5 trillion dollar African market, and also give other African businesses access to Nigeria’s 200-million population strong market.

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THE APAPA WHARF – NIGERIA’S KING OF PORTS

The Ports in Nigeria play a crucial role in socio-economic development by being the cheapest mode of transferring cargoes for importation and exportation. The average number of vessels that enter the Nigerian ports yearly is about 4,876.

The major Nigerian imports include industrial supplies, capital goods, fuel and lubricants, vehicles, transport equipment and consumer goods. Most of the imports come in from Europe, Asia, Africa and America.

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