If there is anything that is constant in life, it is change. Nothing stays the same. However, one unique quality the Creator deposited in every one of his creatures is the ability to adapt to changes.
It is pretty funny to imagine today that as at May 2000, about twenty years ago, there were less than 50,000 people who actually had mobile phones in Nigeria. Today, virtually every adult in Nigeria owns at least one mobile phone, be it a smartphone or a feature phone. The Nigeria Communications Commission (NCC) estimates that there are over 173 million mobile phone lines in Nigeria today. I have often wondered what would happen if for some reason, mobile telecommunication ceased. Would we be able to adapt to the new reality, especially considering that our lives now practically depend on it? I’ll answer that question in a bit. Allow me to digress a little.
The 2019 Poverty and Inequality Report released by the National Bureau of Statistics (NBS) reveals that 40.1% of Nigerians are poor. In other words, on average 4 out of 10 individuals in Nigeria are estimated to have real per capita expenditures below 137,430 Naira per year.
According to the United Nations Population Fund (UNFPA) 2019 Population Statistics, Nigeria has a population of 201 million. This translates to over 80 million Nigerians who are considered poor by national standards.
Companies Income Tax (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”).
Here are the tax incentives on CIT in Nigeria including the relevant incentives in the 2019 Finance Act:
Tax incentives are special arrangements in the tax laws to attract, retain, or increase investments in a sector. Incentives may be granted on an industry basis.
To buttress on
the definition; Tax incentives are deductions, exclusions or exemptions from a
tax liability offered as an enticement to engage in a specified activity that
would benefit the economy of a country in the long run.
In this piece, we have highlighted the relevant tax incentives related to the Personal Income Tax (PIT) in Nigeria including the relevant incentives in the 2019 Finance Act.
The novel Coronavirus (COVID-19) has been spreading like wildfire and the effects on the global economy are at best imagined. The latest Situation Report from the World Health Organisation (WHO) as at 06 May 2020 states that the total number of countries, areas and territories that have been affected by COVID-19 is 215[1].
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Integrated with TaxiTPay® to enable seamless disbursement of VAT to the RTA or other VAT collection agent.
Cloud-based Technology: Work from anywhere and anytime.
Notifications & Reminders: Built-in real-time notifications and alert system to help you stay compliant and keep up with your obligations.
Mobile Compatibility: Work from your mobile device.
Instant Data Import: The built-in data import tools make data migration into TaxiTVAT® painless thereby giving you a smooth onboarding experience.
Fraud Control: Checks against fraud and illicit financial transactions with the user-role console to set-up administrators, approvers, and disbursers functions.
Data Security: Highly private, confidential, secure and encrypted data including soft token generation.
User Intelligence Experience: Analytical and interactive dashboard interface displaying a general awareness and overview of when and how vendor payments and tax obligations are met.
With no upfront software costs, you wouldn’t need to break the bank to afford TaxiTVAT®
There’s no software installation hassle and TaxiTVAT® updates automatically.
You can automatically export your TaxiTVAT® information into spreadsheets as the relevant general ledger.
TaxiTVAT® is scalable; it expands as your business grows, allowing you to undertake complex VAT computation, including Input and Output Tax computations.
Taxit Withhold
Direct Disbursement: Sorts out payment to vendors and RTAs and disburses payments directly to their individual bank accounts instantly.
Integrated with TaxiTPay® to enable seamless disbursement of payments to vendors and RTAs.
Automatic Payment Processing: Retains and sorts out all obligations to vendors, computes withholding tax (WHT) and ensures scheduled payments to vendors and RTAs.
Cloud-based Technology: Work from anywhere and anytime.
Notifications & Reminders: Built-in real-time notifications and alert system to help you stay compliant and keep up with your obligations.
Mobile Compatibility: Work from your mobile device.
Instant Data Import: The built-in data import tools make data migration into TaxiTWithhold® painless thereby giving you a smooth onboarding experience.
Fraud Control: Checks against fraud and illicit financial transactions with the user-role console to set-up administrators, approvers, and disbursers functions.
Data Security: Highly private, confidential, secure and encrypted data including soft token generation.
User Intelligence Experience: Analytical and interactive dashboard interface displaying a general awareness and overview of when and how vendor payments and tax obligations are met.
With no upfront software costs, you wouldn’t need to break the bank to afford TaxiTWithhold®
There’s no software installation hassle and TaxiTWithhold® updates automatically.
You can automatically export your TaxiTWithhold® information into spreadsheets as the relevant general ledger.
Information available in formats sufficient for filing monthly WHT Schedules
TaxiTWithhold® is scalable; it expands as your business grows, allowing you to add as many vendors or pay cycles as you like.
Tbook
TBook® allows taxpayers to manage their tax affairs and have access to online real time information about their taxes and other statutory obligations.
Notifications: Built-in real-time notifications and alert system to help you always stay informed of payments made to or on your behalf including receiving your TaxiTPaySlip®.
Ideal for all employees of organizations that use TaxiTPayroll® or persons who receive payments via TaxiTPay®.
Data Security: Highly private, confidential, secure and encrypted data including password access
User Intelligence Experience: Analytical and interactive functions to enable you to generate choice information.
At no cost, TBook® is freely available as long as your smartphone has sufficient data. TBook®’s data usage is very minimal.
There’s no software installation hassle and TBook® updates automatically.
You can automatically export your TBook® information into spreadsheets as your personal ledger.
Information is available in formats sufficient for filing your personal income tax returns.
Taxit Pay
One Stop hub for all payments, tax computations and deductions E-banking is the now the norm. To keep tabs on all tax deductions, organisations need a platform that can help track all transactions and keep track of all tax liabilities reducing the stress of computing a huge block of transaction annually.
Time Sensitive: Tax and related payments made in timely and stress-free fashion
Multi-application: Optimized for making diverse forms of payments and remittances which include net salaries, vendor payments, pensions, and major tax obligations.
Receipting: Integrated instant receipt-generating function that gets you your tax and related receipts straight from the RTAs
Generate employee pay slips (TaxiTPaySlips®) from TaxiTPay®
Integrated with TaxiTPayroll®, TaxiTWithhold®, TaxiTVAT® to allow their users smooth and seamless disbursement of relevant payments.
Cloud-based Technology: Work from anywhere and anytime.
Mobile Compatibility: Work from your mobile device.
Fraud Control: Checks against payment frauds and illicit financial transactions with the user-role console to set-up administrators, approvers, and disbursers functions.
Data Security: Highly private, confidential, secure and encrypted data including soft token generation.
User Intelligence Experience: Analytical and interactive dashboard interface displaying a general awareness and overview of when and how payments are made.
With no upfront software costs, you wouldn’t need to break the bank to afford TaxiTPay®
There’s no software installation hassle and TaxiTPay® updates automatically.
TaxiTPay® is scalable; it expands as your business grows, allowing you to undertake as many payments as you like.
Taxit Payroll
TaxiTPayroll® provides the most robust solution for payroll taxes and tax obligations in Nigeria. TaxiTPayroll® offers an easy to use online application that supports entrepreneurs and small businesses. Accessible 24/7 online, it allows you to grow your business and offers a simple way to get things done.
With no upfront software costs, TaxiTPayroll® won’t break the bank.
There are no software installation hassle and your payroll software updates automatically.
With our smart online payroll solution, your payroll expands and shrinks as your business grows, allowing you to add as many employees or pay cycles as you like.
You can automatically update your payroll general ledger.
Direct Disbursement: Sorts out the remuneration of employees and disburses payments directly to their individual bank accounts instantly.
Automatic Tax Processing: Retains and sorts out all statutory payroll obligations, computes payroll taxes and remits all at once and instant payment to the relevant agencies and agents (RTAs, PFAs, NHF, NSITF, ITF etc.) as payments fall due.
Cloud based Technology: Work from anywhere and anytime.
Notifications & Reminders: Built in real-time notifications and alert system to help you stay compliant and keep up with your payroll obligations.
Mobile Compatibility: Work from your mobile device.
Instant Data Import: The built-in data import tools make data migration into TaxiTPayroll® Painless thereby giving you a smooth onboarding experience.
