How to File and Pay Taxes

Frequently Asked Questions and Answers on Withholding Tax

Frequently Asked Questions and Answers on Withholding Tax

By Oyindamola Adeosun 3 min read
Photo Credit:  Question 1 What is Withholding Tax (WHT)? Answer: Withholding Tax is basically an advance…
Understanding Value Added Tax (VAT) in Nigeria

Understanding Value Added Tax (VAT) in Nigeria

By Oyindamola Adeosun 1 min read
Value Added Tax (VAT) is an indirect tax levied at a rate of 5% on goods and services consumed. The final burden of VAT…
Tax Implications of Accounting Errors (1)

Tax Implications of Accounting Errors (1)

By Deloitte Nigeria 3 min read
Nigeria currently operates a self-assessment tax regime. What this means is that taxpayers are given the right to…
Who pays for Value Added Tax and Withholding Tax?

Who pays for Value Added Tax and Withholding Tax?

By Nairametrics Financial Advocates 2 min read
Most small business owners are usually confused about the application of Value Added Tax and Withholding Tax when…
MSME Tax 101 - What is CIT?

MSME Tax 101 - What is CIT?

By Deloitte Nigeria 4 min read
Companies income tax (CIT) is a type of tax levied on profits of limited liability companies accruing in, derived…
State Government Taxes for Micro, Small and Medium Enterprises (MSMEs)

State Government Taxes for Micro, Small and Medium Enterprises (MSMEs)

By Deloitte Nigeria 2 min read
The administration of taxes in Nigeria is vested in the various tax authorities at each tier of government, depending…
Local Government Taxes for Micro Small and Medium Scale Enterprises

Local Government Taxes for Micro Small and Medium Scale Enterprises

Nigeria is a Federation with Governmental authority distributed along Federal, State and Local
By Deloitte Nigeria 2 min read
Pioneer Status Tax Incentive in Nigeria

Pioneer Status Tax Incentive in Nigeria

Pioneer status tax holiday is an initiative by the Nigerian government designed to encourage the
By Oyindamola Adeosun 1 min read
MSME Tax 101 - What is VAT?

MSME Tax 101 - What is VAT?

Value added tax (VAT) is a compulsory consumption tax charged and payable on the supply of all
By Deloitte Nigeria 5 min read
Appeasing the Tax Man: Practical Steps to Effective Tax Compliance

Appeasing the Tax Man: Practical Steps to Effective Tax Compliance

Tax-related issues are becoming a recurrent theme both in the international and local media,
By Deloitte Nigeria 1 min read
Pension contributions in Nigeria: Obligations for remittance (Part 2)

Pension contributions in Nigeria: Obligations for remittance (Part 2)

A summary of employee and employer obligations is shown in the table below: Subject
By Deloitte Nigeria 1 min read
All You Need to Know About the FG's New Pioneer Status Tax Incentive

All You Need to Know About the FG's New Pioneer Status Tax Incentive

The Federal Government of Nigeria recently approved twenty-seven (27) new industries for
By Adenike Adeyemi 1 min read
Tax incentives in Nigeria

Tax incentives in Nigeria

Small businesses are crucial to development and sustainability of any economy. Indeed,
By Deloitte Nigeria 2 min read
Federal Government Taxes for Micro Small and Medium Scale Enterprises (MSMEs)

Federal Government Taxes for Micro Small and Medium Scale Enterprises (MSMEs)

In Nigeria, the right to administer and collect taxes is distributed between the three tiers of
By Deloitte Nigeria 2 min read
Registration of Micro, Small and Medium Enterprises (MSMEs) for tax purposes

Registration of Micro, Small and Medium Enterprises (MSMEs) for tax purposes

Micro, Small and Medium Enterprises (MSMEs) are the crux of economic growth of any nation.
By Deloitte Nigeria 3 min read
How to avoid paying excessive taxes in Nigeria

How to avoid paying excessive taxes in Nigeria

Taxes are statutory obligations of every citizen and businesses in a country. It is thus a major
By Nairametrics Financial Advocates 8 min read
Frequently Asked Questions and Answers on General Tax Administration

Frequently Asked Questions and Answers on General Tax Administration

Photo Credit: Question 1 What happens when a taxpayer's payment is posted to a wrong tax
By Oyindamola Adeosun 4 min read
Understanding Minimum Tax

Understanding Minimum Tax

We all look forward to the festive seasons because it brings with it joy, sense of community,
By Abisoye Ayoola 2 min read
FAQs on General Tax Issues for Nigerian MSMEs

FAQs on General Tax Issues for Nigerian MSMEs

1. Why are MSMEs required to pay Tax? MSMEs, like other taxpayers are considered as legal and
By Deloitte Nigeria 2 min read
7 key facts on Nigeria's Companies Income Tax

7 key facts on Nigeria's Companies Income Tax

The legal framework establishing the Companies Income Tax (CIT) is the Companies Income Tax Act Cap
By Deloitte Nigeria 3 min read
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