Nigeria’s lockdown of major states has brought about substantial financial uncertainty, and with individuals and businesses set to weather the storm for two or more weeks, we look at some measures tha…
Early-stage startups will no longer have to pay tax, if Nigeria’s Finance Bill is passed into law
Highlighting the provisions of the finance bill, Nigeria’s minister of finance has revealed that firms making less than $68,500 annually, do not have to pay taxes while medium-sized business will have…
Nigerian government recovers ₦30 billion from VAIDS, to issue declaration certificates
From all indications, the Voluntary Assets and Income Declaration Scheme (VAIDS) is proving to be effective as the Nigerian government has so far recovered ₦30 billion. VAIDS was designed by the Feder…
Nigerian startups older than 18 months have till March 31 to file tax returns, or else
Barring any extension, the Voluntary Asset and Income Declaration Scheme (VAIDS) will come to an end on March 31, 2018. VAIDS, an initiative by the Federal Government to allow Nigerians regularise the…
Businesses run by religious organisations should not be tax-free
Last week, Vodacom SA signed a partnership with Shembe Church to distribute its products and services to its 6.7 million members. Should the money realized by the church be tax-free?…
Tax Compliance: Why SMEs and startups in Nigeria do not pay taxes
A BusinessDay report shows that Nigeria’s tax income has decreased by 76% over 5 years; from ₦5 trillion in 2012 to ₦1.2 trillion by 2016. The Nigerian law requires companies operating in and re…
