Company Income Tax in Nigeria

Understand How Company Income Tax is Computed in Nigeria. As a limited liability company, you are liable to pay company income tax. Any company doing business in Nigeria, whether resident (registered in Nigeria) or non resident (foreign company registered outside Nigeria) is expected to pay company income tax on profits accruing in, derived from, brought into or received in Nigeria. The company income tax rate is thirty percent. Companies with a turnover less than One Million Naira are charged at twenty percent of their assessable profit. Basis of Assessment The profits of companies are assessed on a preceding year basis. Continue ReadingCompany Income Tax in Nigeria

The Relevance of Information Technology in Small Business

Information Technology is not an option in small business; it is a must. I can say that one of the best things that have happened in this generation is the advent of Information Technology. Information Technology has made a lot of things easy for us. Some things which ordinarily would have taken years to accomplish can now be done within few hours. If you are in business, Information Technology is not an option; it has to be embraced. Nowadays, I don’t think of any business that can survive without the use of Information Technology but the degree of usage may Continue ReadingThe Relevance of Information Technology in Small Business

Small Scale Business Ideas With Low Investment

Profitable small scale business ideas for men and women. If you have been looking for small scale business ideas to start your own business, this article is for you. The list of small scale business ideas is endless but I want to focus on the ones mentioned below. However, some of the small scale business ideas require that you have reasonable amount of investment capital. Also, some of them are small scale business ideas you can start with little capital. Farming Depending on the amount of capital investment you have at your disposal, you can go into farming either as Continue ReadingSmall Scale Business Ideas With Low Investment

How to Get and Start Entrepreneur Ideas while Working Full Time

A guide to implementing entrepreneur ideas while working full time. Having entrepreneur ideas is one thing; knowing how to implement them especially if you are still working full time is another thing. This article will not only guide you on how to get entrepreneur ideas; it will throw lights on how such entrepreneur ideas can be implemented. If you are still working and you seem not to be enjoying the 9-5pm lifestyle, it may be a signal that you need to start seeking for entrepreneur ideas. I can use myself as a case study here. I remember when I was Continue ReadingHow to Get and Start Entrepreneur Ideas while Working Full Time

Value Added Tax (VAT) in Nigeria

Understand How Value Added Tax (VAT) Affect Your Small Business. Value Added Tax is a tax on spending and it is borne by the final consumer of goods and services because it is included in the price paid.  As mentioned above, you have to register as a VAT Agent. The law specifically states that a taxable person shall, within six months of commencement of business register with the Board for the purpose of the tax.  All businesses and organisations are to register for Value Added Tax in the local VAT Office nearest to their offices or operating bases. Branches of Continue ReadingValue Added Tax (VAT) in Nigeria