Tax Management for businesses in Nigeria

With various changes in tax laws in Nigeria, Tax Management for businesses in Nigeria become very essential. Various issues crop up in tax management in Nigeria. Currently, these include the state of small businesses, as it concerns tax rate and tax exemption. Therefore, they pose the problem of how to calculate personal and business income tax in Nigeria. So, it becomes imperative that you get to know so much about Nigeria’s tax structure and administration from us.

TYPES OF BUSINESS TAXES:

As a matter of fact, there are various taxes payable by persons doing business in Nigeria. They include;

• Companies’ income tax,
• Personal income tax,
• Capital gains tax,
• Value-added tax,
• Education tax,
• Technology tax,
• Stamp duties,
• And withholding tax which is an advance payment of taxes.
• In addition are various penalties imposed for failure to pay taxes as at when due.

To explore here include the importance of tax planning as a management decision. In addition, knowledge of characteristics of taxes and limitations of tax planning is very important for business.

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TAX MANAGEMENT RELATED QUESTIONS @ Tax Management for businesses in Nigeria:

These question are to help you understand the scope of tax management. While acting as your tax consultant, we manage all these questions for you.

On the other hand, if you attend CESSUMMIY programmes, all of these will be explained to you. It’s part of our mentorship scheme.

OBJECTIVE QUESTIONS:

1. What is tax management?
2. What aspect business activities are included in tax management?
3. And, what is the objective of tax management?
4. How do I manage tax non-allowable expenses
5. What is corporate tax planning and management?
6. How do I get my business/company tax clearance?
7. Who make the annual tax returns for my business?

TAX MANAGEMENT:

This is management of finances for tax paying purposes. This is because the objective of Tax Management is just to comply with the provisions of Income Tax Law and its related rules. As a matter of fact, Tax Management involves tax planning. That is planning for what tax, how and when due for payment. In fact, it further deals with getting the business financial statements audited and properly signed. Then, the computation of the tax liabilities and filing of Tax Return in time.  

TAX PLANNING @ Tax Management for businesses in Nigeria:

As highlighted the above paragraphs, tax planning is a element of tax management. On the other hand, tax planning is important for both small and large businesses. This is because it can help them achieve their business goals. When you have a tax plan for your business, you can lower the amount of taxable income. In that case, you gain more control of how much for what taxes and when they are due for payment.

BENEFITS:

Furthermore, there are benefits of tax planning for both large and small businesses. So, tax planning plays an important role in:

•  Lowering the amount of taxable income.
• Reducing the tax rate in some cases.
• Avoid payment of penalties.
• Greater control of what taxes and when they get paid.
• Making proper use of withholding taxes.
• Maximising full benefit of tax incentives such as relief and tax     credits available.

WHAT WE OFFER YOU @Tax Management for businesses in Nigeria:

The issue of knowing what taxes and due date for payment is a technical issue. Morning tax calendar is another technical issue. Then, are the issues associated with processing the tax returns and tax clearance certificate.

You really need an expert around you for this. Contact us as your tax consultants. On the other hand, CESSUMMIT conducts business seminars and coaching from time to time. To keep track with us call 09053130518, 08121687036 or email us at [email protected].

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