IMPORTANT MATTERS IN BUSINESS – TAX PAYMENTS

Emily James runs a small business.   Her confusion with taxes and tax payments inspired this article.

Tax is an amount paid from your earnings to the Government for efficiently running the society.

Businesses pay tax on their profits (Income – Expenses).   Employees pay tax on their earnings (salaries and wages).

Under the Nigerian tax system,  companies pay income tax of 32%.  Employees pay between 7% and 24%, depending on the amount earned.  For casual employees,  i.e. those without a regular source of income are taxed differently, either as a fixed amount or percentage.  Computing taxes can be complicated and most often requires the help of a Finance Expert.

Not paying your tax or making wrong remittances is seen as a criminal offence.  As the year rolls to a close, ensure you have made your relevant tax payment to the relevant Tax authority.

‘Shut the Government up by dutifully paying your tax.  Then you can demand what is rightfully yours from the Government.’


I remain passionately committed to your success in life and business!


EHIS EGBUJI
Finance Expert.
Business Accounting • Personal Finance • Tax • Training

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DO IT YOURSELF!!
You can make tax payments yourself!  Simply follow the steps outlined in the book – Tax Remittance Made Easy [How to easily get your Tax Clearance Certificate (TCC)].

To get a copy of this book, contact us -

E-mail: ehisegbuji@gmail.com
Phone: +2348091001173, +2347034450000
Twitter: @ehisbebe

*Photo credit -  www.marketwatch.com

THE TWO MOST IMPORTANT DOCUMENTS IN YOUR LIFE! ( THE MYB ™ SERIES )

If you are 18 years or older, there are two important documents you will need during your lifetime.  The first is your international passport.

The second most important document you need in your life is – your Tax Clearance Certificate  (TCC).  This is your ‘Tax Passport’.

A Tax Clearance Certificate ( Tax Passport) is a document issued when you pay your tax to the Government. It makes you a bonafide member of the society and gives you the right to demand good governance and amenities from the government.

Not paying tax makes you an illegal member of the society and can result in criminal charges against you.

Whether you are self employed or own a business,  it’s your duty to make tax payments at the end of each year.   If you are an employee,  ensure that your employer has been remitting all taxes deducted from your salary especially as the year end draws near.

As a self employed business owner or as an employee, there are  certain tax – free deduction you can enjoy on your earnings.   It’s your net earning that should be taxed.   To avoid a wrong tax computation and enjoy the available tax – free deduction on your earnings, please seek the help of a finance expert.


I remain passionately committed to your success!

EHIS EGBUJI 
Finance Expert. 
Business Accounting • Personal Finance • Tax • Training 

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For further enquiries –
E-mail: ehisegbuji@gmail.com  
Phone: +2348091001173 
Twitter: @ehisbebe

Photo credit - wwwrocketswag.com