The 618 Bees blog
Practical guides to starting, running and protecting your business in Nigeria. Find the answers you need, wherever you are in your business journey.
24 articles · Newest first
One of the biggest challenges facing small and medium-sized businesses (SMEs) in Nigeria is understanding taxes. Many business owners hear terms like VAT, WHT, CIT, FIRS, and now NRS, but are unsure what...
Running a business in Nigeria involves more than generating revenue and attracting customers; it also requires compliance with various tax obligations imposed by law. Whether you operate as a business name...
If you’re a foreign investor or foreign-owned company looking to do business in Nigeria, NIPC registration is not just important, it’s strategic. Let’s break down what it is, who needs it, and when you...
In Nigeria’s evolving business landscape, incentives matter. One of the most significant and rewarding incentives available to qualifying businesses is the Pioneer Status Incentive (PSI). This...
On 24 June 2019, the Nigerian President signed the Nigeria Police Trust Fund (Establishment) Bill (“Police Trust Fund Act” or “the Act”) into law. The Act establishes the Nigeria Police Trust Fund (Trust...
This is a tax imposed on the supply of goods and services, under the Nigerian Tax law, VAT is fixed at 7.5% of the value of the taxable goods and services. Section 8 of the Value Added Tax Law, which was...
A company is required to register for taxes in Nigeria, also individuals, employees, partnerships, and communities pay personal income tax in Nigeria. Personal Income tax is payable to the relevant tax...
What does it mean to incorporate a business? It simply means a business has completed the process of becoming a corporation, as recognized by law. Incorporationprovides the owners with many advantages, and I...
Stamp under the Act means a stamp impressed by means of a dye as an adhesive stamp for denoting any duty or fee, while it defines “duty” as any stamp duty for the time being chargeable under this or any...
CIT is the abbreviation for company income Tax and it is governed by the Company Income Tax Act (CITA).This is the kind of tax imposed by the government on companies to pay from ther profit at the end of the...
PAYE simply means “pay as you earn”. It is a tax system derived from the Personal Income Tax Act in Nigeria which is a method of tax calculation on the income of persons. This means that all tax payable...
The Finance Bill now the Finance Act 2019 has no doubt affected the VAT and stamp duty charges in Nigeria. By this new law, the Value Added Tax which was originally 5% has been increased to 7.5%. The stamp...
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