Can a minor be a Proprietor?
A proprietor is the Legal name for a person who owns a business Name that is duly registered with the Corporate Affairs Commission. A minor is a person who is under the age of eighteen (18). A minor can be a...
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Is a Business Name a company?
The answer is NO. A BusinessNameis not considered as a companyunder Nigerian Law. A business name is incorporated under PART B while a company is incorporated under PART A of the Companies and Allied Matters...
Procedure for obtaining NIS Quality Mark certificate
This is a voluntary product certification scheme to reward excellent product performance through consistent compliance to the requirements of the relevant Nigerian Industrial Standards at the point of...
Stamp duty
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...
What is CIT?
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...
PENCOM Certificate and when a company is eligible for one
PENCOM certificate is given by the National Pension Commission (PENCOM) which is a body that regulates and supervises pension matters in Nigeria. The body was created to ensure the effectiveness of...
How can a foreigner obtain a Resident Permit in Nigeria?
A residential permit in Nigeria is a legal document or card that permits a non-citizen to reside in a country for a period of time. The agency in charge of residential permits is the National Immigration...
What does the NIS Quality Mark certificate stand for?
The NIS quality certification is part of the certificates issued by the SON Governing council for excellence in products and production processes. The NIS Quality Mark certification is given under the...
What is PAYE?
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...
What is the essence of an indemnity clause in a contract?
The essence of an indemnity clause is to allocate risk from one of the contracting party to the other. When an indemnification clause is inserted into a contract, it is meant to transfer risk between the...
Effect of the new Finance Act on VAT and Stamp Duty charges in Nigeria
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...
What IS TCC and when is a company eligible for one?
Tax Clearance Certificate (TCC) in Nigeriais a document issued by the FederalInland Revenue Service(FIRS) or States Inland Revenue Service showing that the applicant’s taxes has been filed up to date and...
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