There is need for a section to respond to peoples questions on Tax Issues.

Find below Frequently Asked Questions:

The Federal Inland Revenue and the Joint Tax Board have resolved to begin to prosecute tax defaulters. Before they come after you, here are some tips of what you should know about the amended tax law and how it affects you as a citizen.

We are committed to assisting every Tax Player his or her Civic duties seamlessly
These are some of the Frequently Ask Questions our Clients usually ask us. We are willing to answer any of your questions
What is Tax?
Tax is a compulsory contribution paid to government by its citizens to support social amenities such as schools, electricity, potable water, roads and hospitals. These taxes are for the benefit of the citizens
What are the general requirements of tax filing and payment of tax under PITA?
An individual engaged in full-time employment is taxed under the pay-as-you earn system. The employer withholds personal income tax from the employee’s salary or wages and pays it to the tax authorities within 14 days. An individual whose only source of income is employment income from a single employer must file a tax return unless his/her employment income does not exceed NGN 300,000 per year.
What is Withholding Tax (WHT)?
Answer:
Withholding Tax is basically an advance payment of income tax which may be used to offset or reduce tax liabilities. It is an advance payment (to be deducted by every taxpayer, who is an agent of WHT {see Question 10 below} at the point of settling suppliers' bills) to be applied as a tax credit to settle the income tax liability of the years of assessments to which the income that suffered the deduction relates (which is the income of the supplier of goods/services, from which tax was deducted in advance). Withholding tax is not a tax but a prepaid tax.
What are VATable goods?
All goods manufactured/ assembled in or imported into Nigeria, except those specifically exempted under the law. Examples of VATable goods include jewelleries, shoes, bags, television etc.
What are VATable services?
All services rendered by a person in Nigeria except those specifically exempted under the law. Examples of VATable services are; services rendered by Lawyers, Engineers, Accountants, Contractors and Consultants etc.
What are exempted goods under Value Added Tax (VAT) Act?
Exempted goods are those goods which are not subject to VAT. These include:
• All medical and pharmaceutical products;
• Basic food items;
• Books and educational materials;
• Baby products;
• Fertilizer (locally produced), agricultural and veterinary medicine, farming machinery and farming transportation equipment;
• Plant and machinery imported for use in the export processing zone or free trade zone; provided that 100% production of such company is for export;
• All commercial aircraft and aircraft spare parts imported for use in Nigeria;
Contact Penuelway & Associates for all your Tax Matters. We offer Free Tax Consultancy. Send a mail to penuelwayassociates@gmail.com or call 08125782220

Okay

Pls my company (new) is based on Rivers state, should I do FIRS or RIRS, or I am to do both

skinnyebans:
Pls my company (new) is based on Rivers state, should I do FIRS or RIRS, or I am to do both

We will like to Know if your company is a Limited Liability company or Enterprise. However, irrespective of either of the 2(Limited or Ventures) you will have to register with River State Internal Revenue to be able to file your PAYE and FIRE for your VAT and CIT returns. For more information you can send a mail or call us

Please note that filing of 2018 Tax Returns closes by the end of June 2019. Kindly comply to avoid penalties