Do you have a Limited Liability Company registered with the Corporate Affairs Commission (CAC) that you do not use?

Do you have a bank account for that company?

I have an advice for you.

Stop Using The Account For Personal Money Transactions.

You know why? Very soon, the Federal Inland Revenue Service will knock on your door for tax returns. They will ask you for your financial accounts and carry out an audit on your company. They will ask you for proof of your VAT remittance. If you say your business is not active, they will not believe you because they can see movement of money in your account. Very soon, tax officials will trace all corporate bank accounts using Bank Verification Number (BVN) to the owners.

Even if you have an active business, it still makes sense to avoid using your corporate bank account for personal transactions because those transactions will be assumed as business income by the tax man. The onus on you is to prove it is personal. How do you prove it? It will be hard.

What is the way out?

The answer is obvious. Stop using it for personal transactions. If you have a corporate account but the business is not active, there is no need to open a bank account for it yet. If your uncle wants to send you money to buy a car for yourself, receive it with your personal account. With personal accounts, you do not need to worry about FIRS. You only have to worry about your personal income tax which you will be paying to your state’s Internal Revenue Service.

If you absolutely want a corporate account, why don’t you register a business name with the CAC? A business name is viewed like an individual and your liability is not limited. With a business name, you deal with your state’s Internal Revenue Service. Register it with just your name as sole owner and you can use your personal Tax Identification Number (TIN) as the company’s TIN.

This will save you a lot of trouble in future. All you need to do is ensure you are up to date with your personal income tax in your state of residence.


source; http://tushmagazine.com.ng/avoid-tax-troubles-nigeria/

hmmm make una no answer am o, if you evade tax na prison straight

It didn't say evade, it says how to avoid tax troubles. Why can't Nigerian youths read for once!!! Gosh

forreelinc:
hmmm make una no answer am o, if you evade tax na prison straight

mantosa:
It didn't say evade, it says how to avoid tax troubles. Why can't Nigerian youths read for once!!! Gosh

before nko? will you say the truth directly? you criminal

Awesome post... thanks for this info

TAX payment in Nigeria is like gathering money for some so called "political leaders" to increase more fund for sharing among themselves. I will personally feel very comfortable paying 90% of my income as TAX in the Western world. Than paying just 0.1% to the Nigeria government.

tax cheat for sale... Lol how to cheat d Govt nd not pay Tax Ebook for sale.. lol

dedicate this quote to the mods who ban me... anyway may God punish all..

.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
your enemies...

Of all the frustrations we face in a failed country like Nigeria, avoiding tax trouble should be my problem? I'm not interested.

magazineguy:
Do you have a Limited Liability Company registered with the Corporate Affairs Commission (CAC) that you do not use?

Do you have a bank account for that company?

I have an advice for you.

Stop Using The Account For Personal Money Transactions.

You know why? Very soon, the Federal Inland Revenue Service will knock on your door for tax returns. They will ask you for your financial accounts and carry out an audit on your company. They will ask you for proof of your VAT remittance. If you say your business is not active, they will not believe you because they can see movement of money in your account. Very soon, tax officials will trace all corporate bank accounts using Bank Verification Number (BVN) to the owners.

Even if you have an active business, it still makes sense to avoid using your corporate bank account for personal transactions because those transactions will be assumed as business income by the tax man. The onus on you is to prove it is personal. How do you prove it? It will be hard.

What is the way out?

The answer is obvious. Stop using it for personal transactions. If you have a corporate account but the business is not active, there is no need to open a bank account for it yet. If your uncle wants to send you money to buy a car for yourself, receive it with your personal account. With personal accounts, you do not need to worry about FIRS. You only have to worry about your personal income tax which you will be paying to your state’s Internal Revenue Service.

If you absolutely want a corporate account, why don’t you register a business name with the CAC? A business name is viewed like an individual and your liability is not limited. With a business name, you deal with your state’s Internal Revenue Service. Register it with just your name as sole owner and you can use your personal Tax Identification Number (TIN) as the company’s TIN.

This will save you a lot of trouble in future. All you need to do is ensure you are up to date with your personal income tax in your state of residence.


source; http://tushmagazine.com.ng/avoid-tax-troubles-nigeria/

for your company registration contact me 08117409752

Is this not akin alabi's write up that you copied?

Nice

you stole akin alabi post from his blog

How much is 5% for the growth of the country we brag about.
I really dont care because i pay without firs knocking my door.
The US takes 30% plus if you want to compare
To imagine yusuf medical trip is on me is what gets me mad

[b]The answer is obvious. Stop using it for personal transactions. [/b]If you have a corporate account but the business is not active, there is no need to open a bank account for it yet. If your uncle wants to send you money to buy a car for yourself, receive it with your personal account. With personal accounts, you do not need to worry about FIRS. You only have to worry about your personal income tax which you will be paying to your state’s Internal Revenue Service.

Inasmuch as evading tax is a crime against our civic responsibility in all honesty dos dis our government deserves our tax bcus at the end na we they give our selves most things govt couldn't provide 4 us take 4 instance naw water if not for the discovery of borehole digging only God cud ave know our fate by naw even to dig borehole they will still tax us for it.

https://www.youtube.com/watch?v=uimg4eZrsvY

The Basics Of Taxation in Nigeria

Very good advise, rightful topic to make a front page on NL not some BBNaija Bullsh*t!
Too bad I've made this mistake in the past, one of my corporate accounts have had turn-over in tens of millions for supposedly different business transactions that does not originate from that company. I guess they will come fetch me from here someday. Thanks for sharing bro!

magazineguy:
Do you have a Limited Liability Company registered with the Corporate Affairs Commission (CAC) that you do not use?

Do you have a bank account for that company?

I have an advice for you.

Stop Using The Account For Personal Money Transactions.

You know why? Very soon, the Federal Inland Revenue Service will knock on your door for tax returns. They will ask you for your financial accounts and carry out an audit on your company. They will ask you for proof of your VAT remittance. If you say your business is not active, they will not believe you because they can see movement of money in your account. Very soon, tax officials will trace all corporate bank accounts using Bank Verification Number (BVN) to the owners.

Even if you have an active business, it still makes sense to avoid using your corporate bank account for personal transactions because those transactions will be assumed as business income by the tax man. The onus on you is to prove it is personal. How do you prove it? It will be hard.

What is the way out?

The answer is obvious. Stop using it for personal transactions. If you have a corporate account but the business is not active, there is no need to open a bank account for it yet. If your uncle wants to send you money to buy a car for yourself, receive it with your personal account. With personal accounts, you do not need to worry about FIRS. You only have to worry about your personal income tax which you will be paying to your state’s Internal Revenue Service.

If you absolutely want a corporate account, why don’t you register a business name with the CAC? A business name is viewed like an individual and your liability is not limited. With a business name, you deal with your state’s Internal Revenue Service. Register it with just your name as sole owner and you can use your personal Tax Identification Number (TIN) as the company’s TIN.

This will save you a lot of trouble in future. All you need to do is ensure you are up to date with your personal income tax in your state of residence.


source; http://tushmagazine.com.ng/avoid-tax-troubles-nigeria/

Do u tink u can avoid it



Nigeria itself is troublesome

magazineguy:
Do you have a Limited Liability Company registered with the Corporate Affairs Commission (CAC) that you do not use?

Do you have a bank account for that company?

I have an advice for you.

Stop Using The Account For Personal Money Transactions.

You know why? Very soon, the Federal Inland Revenue Service will knock on your door for tax returns. They will ask you for your financial accounts and carry out an audit on your company. They will ask you for proof of your VAT remittance. If you say your business is not active, they will not believe you because they can see movement of money in your account. Very soon, tax officials will trace all corporate bank accounts using Bank Verification Number (BVN) to the owners.

Even if you have an active business, it still makes sense to avoid using your corporate bank account for personal transactions because those transactions will be assumed as business income by the tax man. The onus on you is to prove it is personal. How do you prove it? It will be hard.

What is the way out?

The answer is obvious. Stop using it for personal transactions. If you have a corporate account but the business is not active, there is no need to open a bank account for it yet. If your uncle wants to send you money to buy a car for yourself, receive it with your personal account. With personal accounts, you do not need to worry about FIRS. You only have to worry about your personal income tax which you will be paying to your state’s Internal Revenue Service.

If you absolutely want a corporate account, why don’t you register a business name with the CAC? A business name is viewed like an individual and your liability is not limited. With a business name, you deal with your state’s Internal Revenue Service. Register it with just your name as sole owner and you can use your personal Tax Identification Number (TIN) as the company’s TIN.

This will save you a lot of trouble in future. All you need to do is ensure you are up to date with your personal income tax in your state of residence.


source; http://tushmagazine.com.ng/avoid-tax-troubles-nigeria/

Advice on the way forward if ones employer has not been remitting tax deduction from employer's salaries into the government's coffers

Also, relate same with Pension deductions as well as HMO...

.

Alright. Noted.

Point to one thing that the tax money is being used for? Isnt free money for them?

Point to one thing that the tax money is being used for? Isnt it free money for them?

forreelinc:

before nko? will you say the truth directly? you criminal

Stop being ridiculous

Chrismario:


Stop being ridiculous

Abeg shut up jo tax defaulter

Right and wrong @op. The solution is not to register a business name because you will still be taxed on the income generated from the business. Tax is unavoidable...

What about method of Tax Avoidance... I mean the loopholes

OP... you and the blog owner are THIEVES for plagiarizing Akin Alabi's work without crediting him!