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Business Tax In Nigeria - Business - Nairaland

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Business Tax In Nigeria by kingjaja2(m): 8:07pm On Aug 28, 2007
Taxation Issues In Nigeria: I intend to open a restaurant in Nigeria soon. Do I need to pay tax?
Re: Business Tax In Nigeria by scribe(m): 2:20pm On Aug 29, 2007
Yes. But what you pay as tax will depend on how big it is.
If it is the type we call "Mama Put" then you will need to pay only small levies to the local government of the area.
However, if it is well furnished with a distinguished name or registered as a Limited Liability Company, then you will surely require an accountant to educate you on the kind of taxes you will need to pay.
Hope this helps cheesy
Re: Business Tax In Nigeria by bimbliss(f): 9:46pm On Aug 29, 2007
remember u are running a profit making business so u will definately pay tax but the type u will pay depends on so many factors
Re: Business Tax In Nigeria by kingjaja2(m): 8:45am On Aug 30, 2007
@ all,
thanks

I intend to run a small local restaurant (the "Mama-Put" model) and then possibly grow into a large well furnished corporate type restaurant.
Re: Business Tax In Nigeria by queenbee2(f): 11:10am On Aug 30, 2007
King-jaja witout d 'Opobo'  grin abeg after launching d mamaput,pls invite yrs truly 2 com taste n tell o biko  grin

That is after payin yr 'Tax' of cus which in Naija u just can't run away from,weather u r planing 2 own a small , medium or large scale business.
Re: Business Tax In Nigeria by rowlandwhy: 6:06pm On Aug 30, 2007
If it is in Port harcourt, get ready for Obio/Akpor boys
Re: Business Tax In Nigeria by GideonBL: 6:47pm On Aug 30, 2007
who are they?
Re: Business Tax In Nigeria by kingjaja2(m): 7:00pm On Aug 30, 2007
I don't know who Obio/Akpor boys are but my restaurant would welcome anyone willing to patronise my "mama-put" model restaurant. cool
Re: Business Tax In Nigeria by Onyema1(m): 8:59am On Aug 31, 2007
Hey King-Jaja or Jaja King, your mama put business will attract 2 baisc taxes plus other local government levies and impositions. the basic taxes are personal income tax, payable by you from your monthly income from your mama-put business, value added service: this is the out put vat chargeable @5% of the cost of any plat of food you sell to your customers. You factor in the 5% vat in the cost of each plate of food and at the end of the month you will remit all the vat collected to the nearest firs vat office. Because of this, once you commence your business, you go and register for vat at the vat office nearest to you and obtain a vat registration number, each plate of food you sell must be invoiced to enable tax men verify your remitances. you wil also be liable to withhold personal income tax from your staff and remit same to the state inland revenue office near you. the rate of pit graduates from 5% to a ceiling of 25%.

You can also avoid all these taxes by simply giving free food to any tax man that comes near your mama-put to disturb your business.
Re: Business Tax In Nigeria by queenbee2(f): 9:10am On Aug 31, 2007
king-jaja:

I don't know who Obio/Akpor boys are but my restaurant would welcome anyone willing to patronise my "mama-put" model restaurant. cool

Ahh!  shocked U dare not invite Obio Akpor boyz to yr MAma-Put restaurant o ! Shou!!

By d time they finish extorting different kind of Levies from u , ,King jaja witout d Opobo,', u will bcom 'jaja witout the crown', grin
Jus thank yr lucky star u r nor in PH city.
Re: Business Tax In Nigeria by kingjaja2(m): 1:22pm On Aug 31, 2007
@Onyema1
You can also avoid all these taxes by simply giving free food to any tax man that comes near your mama-put to disturb your business.

this approach is better when i first start d business, because i wouldn't have made any profit by then. so trade-by-barter would be good.


Ahh! You dare not invite Obio Akpor boyz to yr MAma-Put restaurant o ! Shou!!

By d time they finish extorting different kind of Levies from u , ,King jaja witout d Opobo,', u will bcom 'jaja witout the crown',
Jus thank yr lucky star you're nor in PH city.

I may open a branch of my restaurant in PH city. I love all nigerians. So before opening my business, i would have a meeting with the Obio Akpor boyz. We discuss and iron things out like respectable human-beings cheesy. Someone told me that people in PH city are very well mannered. so i guess the Obio Akpor boyz would be willing to co-operate with me, else i show them what i got for them grin
Re: Business Tax In Nigeria by queenbee2(f): 3:07pm On Aug 31, 2007
Bro king jaja witout d Opobo, Its actually good to hav more Chopin centre's around since i lov food cool , plus i looooov d way u said u lov all Nigerians cool Abeg com PH com open yr chop chop joint jo.Who b Obio Apor boys sef grin especially not wit what u've got to show them.Abi?

Bro carry GOOOOOO!! grin
Re: Business Tax In Nigeria by haywyer(m): 12:16pm On Sep 12, 2007
hi king Jaja,

Tax payment is your civic responsibilities. you have to pay your tax, depending on the kind of business you want to start, your level of operation, no of employees and other things. you will have to paycorporate tax if it is a limited company and /or personal income tax for your self and your employees. there is no way you escape paying these taxes and other levies especially if the buz is to be in lagos.
The coporate tax goes to the federal government (FIRS) and the personal income tax goes the state government.
If you need more info you can reach me via haywyer4jazz@yahoo.com.
So long everyone.
Re: Business Tax In Nigeria by audustdix: 3:48pm On Aug 01, 2009
Yes that is right what you pay as tax will depend on how big it is.

________________
Irs problems
Re: Business Tax In Nigeria by taxattorney: 3:51pm On Jul 12, 2011
I admire the way you express yourself through writing. Your post is such a refreshing one to read. This is such an interesting and informative article to share with others. Keep up the good work and more power. Thanks!

tax attorney

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