Business Tax In Nigeria

Taxation Issues In Nigeria: I intend to open a restaurant in Nigeria soon.  Do I need to pay tax?

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

King-jaja witout d 'Opobo'  abeg after launching d mamaput,please invite years truly 2 com taste n tell o biko 

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.

who are they?

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.

@Onyema1

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.



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   . 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 

 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.