Hello Nairalanders,

I need your wise advice and input on this issue.
I opened a "business name" and will like to carry out everything by the book wrt pay my taxes.
I need to understand this tax thing because I am really confused. So far I have only done the VAT registration at the FIRS.

My questions are:
(1.) How many tax bodies do I pay tax to? FIRS and LIRS?
(2.) I understand I have to pay VAT to FIRS, how often should this be?
(3.) What happens if I did not get paid/did not provide any services?
(4.) Am I supposed to be paying Personal Income Tax in addition to the VAT? If, yes, how often?

I know there are topics here that talk about tax but I just need direct answers to these question to settle my confusion.
Any additional helpful information and guidance will be greatly appreciated.
Thank you.

Yes !

You're right about FIRS, LIRS. But you forgot your local govt, signboard tax, radio tax, TV tax, ICT tax and all other taxes your darling govt is inventing daily to have a cut in the 'millions' you're pulling down.

Once you start, the fun never ends.

For real, TV tax and etc...

I advise that you get a tax consultant before you complicate matters for yourself. Meanwhile, following the Facebook page below may help as it seems to handle tax matters.
https://www.facebook.com/pages/OTN-Consulting/136456489810642

Firs for Vat
Lirs for income tax on your profits.
If You offer no service or have no taxable income You fill ɑ̤̈̊ form stating same aπϑ U̶̲̥̅̊ pay nothing(if it was LTD U̶̲̥̅̊ will pay minimum tax rate).
Local Govt will always look for bills †☺ charge Ūя̲̅ organization: TV License, Radio license, permits etc

i.:
Firs for Vat
Lirs for income tax on your profits.
If You offer no service or have no taxable income You fill ɑ̤̈̊ form stating same aπϑ U̶̲̥̅̊ pay nothing(if it was LTD U̶̲̥̅̊ will pay minimum tax rate).
Local Govt will always look for bills †☺ charge Ūя̲̅ organization: TV License, Radio license, permits etc

Thanks for your response. Would they charge me for TV or sign board license even when I don't have one?

Dollarchap: I advise that you get a tax consultant before you complicate matters for yourself. Meanwhile, following the Facebook page below may help as it seems to handle tax matters.
https://www.facebook.com/pages/OTN-Consulting/136456489810642

Thanks for the link, I will check it out. I don't think I can afford the services of a tax consultant right now. The first person (accountant) I consulted to help me proposed I pay him a whooping N300,000. He did not even ask me if I make that much . I dont even want to go there again, that's why I have come here to ask question based on the little information I gathered after my visit to FIRS.

I would appreciate more inputs on this, thanks.

hi contact me i will charge u a token 4 my service as ur tax consultant. i will help u file,register and negotiate on ur behalf wit d tax official.my fees is resonable try me.contact me on 08023267513

Hello, since its a business name, u would be required to register for Vat with firs and also obtain your tin nos, you would be required to pay for your personal income tax to lirs, if u have staff u would also be required to register for the paye scheme as well. You would also have go pay for business premises and development levy. If you require further advice and assistance call 08023354981. Hope u find the information above useful. Thanks

Hi all, am new here.

doseni: Hello, since its a business name, u would be required to register for Vat with firs and also obtain your tin nos, you would be required to pay for your personal income tax to lirs, if u have staff u would also be required to register for the paye scheme as well. You would also have go pay for business premises and development levy. If you require further advice and assistance call 08023354981. Hope u find the information above useful. Thanks

Thanks very much, useful indeed! From your post, you confirm that I should be paying to both FIRS and LIRS.
However, I dont have a business premises yet. I work from home. Would I be paying the business and development levies in this case?

bolaji74: hi contact me i will charge u a token 4 my service as ur tax consultant. i will help u file,register and negotiate on ur behalf wit d tax official.my fees is resonable try me.contact me on 08023267513

Guy, are you still looking for sugar mummy? That is not the topic here sorry.

bolaji74: hi contact me i will charge u a token 4 my service as ur tax consultant. i will help u file,register and negotiate on ur behalf wit d tax official.my fees is resonable try me.contact me on 08023267513

weaseloo:

Guy, are you still looking for sugar mummy? That is not the topic here sorry.

Very good answer.

Hello, since your operating from home the business premises might not be needed for now, but you would have to pay the development levy which is N100 per tax payer. You would also have to pay VAT to firs, and your personal income tax to Lirs.

doseni: Hello, since its a business name, u would be required to register for Vat with firs and also obtain your tin nos, you would be required to pay for your personal income tax to lirs, if u have staff u would also be required to register for the paye scheme as well. You would also have go pay for business premises and development levy. If you require further advice and assistance call 08023354981. Hope u find the information above useful. Thanks

@doseni and house
How would the above differ for a LTD? If I am getting you right:

1. VAT to FIRS - how often and how does one go about making payment?
2. PAYE Scheme for staff where employee automatically deducts tax - got it! Thanks
3. Personal Income Tax to LIRS - Would the corp tax go to LIRS or FIRS? Do you still need to pay corp tax after VAT? - I know you pay both in other countries.

Thanks

@naijabizinfo, for a ltd, u pay ur vat and company income tax to firs, but anything that has to do with individuals is paid to the state internal revenue service.

weaseloo:
Hello Nairalanders,

I need your wise advice and input on this issue.
I opened a "business name" and will like to carry out everything by the book wrt pay my taxes.
I need to understand this tax thing because I am really confused. So far I have only done the VAT registration at the FIRS.

My questions are:
(1.) How many tax bodies do I pay tax to? FIRS and LIRS?
(2.) I understand I have to pay VAT to FIRS, how often should this be?
(3.) What happens if I did not get paid/did not provide any services?
(4.) Am I supposed to be paying Personal Income Tax in addition to the VAT? If, yes, how often?

I know there are topics here that talk about tax but I just need direct answers to these question to settle my confusion.
Any additional helpful information and guidance will be greatly appreciated.
Thank you.

Good day bro, Please how did You went About The whole firs or lirs issue? Who at The end did You file up Your vat with? Am in Your past situation as we speaks sir, Please help me with Your experience on how You probably solve The whole tin. I Have followed You here Please kindly follow back too.Am on my way to firs office at ojo alaba side to file for tin/vat registration but don't want to regret doing it without proper info from experienced person like You. Please Help, thanks in advance

Please i want to register my group name with CAC, will it be necessary for me to be paying tax?

any more info on this ? as the VAIDS deadline is just 10 days away

When it comes to government generating revenue, this is usually done through various means, one of the most pronounced means is through taxation. On this article, we will discuss the local government, the taxation system in Nigeria, merit and demerit of taxation, principles of taxation and many other factors that concerns taxation in Nigeria.