It won't be taxed.

that's serious. thanks for the input

chloride6:
Lmao...

The only thing that isn't taxable is receipted expenses like Lunch etc...

The law gives you 20 plus 1 consolidated relief allowance anything else is taxable.

Even if the company provided a driver for you..

The tax man will calculate a value for that service add it to your salary and you'll pay tax on it..

Lol

Drefaithful:


In line with Section 51 of Personal Income Tax Act ( PITA as amended )
Benefits in kind is subjected to tax, provided Gift (in cash) can be proved beyond reasonable doubt to be benefit in kind, the tax authority will tax it and is in line with the aforementioned section of PITA

This is for PITA.. What about CITA ?

holysaint1:


This is for PITA.. What about CITA ?

CITA has to do with company income tax as the name implies.

It solely deals with the company income, whereas, Gift is never a company income rather a benefit in kind to the employees as such it falls to PITA category.

Drefaithful:


CITA has to do with company income tax as the name implies.

It solely deals with the company income, whereas, Gift is never a company income rather a benefit in kind to the employees as such it falls to PITA category.

You missed his question. He is asking if gift is allowable when computing taxable profit.


Gift is an allowable expenses

holysaint1:


This is for PITA.. What about CITA ?

GIft is allowable.

Depreciation, fines etc are your non allowable expenses

inoki247:
How can you tax what's called gift dem no dey tax freebies now...


Abi gift don dey get Terms nd conditions for Buhari era ni....


It's just like me coming to ur house nd u offer me Semo nd Vegetables with alot of meat shey u go say mak I pay VAT for the Semo nd d Vegetables ni.....

Nobody force u or put u under duress to giv him or her gift which one come b Tax inside gift again....

If it were in Ghana, tax will certainly be paid. There are provisions for it in Ghana. Advalorem tax is what is usually paid on commodities. Gift is classified as income that is a benefit that flows in, and which is taxable in the hands of the recipient.

Those things are taxable if u really want to follow the law under PIT. They are called BIK benefit in kind and 5% is the total value is taxable. But u can just find one expense head and warehouse there. Then under CIT certain conditions have to be met for it to be tax deductible. Such gift must bear the company name on it. Which we know bag of rice will not meet that criteria. So just spread it across some expense heads and don't describe it as bag of rice cos if FIRS gets hold of the GL, it will be disallowed.[/quote]

gendebs:


GIft is allowable.

Depreciation, fines etc are your non allowable expenses

Gifts are allowable?

Not really sure about this. Nobody should forget to gift me the Oraimo Freepds 3