₦airaland Forum

There is need for a section to respond to peoples questions on Tax Issues.

Find below Frequently Asked Questions:

The Federal Inland Revenue and the Joint Tax Board have resolved to begin to prosecute tax defaulters. Before they come after you, here are some tips of what you should know about the amended tax law and how it affects you as a citizen.

We are committed to assisting every Tax Player his or her Civic duties seamlessly
These are some of the Frequently Ask Questions our Clients usually ask us. We are willing to answer any of your questions
What is Tax?
Tax is a compulsory contribution paid to government by its citizens to support social amenities such as schools, electricity, potable water, roads and hospitals. These taxes are for the benefit of the citizens
What are the general requirements of tax filing and payment of tax under PITA?
An individual engaged in full-time employment is taxed under the pay-as-you earn system. The employer withholds personal income tax from the employee’s salary or wages and pays it to the tax authorities within 14 days. An individual whose only source of income is employment income from a single employer must file a tax return unless his/her employment income does not exceed NGN 300,000 per year.
What is Withholding Tax (WHT)?
Answer:
Withholding Tax is basically an advance payment of income tax which may be used to offset or reduce tax liabilities. It is an advance payment (to be deducted by every taxpayer, who is an agent of WHT {see Question 10 below} at the point of settling suppliers' bills) to be applied as a tax credit to settle the income tax liability of the years of assessments to which the income that suffered the deduction relates (which is the income of the supplier of goods/services, from which tax was deducted in advance). Withholding tax is not a tax but a prepaid tax.
What are VATable goods?
All goods manufactured/ assembled in or imported into Nigeria, except those specifically exempted under the law. Examples of VATable goods include jewelleries, shoes, bags, television etc.
What are VATable services?
All services rendered by a person in Nigeria except those specifically exempted under the law. Examples of VATable services are; services rendered by Lawyers, Engineers, Accountants, Contractors and Consultants etc.
What are exempted goods under Value Added Tax (VAT) Act?
Exempted goods are those goods which are not subject to VAT. These include:
• All medical and pharmaceutical products;
• Basic food items;
• Books and educational materials;
• Baby products;
• Fertilizer (locally produced), agricultural and veterinary medicine, farming machinery and farming transportation equipment;
• Plant and machinery imported for use in the export processing zone or free trade zone; provided that 100% production of such company is for export;
• All commercial aircraft and aircraft spare parts imported for use in Nigeria;
Contact Penuelway & Associates for all your Tax Matters. We offer Free Tax Consultancy. Send a mail to penuelwayassociates@gmail.com or call 08125782220

Depending on your interest.You can choose out of the following
Obtain dealership on some products and make minimun of 10% return after all expenses monthly.

Obtain a BDC lience ffrom cbn

Go into money lending to bankers and govt staffs

Manufacturing of packaging like nylon and carton.

I can supply you the needed information on any of this. Pls be careful of who or where you put your money

This is to introduce Cooperative Solution a One-Stop shop for all your Cooperative needs. We are positioned to partner with cooperatives and intending cooperatives in the areas of Cooperative Registration, Advisory Services, Software/ Web Development, Administrative Function Outsourcing, Bookkeeping and Finance, Training and Development as well as Loan Recovery.
Cooperative solution has brought Information Technology and Professionalism into cooperative activities which has led to Accountability and Transparency in the Nigerian Cooperatives. We make the operations of cooperatives seamless, reduce personnel cost and access to relevant information possible.
OUR SERVICES
Cooperative Platform and Software: Coop solution has developed software that is suitable for all kinds of cooperative activities. Our system enable each member to do the following:
 Online registration by new members
 Access their Account Statement online
 Make contribution online from their bank account
 Apply for loan online
 Enables multiple guarantors for any particular loan
 Our system has direct link with Remita, Debit Cards, Credit Bureau,
 Initiate withdrawal
 Can be tailored towards client’s mandate
All these at an annual access fee of N2, 000 per member (No other Cost is involved)
Since the objective of cooperative society is to promote equality and fairness, our software fee is charged per user as against the lump sum that is usually charged by most software developers.
Finance and Account Functions: we assist in posting and preparation of accounts including internal and external audit. Cooperatives can therefore outsource these functions and many more at a considerable low fee. We have a sister company which is licenced to conduct statutory audit and any other audit exercise.
Loan Recovery: We assist cooperatives and organisations in recovery loans that are either Bad or going Bad. However, the parties involve must have satisfied the necessary legal and operational conditions during the said transactions before we can be involved.
Advisory Services: Coop Solution act as consultant for many cooperative societies. We advise on the day to day running of the society which includes how and where to invest, operational issues as well as Loan disbursement and recovery. Coop Solution ensures that all cooperative society function optimally.
Outsourcing: Many of the administrative functions of the cooperative can be outsourced to us .This will not only reduced cost but also bring about efficiency. We are able to post transactions remotely and offer other form of services to our clients at a reduced rated.
Training and Research: We offer training to existing and new societies in various areas which includes running of the society, bookkeeping and accounts, granting of loan, risk evaluation, the use of our software etc.
Registration of Cooperative Societies: As part of our effort to ensure more people belong to Cooperative Society, we encourage the floating of new cooperatives in offices, Places of worships, Educational Institutes and other organisations.
You can invite us to your Office, Religious organisation , Educational institutions and organisation for presentations.
For more enquiries kindly visit www.allcoopsolutions.com or reach Lekan on +2348039429819 and 08125782220. Chick on www.praisecoop.com to view one of our projects

We are all welcome to the year 2019.While wishing you Happy New Year, am happy to inform you that 2019 is full of opportunities and potentials for those that are willing to embrace the opportunities. The different between previous years and 2019 is how you make use of the opportunities in each year.
It’s nice to plan our finances and adherence strictly to it. Irrespective of what are into or plan to do this year; planning to get a job, from employee to Employer, Expansion of businesses etc we all need financial/business planning which includes Savings, Investment, Loan, Training and Networking
 SAVINGS: Set aside a portion of your income (either as a Salary earner or Business owner) on a regular bases into a separate account. Such savings should not be left in a transnational account (Bank Account) so that one will not be tempted to spend or withdraw it using the ATM or another E-channel. Such account should not be easily accessible. One can as well save with a cooperative society or mutual fund.
 INVESTMENT: Don’t just save but investment the fund saved in an interest yielding Ventures or money instrument. A pool of fund has better bargaining advantage. Factors you should consider while investing the money includes: Risk involve, Return on Investment, Tenure, accessibility of funds etc.
 LOAN: For business owners that needs expansion or salary earners that needs fund, a low interest loan is what is needed and these are gotten from cooperative societies or families and friends. I will not advise you to obtain a loan to start a new business no matter how positive the projections looks. Once you have been able to run your business successfully with your little capital and have track records, expanding with borrowed fund can’t be an issue. However, the returns on the investment must be higher than the Cost of Capital.
 TRAINING: A good knowledge of whatever you wish to go into or what you current do will definitely bring success on your way. A large percentage of salary earners have not developed the culture of attending trainings and this has restrict their ability to think of new ideas that will make them independent. I will advise you attend an average of 4 trainings that will impact positively on your dreams this year.
 NETWORKING: Either as an employee or employer, the people we know tends to be our customers and therefore it’s good to have as many like minds as possible. We need the right people to invest in our dreams and also to patronise our businesses therefore try as much as possible to be around the right people that will support your dreams this year.
The year is still fresh and you still have time to make decisions, start something today! It will be nice if you can come together in your offices, Churches or Area and form a cooperative society (check allcoopsolutions.com) or join an existing cooperative such as www.praisecoop.com. Praise Coop is run by seasoned professional accountant who are on the board of Investment Companies and stockbroking firms. You can Save, Access Loan, Invest, Network and get trained. Praise Coop is the first fully Fintech Cooperative in Nigeria.
Check my id for more enquires or go to Praise website

An AAT/OND in Accounting or Related Subject is needed in an Accounting Firm for immediate
employment.

Location:Island.

Also,

Marketing Officers are needed in an IT company around Ikeja.

Any interested candidate can send his or her CV to penuelwayassociates@gmail.com .
Application closes in 2 weeks from today.

A Savings and Loan company is recruiting Freelance Marketers that will market Her products and services.
Location: Ogba, Ikeja
Remuneration: Allowance plus Attractive Commission
Interested candidates should send their CVs to penuelwayassociates@gmail.com

A Savings and Loan company is recruiting Freelance Marketers that will market their products and services.
Location: Ogba, Ikeja
Remuneration: Allowance plus Attractive Commission
Interested candidates should send their CVs to penuelwayassociates@gmail.com

One of our Sister Company is into Commodities Export and earns FX regularly. Any interested and serious person willing to buy USD at a good rate can contact Joel on 08125782220. You can as well respond privately by checking my ID.

Most people think of the availability of the cash and not the Cost why applying. For anybody seeking to access loan
without collateral (either business owner or salary earner ) @ 2% per month for a maximum of 12months . You are free to contact me through my signature.
You must be able to proof that you have a regular source of income to repay

How do one join this party

This is a laudable project and the best way to give back to your home town is establish a Processing Factory which will not only employ the people in the area but also add value to what is currently be farmed in those areas.
The 2 critical questions are usually what type of factory to setup and how to run it. I am glad to tell you that i can introduce a consulting firm that will be be willing to assist you in setting up and running such .What they do basically is to run indigenous factories and their track records can speak for them.
If interested kindly send a mail to penuelwayassociates@gmail.com .

I dont really understand your business.i am into carton business and make different type and shape of cartons and archive boxes.for those looking for carton for their product,you can check my signature or send a mail to archiveandboxes@gmail.com

A team of foreign investors currently manage businesses in Nigeria has engaged our firm to identify genuine Businesses in need of Business Management Experts to run their businesses. Part of what they bring into the business is Working Capital where needed.

Target Companies includes:
Ø Micro, Small and Medium Scale Enterprises.
Ø Poorly managed businesses.
Ø Insolvent/Moribund Companies
Ø Companies in need of Working Capital
Ø Those in need of experts to manage their businesses
Ø Companies indebted to banks and other financial institutions

The aim of this partnership is to have Better Management Team and Access to Cheaper Working Capital (where needed).
Area of Focus includes:
ü Manufacturing
ü Hospitality
ü Health Care
ü Food Processing
Please note that this is not a form of loan but rather a partnership relationship to share out the company’s profit.
This only apply to existing businesses as records will be checked


For more inquiries or application, you can send a mail to penuelwayassociates@gmail.comor call 08125782220

A Juice Factory around Badore , Ajah is in need of an ACCOUNT OFFICER to record daily transactions.



Qualification:

AAT or OND in Accounting

Male or Female

Must resides around Badore Ajah.

Not more than 23years Old.

Whoever is interested should send his or her CV to penuelwayassociates@gmail.com

on or before August 10,2018

A Client with Keen interest in Hospitality business is seeking PARTNERSHIP/MANAGEMENT/LEASING of hotels in these locations:

Ø Agbara/Ota ,Ogun state

Ø Lekki-Epe Express way ,Lagos

Ø Ibadan, Oyo state

Such hotel must:

1. Have a minimum of 30rooms

2. Be in the range of 2-5 star

3. Currently operational

4. Strategically located

For enquiries or Interest call Joel on 08125782220 or email penuelwayassociates@gmail.com

A Client with Keen interest in Hospitality business is seeking PARTNERSHIP/MANAGEMENT/LEASING of hotels in these locations:

Ø Agbara/Ota ,Ogun state

Ø Lekki-Epe Express way ,Lagos

Ø Ibadan, Oyo state

Such hotel must:

1. Have a minimum of 30rooms

2. Be in the range of 2-5 star

3. Currently operational

4. Strategically located

For enquiries or Interest call Joel on 08125782220 or email penuelwayassociates@gmail.com

The Company:
A Service Industry providing Business solution to Small and Medium Enterprises is seeking for young and vibrant Graduates to introduce her Products & Services to business owners especially SMEs . These Services helps to reduce cost and block leakages.
Job description
Such Sales Rep will promote and sell the products of the company to business owners in all sectors of the economy.
Work conditions
No formal working hour is required however, Sales Rep must be able to proof to the company that he/she has incurred a particular expense before a refund can be made. Based on performance, an outstanding candidate may be converted to a full staff after a period of time.


Qualifications:
B.Sc or HND Marketing ,Accounting, Business Administration or any other related disciplines. Recently discharged from NYSC or even waiting to be deployed.
Remuneration: A fixed amount is paid to cover transportation while a percentage of business brought is paid as commission on a monthly bases.
If interested, kindly send your CV to penuelwayassociates@gmail.com on or before 3rd July, 2018

The Company:
A Service Industry providing Business Solution to Small and Medium Enterprises is seeking for young and vibrant Graduates to introduce her Products & Services to business owners especially SMEs . These Services helps to reduce cost, block leakages and reduce fraud.
Job description
Such Sales Rep will promote and sell the products of the company to business owners in all sectors of the economy.
Work conditions
No formal working hour is required however, Sales Rep must be able to proof to the company that he/she has incurred a particular expense before a refund can be made. Based on performance, an outstanding candidate may be converted to a full staff after a period of time.


Qualifications:
B.Sc or HND Accounting, Business Administration or any other related disciplines. Recently discharged from NYSC or even waiting to be deployed.
Remuneration: A fixed amount is paid to cover transportation while a percentage of business brought is paid as commission on a monthly bases.
If interested, kindly send your CV to penuelwayassociates@gmail.com on or before 3rd July, 2018

LOCATION:Lagos

She can reach me if she need free artificial limb

Nice

cool

I wish them Best of luck

A Client that is into food processing needs the services of an Account Officer.

Minimum Qualification;

AAT or OND in Accounting,

Accounting Student Seeking a placement for IT can also apply.

The factory is around Badore , Ajah hence it is advisable that only people staying around that axis should apply.



Interested candidate should send his/her CV to penuelwayassociates@gmail.com on or before 22nd February, 2018

The good side to it is that you can even invest in a bill of less than 30days in the secondary market and still get a rate far higher than the FD rate. Other benefits of TBs includes; Upfront payment of interest, Interest not subjected to withholding Tax, Your money is with CBN and not the bank and many others including the fact that you can trade it in the secondary market through authorized agents.
Should you need further explanation on this and any other investment instruments like bond, shares etc, you can check my signature.

Vacancies exist in a Stock Broking firm in Lagos for the post of a Stockbroker and an Experienced Marketer.

Qualifications: Stockbroker

Ø B.Sc or HND from a reputable institution

Ø Must be a member of the Chartered Institute of Stockbrokers(CIS)

Ø Minimum of 2years relevant experience is required

Ø Must not be more than 32years

Qualifications: Marketer

Ø B.Sc or HND in relevant fields

Ø Must have worked in this capacity for over 3years with a reputable stockbroking firm

Ø Should not be more than 35years



If interested, kindly send your CV to penuelwayassociates@gmail.com OR jobscareersvacancy@gmail.com

A co-operative society with over 500members is seeking to employ an ACCOUNT OFFICER:
Requirements
1. B.Sc or HND in Accounting
2. Should have at least 2 years relevant work experience
3. Ability to work without supervision

Salary; Between 30,000 and 40,000

Location: Agege Pen Cinema
If interested, kindly send your CV to penuelwayassociates@gmail.com on or before 29th March, 2017

Government should stop abokifx.com from determining and manipulating the rate.the force of demand and supply ought to determine rates in a normal economy but since someone somewhere is adding 2 to 5 naira daily to the rate most especially for personal gains,i dont see how naira will regain its value even with daily output of 2m barrel and raising price of oil in the international market.
Government should investigate the people behind this site cause its not healthy for our dear naira

Government should shut down abokifx.com and see if the parallel market price increase will stop or not.how can an unathorised site continue to move the price of our currency and government see no evil in that rather they are running after saharareporter.
I bet you if abokifx put the price of dollar at 1,000 tomorrow,we will all buy and sell dollar at that rate for the day.
Even if government should flood the market with a tralier full of dollar and abokifx.com is still manipulating the price,ko le work ni.

Dear PCs
Vacancy exist for the post of a RELATIONSHIP OFFICER who is to manage the office in the Southern part of the Country.
Our client is a major player in the Commodity market with specialties in Cocoa, Cashew & Sesame Seeds.
The suitable candidate should possess the following:
ü He must be able to work without supervision.
ü Ability to prepare management accounts and analysis figures
ü He must be willing to relocate to the Southern part of the country anytime soon.
ü He must be able to drive a car and has a valid licence.
ü Work under pressure
ü He must be an honest person and be able to handle cash.
ü Qualification: B.Sc /HND in Social Sciences with Minimum of Lower Credit.Not more than 35years

A conducive Accommodation as well as a Vehicle is attached to this position.
Salary is Competitive.
Interested Candidate should send a copy of his resume to info@helixsecuritiesltd.com and sinkontrans@yahoo.com not later than 11th January, 2017.

Good Morning PC,

Vacancy exists in a recently Licensed Capital Market Operator for the post of Legal Adviser and Compliance Officer.
Qualification:

A Law graduate (preferably a female)
Suitable applicant must have relevant experience in financial matters
Must not be more than 35years.

If interested, Kindly send your CV to penuelwayassociates@gmail.com on or before 9th June, 2016

Vacancy exist in a manufacturing company in Badore , Ajah for the post of an ACCOUNT OFFICER
QUALIFICATION:OND ACCOUNTING,NSE ACCOUNTING OR AAT
LESS THAN 30YEARS
MUST BE STAYING AROUND Ajah Badore ,Axis

If interested,send your CV to penuelwayassociates@gmail.com on or before Nov 3rd, 2015