Tax Knowledge For A New Business Owner - Business - Nairaland
Nairaland Forum › Nairaland General › Business › Tax Knowledge For A New Business Owner (425 Views)
| Tax Knowledge For A New Business Owner by SLOVFO(op): 11:43am On Jun 18, 2019 |
I recently set up a company but I am yet to start using it to do business. I need knowledge about how tax is calculated and applied to businesses. Can anyone direct me to where I can acquire the requisite knowledge? |
| Re: Tax Knowledge For A New Business Owner by PatrickOkunima(m): 12:32pm On Jun 18, 2019 |
SLOVFO:Income Tax for companies is 30% of profit. If it's a one-man business you don't pay company income tax, but personal income tax (Which is much lower than CIT). Other taxes: VAT - 5% of price WHT - varies 1 Like |
| Re: Tax Knowledge For A New Business Owner by blesscash: 12:41pm On Jun 18, 2019 |
good question ? |
| Re: Tax Knowledge For A New Business Owner by SLOVFO(op): 3:15pm On Jun 18, 2019 |
PatrickOkunima:Thanks brother for the information. By "one-man business", you meant any business that's not incorporated? |
| Re: Tax Knowledge For A New Business Owner by PatrickOkunima(m): 4:20pm On Jun 18, 2019 |
Yes. SLOVFO: |
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