As individuals from poor background or,that want to become rich,and create true wealth,one thing you need to understand earlier,and start practicing,if you are really serious about wealth creation is,looking for better ways,you can start accumulating assets of different class,as an individual,no matRead more
As individuals from poor background or,that want to become rich,and create true wealth,one thing you need to understand earlier,and start practicing,if you are really serious about wealth creation is,looking for better ways,you can start accumulating assets of different class,as an individual,no matter your financial level in life,or,where you are today,or,how much you earn currently. Always look into how,you can leverage,what you already have,your income,your resources like, devices, parents leverage, family house leverage,and many more,to start building the type of life you want. Thinking long term,in any investment,you get yourself into,like personal development, financial education,stocks,real estate, business and brands,and many more.
In a simple answer,yes, because it's a taxable income. But understand this,the way personal income tax is being done,is different from how,a company income tax is tax. Let me explain for better understanding,in a way,even mama ngozi will understand,shall we? Short answer,yes,your company will likelyRead more
In a simple answer,yes, because it’s a taxable income. But understand this,the way personal income tax is being done,is different from how,a company income tax is tax. Let me explain for better understanding,in a way,even mama ngozi will understand,shall we?
Short answer,yes,your company will likely pay some taxes,as a business in Nigeria,but at reduced rates. Let me explain this more better, than this;
Key Taxes For Your Scenario!
A) Company Income Tax(CIT)
Your annual turnover is ₦9.4M,making it,a small Company(not greater than ₦25M)
And your CIT(company income tax)rate is 0%(so,you don’t pay CIT)
B) Value Added Tax(VAT)
If registered with the CAC,7.5% on taxable goods,& services
And,you collect this VAT,from customers and remit,or send it,to FIRS
C) Withholding Tax(WHT)
Deducted on certain payments(contracts,rent,services)
And,acts as advance tax credit,to your business.
D) PAYE(if you have employees)
You must deduct,and remit employees’ income tax,as a company in Nigeria.
E)Annual Filing Requirement:
Even with 0% CIT,for your company case,you must file annual returns,with Federal Inland Revenue Service,every year. Mandatory to every registered company or business in Nigeria.
What Determines Your Tax Position?
° Turnover(not share capital),drives CIT classification
° Nature of business(VAT applicability)
° Whether you have staffs, or contractors
Simple Guidance!
° You won’t pay CIT,at your current size,or on this your business scenario.
° You still have compliance obligations,as a company or business in Nigeria,which includes (VAT, WHT, filings)
° Keep proper records,inorder to maintain eligibility,as a small company
Quick Tip!
Consult a licensed Nigerian tax practitioner,for your business or company,for accurate filings, and to avoid penalties.
FAQ
Do small companies,like this,pay tax in Nigeria?
Some of them,pay 0% CIT,just like for this scenario here,this company won’t pay for company income tax,but must comply with VAT,WHT,and filings.
Does share capital affect tax?
No,instead,your business turnover, yearly,determines CIT rate,not share capital.
Actually,my email address has a profile picture on it,and it was also included on my account here,but,the profile picture on my emails,was not automatically uploaded to my account on this platform. Though,like I previously said,seems like,I need to use a image compressor app,to reduce the size of thRead more
Actually,my email address has a profile picture on it,and it was also included on my account here,but,the profile picture on my emails,was not automatically uploaded to my account on this platform. Though,like I previously said,seems like,I need to use a image compressor app,to reduce the size of the picture, I would love to use as profile picture here,before,it can be uploaded, successfully,just as Fokona,suggested on my previous question related to this too. Thanks,for your suggestions though.
To invest safely,as a beginner in Nigeria,using investment apps,I recommend,you using,any SEC aligned,trusted apps,but also start small,and focus on low risk,long term investing. Let make clearer to everyone,more better,shall we? 1) Choose licensed,beginner friendly platforms: You can start with; °Read more
To invest safely,as a beginner in Nigeria,using investment apps,I recommend,you using,any SEC aligned,trusted apps,but also start small,and focus on low risk,long term investing. Let make clearer to everyone,more better,shall we?
1) Choose licensed,beginner friendly platforms:
You can start with;
° Cowrywise(for mutual funds, because of it,low risks)
° PiggyVest(fixed returns)
° Risevest(For U.S. assets,& it protects your money,against naira decline)
And,for stocks later,use this;
° Bamboo or Trove
2) Start with safer investments:
As a beginner, always begin with;
° Low risk investment like,Mutual funds
° Treasury bills,& bonds
° Dollar portfolios
And,only move to individual stocks, after understanding the market.
3) Follow a simple process:
° Sign up(BVN verification,& your NIN,will be needed for platforms like, Risevest,for account verification)
° Fund with a small amount(like from ₦1700 to ₦20k)
° Invest gradually,and consistently
° And, always check performance, occasionally(not daily, especially for platforms,that manage your investment for you,like Risevest)
4) Use a safe strategy:
° Start small,and scale gradually
° Diversify(don’t put all money,in one place)
° Focus on long term growth
5) Avoid common mistakes:
° Chasing quick profits
° Using unverified apps
° Investing all your money at once
° Panic selling,during market drops
Key principle,& strategy to follow!
Use regulated apps,invest small, diversify,and stay long term,because, that’s how to avoid regret.
Okay,that good to know,but, I provided my email,here on the platform,but my profile,still have no pictures representing me,even though, I have tried uploading one,directly,through the edit profile. Though,Fokona,commented once,on my question,on this same issue,their suggestions was to compress the iRead more
Okay,that good to know,but, I provided my email,here on the platform,but my profile,still have no pictures representing me,even though, I have tried uploading one,directly,through the edit profile. Though,Fokona,commented once,on my question,on this same issue,their suggestions was to compress the image first,to below 5mb,before uploading it here,and must show,your face clearly.
Here’s the simple step,and what to consider first; Cover needs,secure safety,invest first,& spend the rest. 1) Needs come first: Always pay for your essentials, first ,like,you can bring out,some portion of your income or money,for your basic needs(food,housing,bills, health,etc). 2) Build a safRead more
Here’s the simple step,and what to consider first;
Cover needs,secure safety,invest first,& spend the rest.
1) Needs come first:
Always pay for your essentials, first ,like,you can bring out,some portion of your income or money,for your basic needs(food,housing,bills, health,etc).
2) Build a safety net:
Save 3,to 6 months,of expenses,first,that is,after being out,your basic needs money,aside, before,any serious investing, especially,for any emergency.
3) Invest before spending:
Automatically invest,10–20%,of your income,though,it’s depends on the amount,you earn,and your management skills,in terms of, family size,personal use,and things,in between,then spend what’s left.
4) Control wants:
Always pause,before spending on, non essential things. Because,if it’s not meaningful,you invest instead,that is,after your basic needs, emergency funds,have been kept aside,or settled.
5) Think long term:
Sometimes ask,“Do I want this now,or more money later?”
My final point,discipline first,lifestyle second,then,wealth always compounding.
In addition to the answers below,for you to win in a crowded plaza,as a business; ° Differentiate: Be clearly better,or uniquely,focused on having your own voice, as a business,even though,in a crowded market. ° Outserve: Fast,friendly,& consistent,every time,to your customers, prospects, clientRead more
In addition to the answers below,for you to win in a crowded plaza,as a business;
° Differentiate: Be clearly better,or uniquely,focused on having your own voice, as a business,even though,in a crowded market.
° Outserve: Fast,friendly,& consistent,every time,to your customers, prospects, clients or gigs.
° Be seen: Have a strong presence (storefront,like a website,& social media presence).
° Price with value: Don’t be cheapest,instead be worth it, because,price alone,don’t make people buy from you,instead,making them,see the value,you are offering,with your products or services,as a business does.
° Build loyalty: Turn buyers,into repeat customers,by constantly,adding value to them.
° Adapt fast: Learn,improve,& stay ahead.
Bottom line,Clarity,value,& consistency,wins,even in heavy competition.
And in addition to that,Yes,10% monthly(₦50k on ₦500k) is possible,but not stable or passive,like you think,and always depends,on the person or business,managing it. Because,it actually,depends on fast turnover,and active management. For example,it's can be done,with real estate(Shortlet)but,only ifRead more
And in addition to that,Yes,10% monthly(₦50k on ₦500k) is possible,but not stable or passive,like you think,and always depends,on the person or business,managing it. Because,it actually,depends on fast turnover,and active management.
For example,it’s can be done,with real estate(Shortlet)but,only if, occupancy is high,but still,income fluctuates,sometimes,but like I said earlier,depends on the management of the business. Another,is through FMCG Trading,and it is,in
most reliable realistic example,while also in,steady demand,and quick turnover. Another option is through food business. Yes,food business,and it provides,daily cash flow,and can,exceed 10%,with consistency,when managed well. Another great option is,digital reselling,and it with high margins, currently,but,depends on marketing. My bottom line,achievable,but,only with active,high demand businesses,if not,it’s not guaranteed,every monthly.
Actually,this is a good question, especially, regarding wealth creation, because most people today, believe that,money is the root of all evil,yes,that true,but not actually,as you see it. Let me explain futher; A)Imagine A King Of A Community: Now,imagine a king of a small community,with beautifulRead more
Actually,this is a good question, especially, regarding wealth creation, because most people today, believe that,money is the root of all evil,yes,that true,but not actually,as you see it. Let me explain futher;
A)Imagine A King Of A Community: Now,imagine a king of a small community,with beautiful places, natural resources,and wealth,in the community. Like,other neighboring community or village,come to this first community we discussed about,to trade with them,due to their natural resources,and for vacation,due to the beautiful places,in this community. Now imagine that,one,a different king,visited this community,with beautiful places,and great resources,but,while in the palace,with this good community,one of the subjects,or indigenous individuals,visited the king, without being invited,dressed badly,or,looking like a beggar. Think of this now,how will this other community neighbors,king, seeing this subject,of the great community,with all these natural resources,but its, villagers,or subject,looking like a beggar,how,do you think,this outer,that is a king,will start seeing this King,of this great community? Good or bad? Hope you get the scope now. Now,to your question,God rewards those who uses their business or what they do,to make his will a successful one,and he rewards this people with wealth. Meaning that,money actually is not the root of evil,but,the minds of people,when not trained,with God morals,or laws. And yes,your business can be a massive tool,for the impact of the kingdom,by simplying,using it,to make his will a realistic one. And,how big or small it is,depends on how,many people,it can use to make God’s will,a reality,today.
One of the common mistakes, beginners make,during their first years of investing is,getting into any investment scheme,without,proper information on how the market, actually works, following trends in investing,and ignorance of self development first,as their first investment,before getting into anyRead more
One of the common mistakes, beginners make,during their first years of investing is,getting into any investment scheme,without,proper information on how the market, actually works, following trends in investing,and ignorance of self development first,as their first investment,before getting into any real investment strategy today. Because these are the things,that determines,if you grow your money as an investors, especially if new,to any market,or industry.
What’s a “rich habit” that people should start early?
As individuals from poor background or,that want to become rich,and create true wealth,one thing you need to understand earlier,and start practicing,if you are really serious about wealth creation is,looking for better ways,you can start accumulating assets of different class,as an individual,no matRead more
As individuals from poor background or,that want to become rich,and create true wealth,one thing you need to understand earlier,and start practicing,if you are really serious about wealth creation is,looking for better ways,you can start accumulating assets of different class,as an individual,no matter your financial level in life,or,where you are today,or,how much you earn currently. Always look into how,you can leverage,what you already have,your income,your resources like, devices, parents leverage, family house leverage,and many more,to start building the type of life you want. Thinking long term,in any investment,you get yourself into,like personal development, financial education,stocks,real estate, business and brands,and many more.
See lessTax Deadline Is March 31 – How Can I File My Personal Income Tax in Lagos Nigeria Easily?
In a simple answer,yes, because it's a taxable income. But understand this,the way personal income tax is being done,is different from how,a company income tax is tax. Let me explain for better understanding,in a way,even mama ngozi will understand,shall we? Short answer,yes,your company will likelyRead more
In a simple answer,yes, because it’s a taxable income. But understand this,the way personal income tax is being done,is different from how,a company income tax is tax. Let me explain for better understanding,in a way,even mama ngozi will understand,shall we?
Short answer,yes,your company will likely pay some taxes,as a business in Nigeria,but at reduced rates. Let me explain this more better, than this;
Key Taxes For Your Scenario!
A) Company Income Tax(CIT)
Your annual turnover is ₦9.4M,making it,a small Company(not greater than ₦25M)
And your CIT(company income tax)rate is 0%(so,you don’t pay CIT)
B) Value Added Tax(VAT)
If registered with the CAC,7.5% on taxable goods,& services
And,you collect this VAT,from customers and remit,or send it,to FIRS
C) Withholding Tax(WHT)
Deducted on certain payments(contracts,rent,services)
And,acts as advance tax credit,to your business.
D) PAYE(if you have employees)
You must deduct,and remit employees’ income tax,as a company in Nigeria.
E)Annual Filing Requirement:
Even with 0% CIT,for your company case,you must file annual returns,with Federal Inland Revenue Service,every year. Mandatory to every registered company or business in Nigeria.
What Determines Your Tax Position?
° Turnover(not share capital),drives CIT classification
° Nature of business(VAT applicability)
° Whether you have staffs, or contractors
Simple Guidance!
° You won’t pay CIT,at your current size,or on this your business scenario.
° You still have compliance obligations,as a company or business in Nigeria,which includes (VAT, WHT, filings)
° Keep proper records,inorder to maintain eligibility,as a small company
Quick Tip!
Consult a licensed Nigerian tax practitioner,for your business or company,for accurate filings, and to avoid penalties.
FAQ
Do small companies,like this,pay tax in Nigeria?
Some of them,pay 0% CIT,just like for this scenario here,this company won’t pay for company income tax,but must comply with VAT,WHT,and filings.
Does share capital affect tax?
No,instead,your business turnover, yearly,determines CIT rate,not share capital.
See lessHow Long Does It Take for a Profile Picture to Appear on Fokona After Uploading?
Actually,my email address has a profile picture on it,and it was also included on my account here,but,the profile picture on my emails,was not automatically uploaded to my account on this platform. Though,like I previously said,seems like,I need to use a image compressor app,to reduce the size of thRead more
Actually,my email address has a profile picture on it,and it was also included on my account here,but,the profile picture on my emails,was not automatically uploaded to my account on this platform. Though,like I previously said,seems like,I need to use a image compressor app,to reduce the size of the picture, I would love to use as profile picture here,before,it can be uploaded, successfully,just as Fokona,suggested on my previous question related to this too. Thanks,for your suggestions though.
See lessHow Can a Beginner Safely Navigate Investment Apps and Choose the Right Stocks and Platforms Before Investing?
To invest safely,as a beginner in Nigeria,using investment apps,I recommend,you using,any SEC aligned,trusted apps,but also start small,and focus on low risk,long term investing. Let make clearer to everyone,more better,shall we? 1) Choose licensed,beginner friendly platforms: You can start with; °Read more
To invest safely,as a beginner in Nigeria,using investment apps,I recommend,you using,any SEC aligned,trusted apps,but also start small,and focus on low risk,long term investing. Let make clearer to everyone,more better,shall we?
1) Choose licensed,beginner friendly platforms:
You can start with;
° Cowrywise(for mutual funds, because of it,low risks)
° PiggyVest(fixed returns)
° Risevest(For U.S. assets,& it protects your money,against naira decline)
And,for stocks later,use this;
° Bamboo or Trove
2) Start with safer investments:
As a beginner, always begin with;
° Low risk investment like,Mutual funds
° Treasury bills,& bonds
° Dollar portfolios
And,only move to individual stocks, after understanding the market.
3) Follow a simple process:
° Sign up(BVN verification,& your NIN,will be needed for platforms like, Risevest,for account verification)
° Fund with a small amount(like from ₦1700 to ₦20k)
° Invest gradually,and consistently
° And, always check performance, occasionally(not daily, especially for platforms,that manage your investment for you,like Risevest)
4) Use a safe strategy:
° Start small,and scale gradually
° Diversify(don’t put all money,in one place)
° Focus on long term growth
5) Avoid common mistakes:
° Chasing quick profits
° Using unverified apps
° Investing all your money at once
° Panic selling,during market drops
Key principle,& strategy to follow!
Use regulated apps,invest small, diversify,and stay long term,because, that’s how to avoid regret.
See lessHow Long Does It Take for a Profile Picture to Appear on Fokona After Uploading?
Okay,that good to know,but, I provided my email,here on the platform,but my profile,still have no pictures representing me,even though, I have tried uploading one,directly,through the edit profile. Though,Fokona,commented once,on my question,on this same issue,their suggestions was to compress the iRead more
Okay,that good to know,but, I provided my email,here on the platform,but my profile,still have no pictures representing me,even though, I have tried uploading one,directly,through the edit profile. Though,Fokona,commented once,on my question,on this same issue,their suggestions was to compress the image first,to below 5mb,before uploading it here,and must show,your face clearly.
See lessHow Do You Decide Whether to Spend or Invest Money: What Rules and Strategies Should You Follow?
Here’s the simple step,and what to consider first; Cover needs,secure safety,invest first,& spend the rest. 1) Needs come first: Always pay for your essentials, first ,like,you can bring out,some portion of your income or money,for your basic needs(food,housing,bills, health,etc). 2) Build a safRead more
Here’s the simple step,and what to consider first;
Cover needs,secure safety,invest first,& spend the rest.
1) Needs come first:
Always pay for your essentials, first ,like,you can bring out,some portion of your income or money,for your basic needs(food,housing,bills, health,etc).
2) Build a safety net:
Save 3,to 6 months,of expenses,first,that is,after being out,your basic needs money,aside, before,any serious investing, especially,for any emergency.
3) Invest before spending:
Automatically invest,10–20%,of your income,though,it’s depends on the amount,you earn,and your management skills,in terms of, family size,personal use,and things,in between,then spend what’s left.
4) Control wants:
Always pause,before spending on, non essential things. Because,if it’s not meaningful,you invest instead,that is,after your basic needs, emergency funds,have been kept aside,or settled.
5) Think long term:
Sometimes ask,“Do I want this now,or more money later?”
My final point,discipline first,lifestyle second,then,wealth always compounding.
See lessHow Can a Business Stay Competitive When Multiple Similar Businesses Operate in the Same Plaza?
In addition to the answers below,for you to win in a crowded plaza,as a business; ° Differentiate: Be clearly better,or uniquely,focused on having your own voice, as a business,even though,in a crowded market. ° Outserve: Fast,friendly,& consistent,every time,to your customers, prospects, clientRead more
In addition to the answers below,for you to win in a crowded plaza,as a business;
° Differentiate: Be clearly better,or uniquely,focused on having your own voice, as a business,even though,in a crowded market.
° Outserve: Fast,friendly,& consistent,every time,to your customers, prospects, clients or gigs.
° Be seen: Have a strong presence (storefront,like a website,& social media presence).
° Price with value: Don’t be cheapest,instead be worth it, because,price alone,don’t make people buy from you,instead,making them,see the value,you are offering,with your products or services,as a business does.
° Build loyalty: Turn buyers,into repeat customers,by constantly,adding value to them.
° Adapt fast: Learn,improve,& stay ahead.
Bottom line,Clarity,value,& consistency,wins,even in heavy competition.
See lessCan You Earn 10% Monthly Returns on a 500K Investment in Business?
And in addition to that,Yes,10% monthly(₦50k on ₦500k) is possible,but not stable or passive,like you think,and always depends,on the person or business,managing it. Because,it actually,depends on fast turnover,and active management. For example,it's can be done,with real estate(Shortlet)but,only ifRead more
And in addition to that,Yes,10% monthly(₦50k on ₦500k) is possible,but not stable or passive,like you think,and always depends,on the person or business,managing it. Because,it actually,depends on fast turnover,and active management.
For example,it’s can be done,with real estate(Shortlet)but,only if, occupancy is high,but still,income fluctuates,sometimes,but like I said earlier,depends on the management of the business. Another,is through FMCG Trading,and it is,in
most reliable realistic example,while also in,steady demand,and quick turnover. Another option is through food business. Yes,food business,and it provides,daily cash flow,and can,exceed 10%,with consistency,when managed well. Another great option is,digital reselling,and it with high margins, currently,but,depends on marketing. My bottom line,achievable,but,only with active,high demand businesses,if not,it’s not guaranteed,every monthly.
See lessCan a Billion-Dollar Business Serve God, and Does Scale Affect Its Kingdom Impact?
Actually,this is a good question, especially, regarding wealth creation, because most people today, believe that,money is the root of all evil,yes,that true,but not actually,as you see it. Let me explain futher; A)Imagine A King Of A Community: Now,imagine a king of a small community,with beautifulRead more
Actually,this is a good question, especially, regarding wealth creation, because most people today, believe that,money is the root of all evil,yes,that true,but not actually,as you see it. Let me explain futher;
A)Imagine A King Of A Community: Now,imagine a king of a small community,with beautiful places, natural resources,and wealth,in the community. Like,other neighboring community or village,come to this first community we discussed about,to trade with them,due to their natural resources,and for vacation,due to the beautiful places,in this community. Now imagine that,one,a different king,visited this community,with beautiful places,and great resources,but,while in the palace,with this good community,one of the subjects,or indigenous individuals,visited the king, without being invited,dressed badly,or,looking like a beggar. Think of this now,how will this other community neighbors,king, seeing this subject,of the great community,with all these natural resources,but its, villagers,or subject,looking like a beggar,how,do you think,this outer,that is a king,will start seeing this King,of this great community? Good or bad? Hope you get the scope now. Now,to your question,God rewards those who uses their business or what they do,to make his will a successful one,and he rewards this people with wealth. Meaning that,money actually is not the root of evil,but,the minds of people,when not trained,with God morals,or laws. And yes,your business can be a massive tool,for the impact of the kingdom,by simplying,using it,to make his will a realistic one. And,how big or small it is,depends on how,many people,it can use to make God’s will,a reality,today.
See lessWhat Investment Mistakes Should Beginners Avoid in Their First Year of Investing?
One of the common mistakes, beginners make,during their first years of investing is,getting into any investment scheme,without,proper information on how the market, actually works, following trends in investing,and ignorance of self development first,as their first investment,before getting into anyRead more
One of the common mistakes, beginners make,during their first years of investing is,getting into any investment scheme,without,proper information on how the market, actually works, following trends in investing,and ignorance of self development first,as their first investment,before getting into any real investment strategy today. Because these are the things,that determines,if you grow your money as an investors, especially if new,to any market,or industry.
See less