One of our community members on Fokona asked this question to our Founder Iking Ferry: “The tax deadline is tomorrow and I don’t understand anything about tax filing… how do I file my personal income tax in Lagos?”
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I invested 33.2m in MMMF as a corporate investor then I am withdrawing the amount little by little to solve problem, how do I file for CIT even though I will still have some amount left in the MMMF till ...Read more
How do one get Tax Identification Number in Nigeria?
Please I’ll like a detailed explanation on how cryptocurrency are taxed here in Nigeria, for instance 1. Interest from trading crypto 2. Income from mining app 3. And other aspects
Good day, I would appreciate some clarification regarding taxation. Assuming I borrow ₦5, 000,000 to start a business and the funds are transferred into my bank account as an inflow, would that amount be subject to tax at the end of the ...Read more
I recently started working and noticed that my employer deducts PAYE tax from my salary every month before paying me. Honestly, I’m still confused about how this PAYE tax works in Nigeria and why it is compulsory for salary earners. I want ...Read more
I’ve always been confused about how employers calculate salary tax in Nigeria. For example, when someone receives a salary, different deductions usually appear such as: • PAYE tax • Pension • NHF • NHIS What I really want to understand is:Read more
I recently discovered that some deductions can legally reduce the amount of PAYE tax a salary earner pays in Nigeria, but I don’t fully understand how it works. For example, I’ve heard people mention things like: • Pension contributions • NHF ...Read more
I’ve been hearing the term “taxable income” many times whenever people talk about PAYE tax in Nigeria, but I still don’t fully understand what it actually means. Is taxable income the same thing as salary, or is it the amount left ...Read more
I recently heard that pension contributions can help reduce the amount of PAYE tax someone pays in Nigeria, but I don’t fully understand how that works. For example, if two employees earn the same salary, but one contributes more to pension, ...Read more
Please, can you throw more light on tax id generation and verification and the right office for it. I generated my tax id online by inputting my NIN last year. Fast forward to yesterday, I wanted to complete my kyc ...Read more