The Importance of Workable Accounting Software
In today's fast-paced business environment, it is crucial to have a reliable and efficient accounting software to manage your finances. This article will discuss the importance of having a workable accounting software for your business and how it can help you stay organized and make informed decisions.
One of the main benefits of having a workable accounting software is that it allows you to easily track and manage your financial transactions. This includes recording income and ex
Author: Muhammad T. Esan
The Importance of Bookkeeping
Bookkeeping is the process of recording and maintaining financial transactions for a business. It is essential for a business to keep accurate records of its financial transactions in order to make informed decisions and maintain compliance with tax laws. In this blog post, we will discuss the importance of bookkeeping and how it can benefit your business.
First and foremost, bookkeeping allows a business to have a clear and accurate picture of its financial situation. It helps to track income
Author: Muhammad T. Esan
Why My Business Needs Professional Input
In today's fast-paced business environment, it's more important than ever to have professional input in order to stay competitive. Whether it's through consulting services, training programs, or other forms of support, having access to the right expertise can make all the difference in the success of your business.
One of the biggest benefits of professional input is the ability to stay on top of industry trends and best practices. In order to stay competitive, you need to be aware of what's ha
Author: Muhammad T. Esan
What is Value Added Tax (VAT) in Nigeria
Value Added Tax (VAT) is a consumption tax that is charged on the value added to goods and services at every stage of production and distribution. In Nigeria, VAT was introduced in 1993 and has since become an important source of revenue for the government. The current VAT rate in Nigeria is 7.5%.
VAT works by adding a tax to the value of goods and services at each stage of production and distribution. For example, if a manufacturer buys raw materials for N100 and sells the finished product f
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Are earthly materials VAT able in Nigeria?
Nigeria is a country that operates a Value Added Tax (VAT) system, which is an indirect tax system that imposes a tax on goods and services at every stage of the supply chain. The VAT system in Nigeria requires businesses to register and collect VAT on behalf of the government, and to periodically remit the VAT to the government. This system ensures that businesses are able to share the tax burden with the end consumer.
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VAT on goods and services
The VAT system in Nigeria is levied on goods and services that are consumed in Nigeria, regardless of where the goods were produced or the services were performed. This means that goods and services that are imported into Nigeria are subject to VAT, as well as goods and services that are produced locally. This helps to create a level playing field for both domestic and foreign businesses operating in Nigeria.
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Group advantages and disadvantages, are outlined below:
Pros:
Diversification: Operating a group of companies allows for diversification across different industries and sectors, which can reduce the risk of exposure to economic downturns in a specific industry.
Economies of Scale: When companies are grouped together, there may be opportunities to reduce costs by sharing resources, such as HR, IT, or legal services. This can lead to increased efficiency and cost savings.
Cross-selling Opportunities: With multiple companies operati
Author: Muhammad T.
What is Finance act 2019
The Finance Act 2019 is a legislation passed by the Nigerian National Assembly to reform Nigeria's tax system and provide measures for the implementation of the 2020 budget. The Act introduced several changes to Nigeria's tax laws, including amendments to the Companies Income Tax Act, Value Added Tax Act, Personal Income Tax Act, Customs and Excise Tariff Act, and Stamp Duties Act.
Some of the key provisions of the Finance Act 2019 include the increase of the Value Added Tax (VAT) rate from 5
Author: Muhammad T.
Emphasis of the finance act on the nigeria tax system and the company Income Tax
The emphasis of the Finance Act on the Nigerian tax system and payment, particularly for companies, is to improve the ease of doing business in Nigeria by reducing the tax burden on small and medium-sized enterprises (SMEs) and promoting investment in the country. The act provides tax incentives for companies that invest in infrastructure and capital markets, and it also exempts small companies with a gross turnover of less than N25 million from paying income tax. Additionally, the act introduce
Author: Muhammad T.
Why organogram in an organization ?
Why organogram in an organization ?
An organogram, also known as an organizational chart, is an important tool for an organization as it helps to provide a visual representation of the company's structure, hierarchy, and relationships among its employees. There are several reasons why an organogram is important:
1. Clarifying Roles and Responsibilities: An organogram helps to clarify the roles and responsibilities of employees at different levels in the organization. It provides a clear pictur
Author: Muhammad T.
The Effect of Double Taxation on the Nigeria Economy
Double taxation in the context of Nigeria's economy refers to a situation where the same income or economic activity is subject to taxation multiple times by different levels of government or different taxing authorities. This can occur in various forms, such as double taxation of income, goods, or services. Double taxation can create a burden on end consumers in Nigeria's economy, and here's how:
1. **Multiple Taxation Authorities**: Nigeria has a federal system of government, which means th
Author: Muhammad T.
