Contact TERIODAM CONCEPT for your dyed fabrics....we work on lace, guinea brocade, Tshirts and jeans fabrics call 09056845171 or Whatsapp 08093680877
Email: terryndu@gmail.com
Email: terryndu@gmail.com
Trending
NIRSAL Targets 8m Farmers in Geo-Clusters Scheme https://dailyasset.ng/nirsal-targets-8m-farmers-in-geo-clusters-scheme/
TAX MATTERS IN NIGERIA AS AT 23/01/2020
*Explanations on Current Tax Issues in Nigeria:*
1. All tax payers, whether qualify to pay tax or not, have to file annual tax and monthly vat returns
2. Witholding tax will continue to be deducted from advance payments for qualified amounts but refund can be sought by SMEs for those not in the tax paying bracket
3. Determination of qualifying SMEs whose Turnover is not up N25m and so not qualify to pay CIT, VAT and EDT will be determined on preceding year basis
4. When an SMEs' turnover clocks N25m and above, it will be expected to register for VAT and pay all taxes
5. Tax exemptions for N25m turnover and below includes enterprises and individuals which pay taxes to state govts
6. Minimum tax is not applicable any longer for entities within tax exemptions
7. Vat is now to be made on cash transaction basis and not on receivables
8. Many more items have been exempted from Vat, therefore consumers should be aware because at point of payments for several items bought, sellers can charge 7.5% on all and only remit for qualifying vat expenses
9. Contract Invoices already raised and presented for payment before 1st Feb 2020 will still be at 5% VAT even after commencement date of 7.5% vat
10. Education tax is also exempted for businesses, including enterprises, with N25m and below
11. Vat exempt for businesses of N25m and below does not exempt them from paying vat at 7.5% but cannot charge such vat and therefore would not register for VAT from this year.
12. All individuals and entities are required to obtain TIN and tax authorities can have access to their tax information
13. Firs currently has access to bank transactions of N5m and above of customers
14. All lien placed on bank accounts of customers have been lifted by FIRS and that era may not occur again except for tax payers with established tax liabilities but fail to pay.
S. Abdullahi FCA, ACTI
22.1.2020
1. All tax payers, whether qualify to pay tax or not, have to file annual tax and monthly vat returns
2. Witholding tax will continue to be deducted from advance payments for qualified amounts but refund can be sought by SMEs for those not in the tax paying bracket
3. Determination of qualifying SMEs whose Turnover is not up N25m and so not qualify to pay CIT, VAT and EDT will be determined on preceding year basis
4. When an SMEs' turnover clocks N25m and above, it will be expected to register for VAT and pay all taxes
5. Tax exemptions for N25m turnover and below includes enterprises and individuals which pay taxes to state govts
6. Minimum tax is not applicable any longer for entities within tax exemptions
7. Vat is now to be made on cash transaction basis and not on receivables
8. Many more items have been exempted from Vat, therefore consumers should be aware because at point of payments for several items bought, sellers can charge 7.5% on all and only remit for qualifying vat expenses
9. Contract Invoices already raised and presented for payment before 1st Feb 2020 will still be at 5% VAT even after commencement date of 7.5% vat
10. Education tax is also exempted for businesses, including enterprises, with N25m and below
11. Vat exempt for businesses of N25m and below does not exempt them from paying vat at 7.5% but cannot charge such vat and therefore would not register for VAT from this year.
12. All individuals and entities are required to obtain TIN and tax authorities can have access to their tax information
13. Firs currently has access to bank transactions of N5m and above of customers
14. All lien placed on bank accounts of customers have been lifted by FIRS and that era may not occur again except for tax payers with established tax liabilities but fail to pay.
S. Abdullahi FCA, ACTI
22.1.2020
MAKE MONEY BUYING SHARES
The era o
f investing in Shares for keep is far gone, the present realities is to maximise the returns on your Shares Investment by Trading (Buying & Selling when it appreciates for Capital Gain and if well managed/monitored, you can also enjoy the yearly dividend as well. For further details call, WhatsApp or sms me on +2348023203251 for further details.
The top FOUR small scale businesses you can start in Nigeria with as little as #50,000
If you have passion for farming, these three crops can be planted on a small piece of land and you can generate as much as #100,000 or more every month:
1. Pepper planting
2. Ugwu planting
3. Strawberry planting
The other stream of income is pepper grinding, grinding machine costs less than #50,000 in Nigeria.
1. Pepper planting
2. Ugwu planting
3. Strawberry planting
The other stream of income is pepper grinding, grinding machine costs less than #50,000 in Nigeria.
THE ENTREPRENURESHIP EXAMPLE
1- In 1938, Lee Byung-Chull launched Samsung in South Korea as a grocery shop.
2- In 1940, due to tight competition in the grocery segment, Samsung abandoned grocery for producing and selling of noddles.
3- In 1950, Samsung abandoned production of noddles for producing of sugar.
4- In 1954, Samsung left sugar and started a woolen mill in Korea.
5- In 1956, Samsung abandoned woolen mill and started selling Insurance and securities.
6- In 1960, Samsung left selling of insurance and securities for production of television - the black and white television. Not color television.
7- In 1980, Samsung switched to telecoms, producing telephone switch boards.
8- In 1987, Lee the founder and owner of Samsung died. The company now broke into four independent companies- department stores, chemicals & logistics, paper/telecom and electronics.
9- Same year, Samsung decided to focus on international investing, investing in plants & semi conductor facilities around the world.
10- In 1990, Samsung delved into real estate abandoning international investing in semi conductors. Samsung built the worlds tallest buildings: Petronas Towers Malaysia, Taipei 101 in Taiwan
11- In 1993, there was heavy recession and Asian markets went belly up, Lee's son who had succeeded him as the CEO of Samsung began downsizing, selling subsidiaries and merged the rest.
12- With the merging of the electronics, engineering and chemicals division, Samsung became the worlds largest producer of memory chips.
13- In 1995, Samsung switched to liquid-crystal displays and over the next 10 years became the worlds largest manufacturer of flat screen television.
14- In 2010, with liquid crystal displays becoming competitive, Samsung launches a 10 year growth strategy, with smart phones being a key focus.
15- In 2016, Samsung is worlds largest mobile and smart phone maker, outselling iPhone two to one.
Samsung sales today is over $250 billion and produces a fifth of South Korea's total exports.
Don't be afraid of change. If you don't change, you become insignificant. Don't be afraid of delving into new waters. Don't get stuck doing same thing over and over again, it's boring. The life is in the risk. The life is in the new!!!! If your idea isn't working or you are stagnant, don't stick to the Glorious' past, take the risk and move on. It's far better than being stagnant.
Subscribe to:
Comments (Atom)
D'EVERGREEN
-
LSETF SUMMIT 2020 5-6th February, 2020 THEME: Government as an enabler for job creation In attendance were the Lagos Hon. Commissi... -
This is an opportunity to advertise your business daily and leverage on new opportunities
