Introduction Taxes are a necessary part of society and have been around for centuries. Recently after the introduction of the Nigerian Tax Act, 2025, there has been a lot of information on the media space regarding the benefits of converting a Business Name to a Limited Liability Company to avoid paying excess tax. In fact,…
Nothing is certain except death and taxes. Benjamin Franklin, 1789 Introduction Payment of income taxes is inevitable and evasion of it is a criminal offence as provided in section 40 of the Federal Inland Revenue Service Act, 2007. The payment of income tax by a legal entity is a civic obligation as stipulated under Section…
Background It is now common knowledge that Nigeria is a veritable breeding ground for startups. In recent times, startups in Nigeria have grown in an unimaginable proportion. Notwithstanding this increase in growth, only a handful of them have been able to withstand the storm. A lot of other startups are usually washed off the shores…
People who complain about taxes can be divided into two classes: men and women. Anonymous We can all agree that paying tax is something that people have complained about for centuries. The famous line, ‘Is it lawful to pay taxes to Ceaser?’ easily comes to mind. This begs the question, what are taxes and why should…
After the establishment of the American constitution back in 1789, Benjamin Franklin wrote in a letter a quote that has now become world famous. He stated that nothing can be said to be certain in this world except death and taxes. While for argument sake there may be other certainties in life, it is a…
