Enforcement Against Tax Defaulters:

The Lagos State Government on Monday directed all its revenue agencies to ensure prompt payment of taxes.read more »

Taxation Of Non-Nationals:

A “Non-National with a Temporary Work Permit” (TWP) is an individual who is a national of another country with a visa which allows him/her to work in Nigeria.read more »

Taxation Of Employees Shares:

Share/Stock options agreement gives employees the right to a company's shares based on prices agreed on the initiaon date (grant date). However, the employees must wait for an agreed period (known as the vesting period) before they can exercise the right.read more »

Taxation Of Employee Loan:

Employee loans are loans given by an employer to an employee for specific reasons with the expectation that such loan will be repaid in full to the employer through a pre-agreed deduction from the employee's net salary, with or without any interest.read more »

Tax Relief On Voluntary Pension Contributions:

Voluntary Pension Contributions are extra fund contributions in addition to the mandatory pension contributions made by an employee through his/her statutory pension scheme which allows an employee to save additional amounts for retirement. An employee can opt to make withdrawals, at any me, from such contributions which is a tax free benefit.read more »

Allowable Interest Deductions:

An “owner-occupied residential house” is any residential property (i.e. not a commercial property) which an individual has incurred expenditure on the purchase, construction, or conversion for his/her occupation. It excludes all the temporary fixture components such as paintings, furniture, electricals etc. It must be qualifying residential property that is used by the individual as his or her sole/main residence.read more »

Exemption Of Compensation For Loss Of Employment:

Compensation for loss of employment could either be a termination benefit or terminal benefit. An employee will receive compensation for loss of employment when any of the following occurs:.read more »

Pay As You Earn On Employee Outsourcing:

In an employee outsourcing arrangement, workers who are not part of the ultimate employer's regular work force, may be employed through an outsourcing firm or labour broker. In this regard, the employees will be legal employees of the outsourcing firm or labour broker but economically employed by the ultimate employer:.read more »

Witholding Tax On Employee Outsourcing:

In an employee outsourcing arrangement, workers who are not part of the employer's regular work force, may be hired through an outsourcing firm or labour broker. Employee outsourcing arrangements can take the form of traditional leasing arrangements, where the ultimate employer hires all or substantially all of its employees from another company (outsourcing firm), with the employees remaining on the payroll of the outsourcing firm. The ultimate employer pays the outsourcing firm a fee for procuring the staff on its behalf, while the outsourcing firm pays the staff salaries.read more »

What Constitutes "Reasonable Removal Expenses":

“Reasonable removal expenses” constitutes any expense which an employee incurs to move to a new employment location and the payment made by the employer towards the expenses results in no net overall benefit to the employee. It is also any payments made to or on behalf of an employee taking up employment with a new employer such as relocation allowance. The reasonable amount should not be more than the amount incurred by the employee in relocating.read more »

Valuation Of Accommodation Provided By Employers:

An employer provided accommodation” will constitute a taxable benefit to the employee in any of the following situations.read more »

Treatment Of Savings Element On Insurance Premium:

A life insurance is a contract where the insurer promises to pay a beneficiary a designated sum of money in exchange for a premium, upon the death of an insured person. An annuity life contract provides for the annuitant to be paid a fixed monthly amount until death or benefits are exhausted.read more »

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