We teach you core accounting principles not just to pass Certification Exams but to apply in everyday life and business.
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Section 23 of Federal Inland Revenue (Establishment) Act 2007 provides among other things how a Taxpayer can request refund due to overpayment of taxes.
Such refund is expected to be paid within 90 days after audit/verification by the Service.
(source TAXDOCTOR)
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The decision to be tax compliant is no longer a choice but a compulsion. However, business owners but embrace TAX PLANNING as an additional responsibility. An effective Tax Planning will help you determine WHAT & WHEN to pay your taxes.
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Section 33 of CITA is one of the most lenient sections of the Income Tax Act.
It allows businesses not to pay income taxes up to the 4th year of commencement if they continue to generate losses.
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Olu discussed his plan to leave paid employment with his wife, Kemi.
Kemi advised him to form a company and register it with CAC in 2011.
Olu registered the company but didn't leave paid employment until 2017.
.... to be continued
...continued
Chika, (just like you) must restructure his invoice. Otherwise, the following may happen:
π he'll have to inject fresh cash into the business.
π In the absence of cash, he'll have to go borrowing.
π He may start to fail in meeting his obligation as they fall due.
Chika deals in computer hardware supplies. He won a contract to supply a multinational company.
His trading Capital was N5m before the contract and his expense level as remained the same.
The contract is profitable. However, each time he makes this supply, his cashflow goes down
Cost reduction strategies from Kepner-Tregoe (KT) are effective principles or methods for increasing operations efficiency. Cost reduction strategies can reduce operations costs while increasing productivity, ... to learn more JOIN our classes!!! #learning#ICANtutor
A legal entity can be an individual, an association, a company, a partnership or any societal form allowed by the authorized legal framework. In contrast to a natural person, it is a body created at the moment of legal incorporation, ... Join our classes to learn more #Accounting
A doubtful debt is an account receivable that might become a bad debt at some point in the future. You may not even be able to specifically identify which open invoice to a customer might be so classified... Join our classes to learn more!! #ICANtutor#learn#learning