Brains advisory is an independent accounting, tax and business advisory firm which specializes in enhancing business sustainability and development in Nigeria.

As we approach another month end, here’s a helpful breakdown on penalties associated in failure to submit #VATreturns in Nigeria To avoid this, we are available to help

Looking to startup, scale, acquire, merge a company unit or business, the importance of financial analysis is crucial to make informed decisions Seeking any of these, our DM is open

It’s been a minute We’re back! #brainsadvisory #virtualaccountant

Happy New Year!

In continuation of our previous post, we’ve summarized the necessary information required to obtain #taxclearancecertificate for business

Therefore, our #Japa comrades are compelled to obtain an individual TCC based on the present CBN regulations on processing form A for individuals Need help to navigate this? Kindly reach out to us

In recent times, the demand for TCC has increased. We assume this is because processing visas and permanent residence permits in most developed countries now requires TCC as well as processing form A for quarterly allowance and tuition fees.

Here’s the general practice on how to obtain your individual tax clearance form in any state internal revenue service. However, some states like Lagos have tax portal (LIRS e-tax) to assist tax payers in smooth computation and process to obtain their TCC

Below are the steps for Lagos residents: Visit https://t.co/72oOv1HARg, login using tax ID, click returns on the left side of the menu bar, fill form and upload  documents, click file return and viola, done!

Lagos is particularly known to be one of the country’s highest tax earners state. With the updated tax system, individuals can now remit their taxes without much hassle

VAT on goods purchased via electronic or digital platforms from a nonresident supplier appointed as an agent of FIRS to be chargeable to VAT and paid by the importer unless the proof of appointment and registration with FIRS is provided

Applying transfer pricing rule to VAT on transactions between connected persons are considered to be artificial or fictitious

Building has been redefined for VAT purposes to exclude any structure not permanently affixed to land for all or most of it’s useful life

All companies with right to withhold value added tax (VAT) at source must remit such VAT to the IFRS on or before the 14th day of the following month and no longer 21st day of the following month

Establishment of a governing council, executive board and a management team for the ministry of finance incorporated

Allowable tax deduction for insurance premium paid for own life and spouse

5% additional levy on goods imported from outside Africa

Rollover relief on sales of shares will only apply if proceeds are reinvested in the same year

Capital losses on disposal of capital assets can now be carried forward for relief within 5 years

No more 10% investment allowance on plants and equipments