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Tax Relief
18 Mar

TAX RELIEFS IN NIGERIA

Dear Subscriber, On the 31st Of March 2018, the Voluntary Asset and Income Declaration Scheme (VAIDS) will expire. VAIDS is an amnesty granted for taxpayers to regularize their tax status before the expiry date in exchange  for forgiveness of overdue interest and penalties, and the assurance not to face criminal prosecution. Currently records of defaulters are being pooled from Bank Verification Numbers (BVN), Land Registries, Payment Platforms, Nigeria Customs Service, the Corporate Affairs Commission (CAC) etc and there is a [...]

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11 Mar

A-Z OF TAXATION IN NIGERIA

Dear Subscriber, Tax is a charge or form of levy imposed by the government of on all kinds of property, persons and transactions, to raise money for public needs. Due to the dwindling and erratic income from Crude Oil, the Nigerian Government has renewed focus on taxation by introducing several initiatives which are meant to expand the tax net. This latest emphasis has created anxiety for a lot of entrepreneurs and in a bid to douse these fears and amplify tax [...]

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18 Feb

WHY YOUR “TERMS OF USE” IS IMPORTANT.

Dear Subscriber, In the last decade a lot of businesses have migrated online and it’s now commonplace for entrepreneurs to count website development as an integral part of the startup process. One of the most important but often overlooked parts of a website development project is the creation of Terms of Use page. Typically website owners pay scant attention to this page because of typical assumptions like:  Does anyone ever read that mumbo jumbo at the bottom of websites? Do [...]

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Corporate Governance Nigeria
11 Feb

CORPORATE GOVERNANCE EXPLAINED (UPDATED)

SMEs are essential to economic growth all over the world as they are a major source of employment and contribute towards the gross domestic product. Statistics however show that 50% of SME’s fail within the first five years of existence and one of the main reasons for this abysmal statistic is the lack of proper business structure also known as Corporate Governance. Corporate or company governance is a term that has been trending recently and it is now proven that [...]

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Founderes guide to venture capital
04 Feb

THE FOUNDER’S GUIDE TO VENTURE CAPITAL

Dear Subscriber, At inception businesses are typically financed by the 3 ‘F’s (i.e. Friends, Family and Fools) but at the point when a Company is desirous of scaling its growth it is common that it seeks Investors to bring in funds to help propel its growth in exchange for equity(certain number of shares). Investing at this stage of the business comes with a huge load of risk as the Investor could either make significant returns when the shares grow in [...]

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FINTECH REGULATION IN NIGERIA
28 Jan

FINTECH IN NIGERIA: THE EMERGING REALITIES.

Dear Subscriber, In the past decade, technological disruption has gone from being a gradual event to something that happens almost daily. This is making it difficult for businesses, professionals and governments alike to keep up – and stay competitive and relevant. This rapid change is also taxing existing models and requiring an appreciation of new forms of knowledge and service delivery. For example, Chinese scientists successfully cloned monkeys recently and the question now is- are these monkeys to be considered [...]

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Business in 2018
22 Jan

BUSINESS OUTLOOK IN 2018

Dear Subscriber, The year 2017 was quite eventful in Nigeria and the front burner issue for a major part of the year was the health of the president, however in his absence the country took giant steps towards easing the process of doing business and expansion of the tax net through the Voluntary Assets Income Declaration Scheme (VAIDS). With the strengthening of oil prices and stability of production witnessed towards the 2nd Quarter of the year, the Nigerian economy successfully exited [...]

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Trademark Registration in Nigeria
23 Oct

UNDERSTANDING TRADEMARKS, PATENTS & COPYRIGHTS.

Dear Subscriber,  Businesses and Individuals invest time and resources in creating unique inventions, literary and artistic works, designs, symbols, names, images, trade secrets which are referred to as intellectual property. Intellectual property protection is critical to promoting innovation because without such protection businesses and individuals would lose incentive to be creative which would ultimately kill enterprise. Like in most parts of the world, Nigerian Law ensures the protection of intellectual property with patents, trademarks or copyrights all of which cover different [...]

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16 Oct

PROTECTING YOUR ASSETS (PART 1)

Dear Subscriber, Bob Marley died of cancer, at the age of 36, on May 11, 1981 and in the past 36 years his family and business acquaintances have constantly battled over control his estate which is currently valued at $130m and that legacy is not likely to end any time soon. Examples like this abound especially in Nigeria where there are cultural and religious inhibitions to estate planning. It is definitely not the intention of anybody to allow his/her assets become [...]

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21 Aug

TAX INCENTIVES IN NIGERIA – PIONEER STATUS

Dear Subscriber, Pioneer Status Incentive is a tax holiday granted to qualifying industries from the payment of corporate income tax for an initial period of three years, extendable for one or two additional years.The Nigerian government recently expanded the list of sectors that qualify for this tax exemption  to include sectors like E-commerce, Animal  Feeds Productions, Entertainment etc The apparent intent of this initiative is a bid to motivate Entrepreneurs  to invest in these sectors and consequently diversify the Nigerian [...]

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