Pukka Logistics & Support Services Limited

Understanding the Tax Regime × Applicable Laws - Companies Income Tax Act (CITA) is the applicable tax law for Companies in Nigeria. × Income Chargeable - tax shall be assessed on profits, rent, premiums, interest, royalties, discounts, charges, annuities, benefits, any fees, dues or allowances at a rate specified by the relevant tax authority. × Tax Identification Number (TIN) – × A company must register with and obtain a TIN from the Federal Inland Revenue Service (‘FIRS’) to enable the payment of taxes. × A TIN is an identification number for the company which is used by FIRS in the administration of Tax. × A TIN must be furnished on Returns, Statement and other Tax related documents. Tax Rate × Every year of assessment, a tax at the rate of 30k for every naira in respect of the total profit assessed. × A special levy of 15% on any excess profits of the company. × However, in an instance where the company’s turnover is N500, 000.00 or below and th...

Registration of Business Name – Essentials × A firm, individual or corporation seeking to be registered, must within 28 days of commencement of business, submit to the CAC a statement in the prescribed form; containing the following particulars: × the business name; × the general nature of the business; × full postal address of the principal place of business; × if the registration is that of a firm it must state; × the present forenames and surname, any former forenames or surnames, nationality of origin, age, sex, residence of the individuals who are partners; and × the corporate name and registered office of such corporation which is a      partner × Two (2) copies each of certified passport photographs of an individual/s in a firm. SEE Sections 657 (2),(3),(5) of C.A.M.A Other Requirements × Tax Clearance certificate of each individual or partners; × Form CAC 1 (Availability of name form). This is to ensure that the name...