My people, make una gather here as we dey talk about wetin dey happen for dem new tax laws wey our government don drop on top our head o! E no be small matter, na serious thing wey fit affect how we dey do business for Naija.
The Federal Government don organize beta plans to stop double taxation and make sure say we no go dey chop from two sides anymore. If you dey collect money for abroad and dem don already tax you for there, you fit still claim am back for Naija level. Na wetin the Nigeria Revenue Service (NRS) talk, wey dem mention say this one go help protect taxpayers from any wahala wey fit come as tax wahala.
Omo, no be only that one o, dem dey reason how to fit collect money from digital services wey we dey enjoy now. If you sabi the law, if you dey run your waka for Naija and you dey make money from online, you go still dey pay your tithes to the government. Dem don set am clear, people wey dey provide digital service wey sabi dey do business sabi say dem go pay tax for Nigeria-sourced income.
Abeg, make we talk about this one wey dem dey call collective investment schemes. If you dey run one of those businesses, dem go treat am like company for tax matter. So, if you dey collect money, e go dey taxed for that level, and the money wey dey go give you (the investors) go dey called dividends. Na beta arrangement wey go make everybody collect their share for the business wey dem dey invest for.
Now, if you be person wey dey into research and development, I happy for you! Because dem don create way for you to chop 5% off your turnover for expenses wey you dey incur while you dey do your research here for Naija. Make your innovation flow jare!
Your record-keeping matter no fit escape una notice, Omo Naija! You must maintain accurate records like invoices, receipts, and contracts otherwise, wahala go dey for you. Under this new law, if you no comply with the rules, dem go give you penalties wey go make you regret why you no follow the law from beginning.
If we dey talk about those wey dey do business online, dem don set special filing wey dem dey call Virtual Asset Service Providers. You go still dey submit monthly returns wey go include transactions and customer information. This one go dey help dem fit track wetin dey happen for the digital economy level too.
Make I no forget to mention this: if you no register for tax, wahala go dey wait for you, as you go pay N50,000 for the first month of your error and N25,000 for every month wey you still dey slack. Dem go dey hammer you with penalties and even prosecution if you dey do anyhow wit your tax returns. If you dey new company, make sure say you file your returns sharp sharp within six months or 18 months, no go carry your matter come show dem later.
Na wetin dey happen be dis! But the entire new tax framework go help government to improve their revenue collection and reduce borrowing wey don dey happen for Naija. With all these new laws, dem dey try align our tax system with global best practices and still dey make sure say business fit survive.
So, my people, make we dey watch as the whole matter unfold! Keep your ears on the ground and your business in check. Naija go dey alright, if we sabi follow the proper rules dem!
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