Have you heard? On October 9th, 2024, the Federal Inland Revenue Service (FIRS) rolled out a new *829# USSD code that makes tax services easier to access than ever! As part of their Customer Service Week celebrations, this initiative is here to give taxpayers across Nigeria easier, faster access to their tax needs—right from any mobile phone! What’s the Buzz About the *829# Code? The new *829# code is a game-changer! Here’s what it can do for you: - TIN Retrieval : Forgot your Taxpayer IdentificationNumber (TIN) ? No worries! Just dial *829#, and you can retrieve it instantly. - TCC Verification : Wondering if your Tax Clearance Certificate (TCC) is still valid? Now, you can verify it in seconds with the USSD code. - Tax Types & Rates : Curious about the different types of taxes and rates applicable to you? Find it all out right there on your mobile! - Locate the Nearest FIRS Office : Need to visit a FIRS office? The *829# code will guide you to the nearest l...

  If you’ve ever had to fill out tax forms, register a business, or even open a bank account in Nigeria, you've probably come across the term ‘Tax Identification Number (TIN)’. This unique number is like a fingerprint for companies and individuals in Nigeria's tax system, helping the government keep track of who’s who in the business world and ensuring everyone pays their fair share. In this guide, we’ll break down everything you need to know about TIN—what it is, why it matters, how to get one, and some fun tips and tricks to make the process a breeze! Check out the amazing cloud hosting services offered by Truehost here ! What Is a Tax Identification Number (TIN)? Think of a Tax Identification Number, or TIN, as your company’s official ID card in Nigeria’s tax system . Every registered company, and even individuals who pay taxes, needs this number to carry out business and tax-related transactions. According to Section 10 of the Nigerian Company Income Tax Act (CITA), e...

  Hello tax experts and students of tax! Today, we're covering the main tweaks made to the Personal Income Tax Act (PITA) by the Finance Act 2019 . Let’s quickly examine these changes in simple terms to help you stay in the know without the stress! Quick Overview: What’s PITA Anyway? The Personal Income Tax Act, or PITA, is Nigeria's law governing personal income tax. If you’re earning money in Nigeria, PITA essentially covers how much tax you're supposed to pay, who's handling the tax collection, and some special conditions that allow you to get a break on your taxes. Now, the Finance Act 2019 swooped in with a few key updates to make things smoother and to reflect how the Nigerian tax system is evolving. So, what are these changes? Let’s go through them together. 1. Out with “Federal Board of Inland Revenue” and In with “Federal Inland Revenue Service” (FIRS) The first change was basically a rebranding. Everywhere in PITA that used to say "Federal Board...

  Alright, professionals! Let’s dig into something that sounds boring but is actually super helpful if you're running a business in Nigeria — implication of donations to your company income tax. You can save a good chunk of your hard-earned cash while contributing to public causes. And guess what? The Finance Act 2020 shook things up with some fresh rules, especially when it comes to in-kind donations. That’s right—donating more than just money can now help reduce your tax bill! What Does the Law Say About Donations? Let’s start with Section 25 of the Companies Income Tax Act (CITA) 1990. This section has always been a lifesaver for businesses in Nigeria looking to give back. Here’s the deal: If your company donates to certain funds or institutions, you can deduct the donation from your taxable profits! Sounds great, right? But wait, there’s more: - Your donation has to be made out of your profits (so if your company is making losses, tough luck). - No, you can't dedu...

  Let’s also digress a little bit today to talk about our current economic situation and what to do about it at the micro level. It’s no secret that prices are climbing everywhere! Petrol, transport fares, groceries…everything is going up, but our paychecks? Not so much. If you’re wondering how to make your monthly income last through the month without running on fumes, you’re not alone. Whether you’re in Nigeria, the US, or anywhere else, budgeting has never been more important. Don’t worry, though. Budgeting doesn’t have to be complicated. We’ll break it down and share some simple strategies to help you stay afloat, even when prices are rising. Step 1: Know Your Income Let’s start at the top – what’s your take-home pay? Whether you're earning a steady salary or freelancing, the first step to effective budgeting is knowing exactly how much you're working with. It sounds obvious, but lots of people budget based on what they think they make, not what they actually get af...