A Cooperative Society or a Ponzi Scheme? Are you a member of a cooperative society or a Ponzi scheme? Discover amazing deals at Temu! Unlock unbeatable savings anytime, anywhere. Don't wait - act now and save big!  This is a question you must repeatedly ask yourself to ensure you’re not swindled. If you're already a member of a cooperative—or you’re considering joining one—this question is especially critical. You don’t want to risk losing your hard-earned savings in what might appear to be a cooperative society but is, in reality, a fraudulent scheme. Get reliable & affordable domain name and web hosting in Nigeria! Click here for fast, secure cloud hosting 👉 TrueHost The Ubiquity of Cooperative Societies Cooperative societies are everywhere today. If you’re a salaried employee, there’s likely a staff cooperative society in your workplace. Churches, businesses, and even market associations often have their own cooperatives, each designed to cater to the uniq...

  If you’re a business owner or an accountant in Nigeria, understanding Withholding Tax (WHT) is crucial for staying compliant with tax regulations. One of the most common questions is: On what base amount should the WHT rate be applied? Equally important is: When should you deduct WHT? And last but not least: Are there exe mpted transactions under the new WHT regulations? Get reliable & affordable domain name and web hosting in Nigeria! Click here for fast, secure cloud hosting 👉 TrueHost Let’s go right on to provide answers with practical examples to these germane questions. On What Base Amount Should WHT Rate Be Applied? You must deduct WHT from payments to suppliers, as mentioned in my earlier post— New Withholding Tax Regulations: Do All Businesses Need to Deduct? However, one of the most common questions about WHT is: On what base amount should the WHT rate be applied? This happens to be one of the questions often bedevilling young and inexperienced accountan...

  Welcome back to our series on the  Deduction of Tax at Source (Withholding) Regulations, 2024 . Today, we’re tackling a question that’s been on many business owners’ minds:  Are all incorporated businesses required to deduct withholding tax under the new regulations? Get reliable & affordable domain name and web hosting in Nigeria! Click here for fast, secure cloud hosting 👉 TrueHost If you’ve been following this series, you already know the basics of withholding tax (WHT). But for those who need a quick refresher,  withholding tax  is a method of collecting income tax in advance. It’s deducted at the source of income, meaning the payer deducts the tax before making payment to the recipient.  This system helps the government ensure that taxes are collected efficiently and reduces the risk of tax evasion. You can as well check my earlier articles in this series: Penalties for Failure to Deduct Withholding Tax in Nigeria: The Old Regime Vs The New R...