If you’re a supplier (i.e., supplier of services or goods) in Nigeria, whether you’re a small-scale entrepreneur, or even a large corporation, you must have heard about withholding tax (WHT). WHT may look pretty straightforward. However, under the new regulation on WHT things can get a bit tricky when it comes to businesses or suppliers without a Tax Identification Number (TIN). So, let’s dig deep into how the new withholding tax rules, as outlined in the Deduction of Tax at Source (Withholding) Regulations, 2024, apply to businesses/suppliers that don’t have a TIN. By the end of this article, you’ll have a clear understanding of what this means for you, your business and your suppliers. READ ALSO : Understanding Nigeria's Tax Identification Number (TIN) What is Withholding Tax, and Why Should You Care? First things first, what’s withholding tax? Withholding tax is a method the Nigerian government uses to collect taxes at the source of income. In simpler terms, when you mak...

T here’s something every Nigerian business owner, accountants, tax practitioners etc. needs to know about the new Withholding Tax (WHT) Regulations that kicked in on January 1, 2025: If you forget or inadvertently failed to deduct withholding tax at source from payments to your vendors, what’s the position under the old regime, and what’s the positions now with the arrival of the DEDUCTION OF TAX AT SOURCE (WITHHOLDING) REGULATIONS, 2024 ? Get reliable & affordable domain name and web hosting in Nigeria! Click here for fast, secure cloud hosting 👉 TrueHost Yes, you read that right. The days of heavy-handed penalties for failing to deduct WHT are over. Thanks to the new “Deduction of Tax at Source (Withholding) Regulations” made by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, businesses that fail to deduct WHT from payments will no longer suffer the same severe consequences they did under the old WHT tax system. READ ALSO : Understanding N...

  Jaiz Bank Plc, Nigeria’s premier non-interest financial institution and it has released its 2024 unaudited financialstatements to the Nigerian Stock Exchange. If you’re a current shareholder, a potential investor, or someone keenly interested in Nigeria’s financial sector, this is one article you don’t want to skip. 🚀 Get reliable & affordable web hosting, VPS, and domain services with Truehost Nigeria! 💻🔥 Start your website today—fast, secure, & budget-friendly. Click here now! 👉 Truehost This deep dig into Jaiz Bank’s latest financial performance reveals not just its impressive profit growth but also some noteworthy insights into its shareholding structure and the nature of its loan assets—particularly loans to related parties. Jaiz Bank’s 2024 Financial Performance: A Record Year Jaiz Bank Plc, headquartered in Abuja, Nigeria, reported a net profit before tax of ₦ 25.3 billion in 2024, marking an impressive 132.72% increase from its 2023 figure of ₦ 11...

  UK stock Market vs Nigerian Stock Market In the last one year, the naira has been somersaulting against major currencies of the world, especially the US dollar and pound sterling. Many Nigerians who have surplus cash look for ways to hedge their money against the downward spiralling value of the naira. Some keep their surplus cash in US dollars and other foreign currencies. Others invest in shares and stocks of capital markets around the world, such as the US and UK capital markets. But the question here is: Is it more profitable to invest in the UK capital markets than in the Nigerian capital market? How does the Nigerian market compare with the UK market? Check out the amazing cloud hosting services offered by Truehost  here ! The Nigerian Vs The UK Stock Market The Nigerian Stock Market The Nigerian capital market commenced in 1946 when the colonial government issued the first development stock. However, it matured with the establishment of the Lagos Stock Exchange...

  In the article Saving Lives, Saving Money , Jon Meliones detailed the strategy used to turn Duke Children's Hospital (DCH) from financial crisis to financial success within 4 years. By 1996, Duke Children's Hospital (DCH) had an $11 million annual loss, which led to a serious cutback on resources and declining care quality. 4 years later, the hospital went from an $11 million loss in 1996 to a $4 million profit by 2000.   Although, this article primarily focuses on hospital management, but it contains several sublime messages that can be applied to personal finance and money management in our quest to turn personal financial crisis today to tomorrow’s financial success. Here are some 10 key takeaways: Calculate your personal income tax at: https://www.insightxtra.com/p/personal-income-tax-calculator-body.html 1. "No Margin, No Mission" – Profitability Enables Purpose Always prioritize financial security before engaging in philanthropy or personal enjoyment...