COMMENCEMENT RULE.This rule below applies when the business is new. YR1=DATE OF COMMENCEMENT TO 31 DECEMBER OF THE SAME YR YR2=12MONTH FRM DATE

CHANGE OF ACCOUNTING DATE Business has right to change their accounting date. When this happens  assessment is based on the old or the new accounting

DURING CEASATION OF BUSINESS THIS RULE APPLIES PENULTIMATE YEAR.( YEAR BEFORE CEASATION)=PYB ULTIMATE YEAR=FROM 1ST JANUARY-CEASTION DATE TAX AUTHORITY CAN ELECT  THE RIGHT TO APPLY ACTUAL YEAR

CAPITAL ALLOWANCE is allowance given by tax authority for ‘fixed asset’ used in the business . is used in replacement of depreciation. The rate is

STUDENT SHOULD KNOW THE FOLLOWING ·       CONTRACT OF SERVICE AND CONTRACT FOR SERVICES   ·       -COMPUTATION OF PERSONAL INCOME TAX   ·        -RELIEFS AND ALLOWANCES

NIGERIAN TAX SYSTEM.Tax is a compulsory payment to the government.PURPOSE OF TAX..-Is a means of generation of revenue to fund expenditure.-Is used as an  instrument

FEDERAL TAXES. ·         COMPANY INCOME TAX –CIT ·         PETROLEUM PROFIT TAX- ·         WHT- for companies, resident of FCT and non-resident individuals ·         EDUCATION TAX. ·