Understanding the difference between a value-added tax (VAT) and withholding tax is critical for businesses and individuals. Confusion between these two tax types is common, since they both involve deducting amounts from payments. However, they differ significantly in how they function. Getting this distinction right can impact an organization's cash flow, record-keeping requirements, and overall …
Taxes – the cost of civic duty Every Nigerian deserves a better standard of living. Unfortunately, access to basic necessities of life such as housing, portable water, electricity, roads, and healthcare have become luxuries. The government continues to make efforts to provide these infrastructures, in recognition of its duty to Nigerians. Incidentally, the ability of …
Withholding tax is a form of tax that is deducted at source from payments made to individuals or companies. The tax is withheld by the payer of the income and remitted to the government on behalf of the recipient. In Nigeria, withholding tax is a major source of revenue for the government. The Federal Inland …
