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Destroying the Myths about Taxation of Individuals

It is without a doubt that there is increased focus by the government to raise its revenue generation capacity especially in the area of taxation. The success of the Voluntary Asset and Income Declaration Scheme (VAIDS); which came into force in April 2017 and lasted for a period of 12 months, is debatable. It was meant capture previously undisclosed income and individuals who previously do not pay tax. The government also signed the Voluntary Offshore Assets Regularisation Scheme (VOARS) in ...

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What forms my Income for Tax Purposes?

Any form of remuneration, gain, profit or consideration which could includes; trade/business profit, salaries, fees, allowances, bonus, benefit, dividend, rent, annuity e.t.c. from a source within and outside Nigeria.

What is the difference between assessable income and chargeable Income?

The assesable income is the total income of an individual or business for a given year of assessment.

Chargeable income is the total income less exempt income and other allowable deductions. This is the income on which tax is levied.

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