Don’t believe them they are deceiving you!
About two years ago, I ran into an old friend who is a supplier of building materials for a big construction company in Lagos. After the usual complimentary, he told me he had a problem with the Federal Inland Revenue Service.
He said on the advice of his friends in the same business, he was not taking tax issues seriously. His company was registered through the bank when he wanted to open the business account. He was doing his business, the company he was supplying insisted he must be charging them VAT. Of course, after each supply, and he was paid, he would not remit the VAT thinking the VAT and WHT compensated for one another. The construction company normally gave him the WHT Credit Notes.
He just received a letter from Federal Inland Revenue asking him to come account for the N11.5m VAT he collected and that they will be interested in coming to examine his company books for the Company Income Tax and other taxes.
You need to stop this type of embarrassment to yourself by knowing the type of taxes that you are obliged to pay as a business owner and company director.
I really recommend you read this. Take action. Stop the embarrassment!
=> Free Article: Taxes You Are Obliged to Pay as SMEs 2
Don’t waste time going there now because ignorance is no excuse in law.
Yours in enhancing your profitability and growth
J. Taiwo Popoola
P.S. I’d love to know what you think about this article so be sure to post your comments on my blog at the end of the article!
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