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HAPPY WORKERS' DAY TO ALL NIGERIAN WORKERS.

Happy Workers' Day to all Nigerian workers! Today, we celebrate the contributions and achievements of the hardworking men and women who keep our country moving forward. From the farmers in rural areas to the bankers in the cities, every worker plays a vital role in our nation's prosperity.

This day is an opportunity to recognize and appreciate the efforts of Nigerian workers. It is also a time to reflect on the challenges that workers face and to come together to find solutions to improve their working conditions.

Nigerian workers have made significant contributions to the country's development. They have built roads, bridges, and other infrastructure that have improved the lives of millions of Nigerians. They have also worked hard to build the country's economy by producing goods and services that have created jobs and generated income.

Despite their contributions, Nigerian workers face many challenges. Many work long hours for low wages and have limited access to social protections such as health care and pensions. Others work in dangerous conditions without proper safety measures. These challenges make it difficult for workers to provide for themselves and their families and to achieve a decent standard of living.

It is important for the government and employers to work together to address these challenges and to improve the lives of Nigerian workers. This can be done by implementing policies that support decent work, such as providing fair wages, safe working conditions, and access to social protections. Employers can also play a role by investing in their workers and creating opportunities for them to develop their skills and advance their careers.

On this Workers' Day, let us celebrate the contributions of Nigerian workers and commit to working together to create a better future for them. May Nigerian workers never work in vain, but rather, may they continue to play a vital role in building a prosperous and inclusive Nigeria.

RESTRICTION OF AUDITOR'S LOGO, BRAND AND OTHER FORMS OF IDENTITIES IN THEIR CLIENTS' FINANCIAL REPORTS.

TIME FRAME FOR PAYMENT OF TAX ASSESSMENT.

The tax charged by any assessment that is not objected or appealed within 30 days after the service of such notice shall be payable to the service. The time frame may be extended by the service based on its discretion. Where there is objection, the assessment shall be suspended until the determination of such objection or appeal. However, the company is expected to pay the undisputed portion of the assessment. Once the objection or appeal is determined, the service will issue a revised assessment that shall be payable within 30 days from the date of such notice.

Every company can make payment of tax due in one lump sum or in instalments; the final instalment must be paid on or before the due date.

Any balance of tax that remains unpaid after the due Taxes due shall be paid in the currency in which the income is derived or received. Medium-sized companies shall enjoy a tax rebate of 2% of tax due if such tax is paid 90 days before the due date while other companies shall enjoy 1%. Such rebate will be available as a credit against future taxes.

Time frame for payment of tax assessment
The tax charged by any assessment that is not objected or appealed within 30 days after the service of such notice shall be payable to the service. The time frame may be extended by the service based on its discretion. Where there is objection, the assessment shall be suspended until the determination of such objection or appeal. However, the company is expected to pay the undisputed portion of the assessment. Once the objection or appeal is determined, the service will issue a revised assessment that shall be payable within 30 days from the date of such notice.

Every company can make payment of tax due in one lump sum or in instalments; the final instalment must be paid on or before the due date.

Any balance of tax that remains unpaid after the due Taxes due shall be paid in the currency in which the income is derived or received. Medium-sized companies shall enjoy a tax rebate of 2% of tax due if such tax is paid 90 days before the due date while other companies shall enjoy 1%. Such rebate will be available as a credit against future taxes.

OVERVIEW OF WITHHOLDING TAX IN NIGERIA 2022.

WITHHOLDING TAX LAW AND COVERAGE.
Withholding Tax in Nigeria is a form of advance payment of income tax. It is a payment on account of the ultimate income tax liability of the taxpayer or company. Withholding tax (WHT) is not a separate tax on its own and does not confer an exemption from the filing of annual tax returns by any company which had suffered WHT deductions. The WHT is normally deducted at source when payment is to be made to a okhe Information Circular published No: 2006/02 published in 2006 by the Federal Inland Revenue Services(FIRS) provides more insights on withholding tax practice in Nigeria.

WHT Coverage

The withholding tax (WHT) deduction covers the following transactions or areas:

All aspect of the building, construction and related services.
All types of contract and agency arrangement, other than outright sale and purchase of goods and property in the ordinary course of business.
Consultancy, Technical and Professional services
Management services
Commissions
Interest and Royalty
The introduction of the WHT regime came about in order to address the problem of tax evasion although, there is the overriding objective of full disclosure, transparency, predictability and fairness.