Baha's Books

Mastering Nigerian Tax: A Comprehensive Guide to Capital Recovery, VAT, and Business Structure Navigating the complexities of the Nigerian tax landscape requires a precise understanding of the rules governing key economic sectors, compliance obligations, and business structure implications. Bahas Books presents a detailed examination of four critical areas that define financial and tax planning for enterprises operating in Nigeria, from the oil fields to the local marketplace. I. Capital Allowances for Petroleum Operations Under the Nigeria Tax Act, 2025 The Nigeria Tax Act, 2025 , specifically Part III, establishes a clear framework for companies subject to Petroleum Profits Tax and those engaged in Deep Offshore and Inland Basin Production Sharing Contracts to recover their substantial capital expenditure through statutory allowances. Defining Key Terms and Qualifying Expenditure The law provides explicit definitions for assets and rights within the sector. A "concession"...

The Fine Line: Distinguishing Tax Evasion and Mastering Deductible Expenses in Nigerian Tax Law Compliance with Nigerian tax law requires a clear understanding of what constitutes legal tax minimization and which expenditures are permitted to reduce a company's taxable income. This distinction is vital for accurate financial reporting and avoiding severe legal penalties. Bahas Books offers this comprehensive breakdown of Tax Evasion and the detailed statutory rules governing Allowed and Disallowed Deductible Expenses for calculating Company Income Tax (CIT). Tax Evasion: The Illegal Path to Tax Reduction It is paramount to recognize that Tax Evasion is a serious criminal offense defined as the illegal use of tax laws to reduce or escape the amount of tax you are to pay . This practice involves deliberate, fraudulent actions intended to mislead the tax authorities or manipulate financial records to unjustly lower the tax bill. Tax evasion is distinctly different from tax avoidanc...