Have you recently made changes to your business operations or have considered doing so? If your business is registered to charge Value Added Tax (VAT), then this discussion applies to you. The following information focuses on the guidelines as it relates to the change of circumstances of the business information of VAT registered taxpayers. IN [...]
Are you the recipient of a housing allowance from your Employer to cover your rent, boarding or lodging expenses? Then this week’s #TaxationSimplified is for you! Is Income Tax charged on the housing allowances issued by my Employer? Section 5 of the Income Tax Act provides for the charge of Income Tax at the rate [...]
First of all, an allowance is a fixed amount of money or a benefit –in-kind, given to an employee periodically, in addition to salary, for the purpose of meeting some specific requirements connected with the service rendered by the employee or to compensate the employee for some unusual conditions of employment. Additionally, when we mention [...]
This week’s #TaxationSimplified provides guidance on the steps for Individuals registering for a Taxpayer Identification Number. WHAT IS A TAXPAYER IDENTIFICATION NUMBER (TIN)? The Taxpayer Identification Number (TIN), is a unique computer generated number allocated to each taxpayer, whether an individual, a commercial business, Government Department, public corporation, or a special body. WHO IS REQUIRED [...]
Have you recently made changes to your business operations or have considered doing so? If your business is registered to charge Value Added Tax (VAT), then this discussion applies to you. The following information focuses on the guidelines as it relates to the change of circumstances of the business information of VAT registered taxpayers. IN [...]