Today, I attended the Foundry SME Bootcamp 5.0 business training on Taxation.
The free business training has been on since last week, but I had to share this one.
I’m thankful that I was chosen amongst the founders to attend this summit. Thank you Bizgrant for the email that got me here.
I have previously heard about different taxes, but I didn’t know which one applied to me and whom to pay.
I understood the 5 taxes I’m supposed to pay as a business owner when I’m supposed to pay them and to which body, I’m supposed to pay for each of the 5taxes.
I know about direct and indirect tax.
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I also learned about the penalties which included closing down businesses to fines or jail times. The severity depends on what you defaulted on.
I now know that VAT and PAYE is a monthly remittance with their final dates, and CIT and EDT are done annually around June for Ltd and March for Plc. While withholding tax is 30 days from the transaction.
I no cram anything on penalty fees as I have no intention of defaulting.
Thank you @thefoundry.ng powered by @thenesthub for this virtual summit. I look forward to tomorrow’s session on Sales.
Yours in business.
#FoundrySME5
#SMEBootcamp5.0
#FoundrySMEbootcamp
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