How to Calculate the Draft of a Ship

The draft of a ship is the vertical distance between the waterline and the bottom of the hull (keel) of a ship. It’s an important measurement if you want to know how much water a ship needs to float and move efficiently. So, in this article we will take you through how you can calculate … Read more

How to Calculate Treasury Bill Profit in Nigeria

What are Treasury Bill? Treasury Bills are government guaranteed debt instruments granted by the Central Bank of Nigeria on their behalf to assist in financing expenditure. The CBN also uses treasury bills to control the supply of money in the economy. How Do I Calculate The Returns On Investment? Since Treasury bills are issued at … Read more

How to Calculate VAT Penalty in Nigeria

What Is VAT Amount In Nigeria? As of the moment this post was made, the standard rate of VAT in Nigeria has now gone up to 7.5%, which is the VAT rate for 2024. There is also a limited range of goods and services that are subject to VAT at the zero rate or are … Read more

How to Calculate Interest on a Loan

Calculating interest on a loan: Simple interest If a lender uses the simple interest method, calculating loan interest becomes straightforward provided you have the necessary details. Essential information includes the principal loan amount, the interest rate, and the loan term, which collectively enable the determination of overall interest expenses. Note that monthly payment is fixed, … Read more

How to Calculate Companies Minimum Tax in Nigeria

How to Calculate Companies Minimum Tax in Nigeria The company minimum tax is a mandatory tax requirement applicable to companies that have either no taxable profits for the year or whose tax on profits falls below a certain threshold. This minimum tax enables these companies to contribute to the tax revenue. This process is also … Read more

How to Calculate Fixed Deposit Interest Rates in Nigeria

How to Calculate Fixed Deposit Interest Rates in Nigeria Understanding how to invest your money wisely is very important, and fixed Deposit accounts are one way to do this, especially if you don’t want to take risks. These accounts are like putting your money in a safe box for a certain time, and in return, … Read more

How to Calculate Annual Salary in Nigeria

How to Calculate Annual Salary in Nigeria In the 21st century, Nigeria is increasingly attracting attention as a destination for outsourcing, all thanks to its youthful and well-educated populace, rapid infrastructural advancements, and competitive labour expenses. Nigeria is classified as a lower-middle-income economy. The average monthly salary in Nigeria is approximately 339,000 Nigerian Naira, equivalent … Read more

How to Calculate Capital Allowance in Taxation in Nigeria

How to Calculate Capital Allowance in Taxation in Nigeria Capital allowances  can be compared to an expense that can be deducted from taxes and are accessible for eligible capital expenses spent on acquiring specific assets used for business trade or rental purposes. Many business owners have intentionally refused to pay their taxes as they do … Read more

How to Calculate Tax Relief in Nigeria

How to Calculate Tax Relief in Nigeria Many governments regard the granting of tax incentives through special economic zones as a veritable economic tool to draw investment, especially foreign direct investment (FDI). This is attributable to a number of reasons like combating externalities that would hinder investment activities, or to compensate for poor public service … Read more

How to Calculate Initial Allowance in Nigeria

Initial allowance in Nigeria is a deduction from a company’s assessable profits. It allows companies to spread the tax relief for qualifying capital expenditure (QCE) over several years. Unlike depreciation expense, capital allowance cannot be used to reduce taxable profits. Also, taxable profits, all other adjustments being equal, are calculated by adding net profits to … Read more