April 18, 2021

Coin Tastic

Business Managements for you

Entrepreneurship In The US

If you are planning to start a new insurance business, the first thing you will...

If you are planning to start a new insurance business, the first thing you will need is a business plan. LIC Bond is the document issued by the company when you purchase an insurance policy. Purchasing an insurance policy requires several steps, and the policy bond is furnished when LIC gives its approval after scrutiny of all the submitted documents. One other sensitive challenge that is encountered by majority of Nigerian entrepreneurs is multiple taxation. Although we have a responsibility of funding business management the government through paying taxes, most of the taxes charged on entrepreneurs are not lawful and have the effect of increasing the cost of doing business. Although Nigeria’s Companies Income Tax Act (CITA) has approved only 39 taxes and levies, there are over 500 various levies and taxes that are imposed by state and local government agents. These taxes are questionable and in the case where they are genuine, they are mostly duplicated and this has the effect of increasing the cost of doing business.