Author: syntaxlp

The National Pension Commission (PENCOM) is the body charged with the responsibility to formulate, direct and oversee the overall policy on pension matters in Nigeria. PENCOM is empowered to establish standards and rules for the management of the pension funds. Under the Pension Act, an employer is required to contribute 10% of the employee’s salary… Continue reading NATIONAL PENSION COMMISSION (PENCOM).

The National Agency for Food and Drug Administration and Control (NAFDAC) is an agency set up to regulate and control the manufacture, import, export, advertisement, sale , distribution and use of food, drugs, cosmetics, medical devices, bottled water and chemicals. Anyone who desires to carry out any of these activities is require to apply for… Continue reading NATIONAL AGENCY FOR FOOD AND DRUG ADMINISTRATION & CONTROL (NAFDAC)

The Industrial Training Fund (I.T.F.) was set up to establish a fund to promote and encourage training and skill acquisition. Every employer with 5 or more employees, or with an annual turnover of N50, 000,000.00 is expected, by the 1st of April every year to contribute 1% of the amount on its annual payroll to… Continue reading THE INDUSTRIAL TRAINING FUND

The Corporate Affairs Commission (CAC) is the agency of Government charged with the responsibility of registration of Companies, Business names, NGOs etc. The administration of the Companies Law is one of its major functions. The CAC should therefore be notified when you make changes to your business such as Addition or removal of Directors, Conversion,… Continue reading CORPORATE AFFAIRS COMMISSION (C.A.C.)

The Lagos Internal Revenue Service (LIRS) is responsible for collecting taxes in Lagos State. The most popular tax paid to the LIRS is the Personal Income Tax, which could be: Pay – As – You – Earn (PAYE) which employers remit as they deduct from their employees’ salaries; orDirect Assessment which a self-employed person is… Continue reading LIRS