Principles of taxation in nigeria
Gradual decline in the inequality gap in nigeria, even though global emphasis is on indirect tax direct taxation accounted for about 74% of the total tax revenue in the year 1980 in nigeria. Principles for a responsible tax practice our principles for a responsible tax practice bring to life kpmg’s values and our global code of conduct in a way that is meaningful for the every day situations we face as tax professionals. Nigeria tax guide 2013 pkf worldwide tax guide 2013 i foreword foreword a country’s tax regime is always a key factor for any business considering moving into new markets what is the corporate tax rate company tax all companies operating in nigeria outside the oil and gas sector of the economy are. Taxation and fiscal regulations in nigeria introduction the nigerian tax system has undergone significant changes in recent times the tax laws are being reviewed with the aim of repelling obsolete provisions and simplifying the main ones. Taxation is a significant consideration for foreign investors who seek to do business in nigeria this is in addition to other factors such as security, availability and access to power, rule of law etc.
Taxes in nigeria taxes in nigeria tax treaties: nigeria has a number of tax treaties referred to as “double taxation” agreements with a number of countries, these are designed to ensure that the tax payable in nigeria on the profits of a nigerian company being remitted into the country are reduced by the amount of “foreign tax. A critical assessment on nigerian federalism: path to a true federal system by: irabor peter odion 07037830536 [email protected] department of general studies, federal college of education (technical) potiskum, yobe state. In a symposium by the chartered institute of taxation of nigeria, as part of nigeria’s 50th anniversary celebration, naiyeju, (2010) highlight the prospects ahead in regards to the tax collection and administration in nigeria.
Taxation as a major source of funding to the government of nigeria articles on this site are extracts from literature review of research projects, get the full project review of related literature taxation as an aspect of government fiscal policy according to nwoke (1993:1) taxation can be defined as the imposition of an obligatory levy or contribution of an individual or corporate donate. Taxation in nigeria – origin and importance of taxation in nigeria taxation in nigeria – the earliest trace of any form of direct taxation in nigeria even before the british administration was in northern nigeriathe north was favored for this because it had a form of organized central administration under the emirs unlike the south which except in few places in the west was not as. Domestic law and by tax treaties towards capital gain taxation, and if the enforcement of such tax rules is inadequate, taxpayers may have greater incentives to engage in avoidance moreover, the. Income taxes in nigeria the principles of taxation adam (1910) maintained in his book “the wealth of nations” gave the most important set of principles, which are also known as the “cannon of taxation” which are still accepted generally by tax administrators all over the.
The tax system in nigeria is made up of the tax policy, the tax laws and the tax administration all of these are expected to work together in order to achieve the economic goal of the nation. Effective revenue mobilization and sustainable development in lagos state, nigeria effective revenue mobilization and sustainable development in lagos state, nigeria we also investigated the relationship between revenue mobilization and sustainable development in lagos state the paper is divided into nine sub-sections, namely. Taxation and economic growth eric engen & jonathan skinner abstract - tax reforms are sometimes touted as having strong macroeconomic growth effects using three approaches, sion suggested that its general principles for tax reform would almost double us economic growth rates over the next five to ten years1 most recently. General principles of taxation & paye a cardinal principle of taxation is that all income derived from, accruing in, brought into or received in nigeria are liable to tax profits or gains in the form of salaries, wages, fees, allowances, gratuities, compensation.
Principles of taxation in nigeria
It goes further to examine whether tax revenues in the form of personal income tax, value added tax, corporate income tax, customs duty and excise duty affect the economic growth of tanzania, measured with gross domestic product to capture this, time series data was culled from 2000-2014. London: macmillan publishers limited0 principles of taxation summary the unit has exposed you to the various organs charged with the responsibility of tax administration in nigeria it has: discussed the existing and relevant tax laws in nigeria itemised the main organs of tax administration. Summary: fundamental principle of nigeria tax examines the basic principle of taxation in nigeria attempt has been made to cover the syllabus of the institute of chartered accountants of nigeria the book is recommended to students of law, accounting and business administration especially those preparing for the examinations of the institute. Welfare effects of taxation on the nigerian economy osundina c k1 and olanrewaju go2 1 the principles of taxation mean the appropriate criteria to be applied in the development and evaluation of the tax structure such of nigeria’s tax policies” takes the position that improvement in welfare is synonymous with reduction in.
Principles and practice of taxation lecture notes taxation is a common phenomenon all over the world most countries cannot do without the imposition of tax, to boost its revenue generation there are many definitions given to taxation by different authors. Tax may be defined as a compulsory contribution contribution imposed by a government authority on goods, individuals, corporate bodies, etc, irrespective of the exact amount of services rendered to the tax payer in return, and not imposed as a penalty for any legal offence features of a tax 1 tax is a compulsory payment 2.
Course title: taxation & tax management course unit: 3c week topic 1 introduction to nigerian tax system fundamental principles of nigerian tax, lagos personal income tax in nigeria journals/periods ican journals/newsletters citn journal nigeria tax news financial standard business times nigeria tax laws author. Some of the most important principles or canons of a good tax system are as follows: 1 principle or canon of equality 2 canon of certainty 3 canon of convenience 4 canon of economy a good tax system must fulfill certain principles if it is to raise adequate revenue and fulfill certain social. Rgeneral principles of taxation fundamental principles in taxation taxation taxation is the inherent power of the sovereign, exercised through the legislature, to impose burdens upon subjects and objects within its jurisdiction for the purpose of raising revenues to carry out the legitimate objects of government. A tax (from the latin taxo) is a mandatory financial charge or some other type of levy imposed upon a taxpayer (an individual or other legal entity) by a governmental organization in order to fund various public expenditures a failure to pay, along with evasion of or resistance to taxation, is punishable by law taxes consist of direct or indirect taxes and may be paid in money or as its.