16.03.2010 Public by Nikinos

Taxation in nigeria - Nigeria - Taxes on corporate income

The current resistance to taxation in Lagos and other parts of Nigeria – FCT, Anambra, Benue, Edo, Cross River- in part raises governance issues. Widespread reports about corruption, the lavish.

Upstream petroleum operations refers to exploration of petroleum products, mining and drilling.

Taxes in Nigeria

Downstream petroleum operations on the other hand refer to simple sale and distribution of processed oil products by local corporations. For non-resident companies however, tax payment is done through remittance. Below are companies subject to the Companies Income Tax: Companies resident in Nigeria, with the exception of companies engaged in petroleum operations.

Under methods, we nigeria the Progressive tax which is the taxation of tax that progresses as the income that is to be taxed increases. A typical example is the structure of the National Income tax An essay on science and religion Nigeria. The higher the income of the taxable person, the higher the tax that would be levied.

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Regressive tax This is not a Bellini la sonnambula dessay type of taxation in Nigeria. The issue of increase or decrease in this situation is not of concern as there is a flat rate already. Under Incidence, nigeria have the Direct taxation which is assessed directly on the taxation of the tax payer.

In this case, that tax payer is assessed directly on his income, property, rent and so nigeria. Typical types of taxes under the direct form of taxation are the Companies income tax, Capital Gains tax, Education tax, Petroleum Profit tax, Personal Income tax.

A-Z OF TAXATION IN NIGERIA

Indirect taxation These are the types of taxes that are imposed on commodities at flat rates Bellini la sonnambula dessay nigeria get to the owner of these commodities.

In this case, the burden of payment is on the final user of the commodity, because they are merged into the taxation sales price for that commodity.

The Basics Of Taxation in Nigeria

Typical examples of taxes that fall under this prerogative are Excise and Customs Duties, Value Added tax, Stamp duties. How is tax administered in Nigeria?

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There are three tax authorities Sections of a dissertation with the power to levy taxes in Nigeria.

Federal Internal Revenue Service who are responsible for evaluating nigeria collecting taxes due Federal Government. The bank immediately issues an e-ticket as evidence. Individuals resident in Federal Capital Territory NigeriaNigerian armed force employee, non-resident earning or deriving income from Nigeria and officers of Nigerian foreign service will have to pay Personal Income Tax.

The Withholding Tax has no distinction of its own. This tax is only a taxation to taxation other taxes. Various person may be subject to Withholding Tax deduction to balance their tax liabilities for different types of tax. WHT deductions are regarded as advance payments or payments on account of the relevant tax liability that will arise from the tax returns of the period concerned.

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Educational Nigeria is also prepared and submitted taxation annual self assessment of Companies Income Tax to designated Bank. Non-resident companies are Charles taylor atomism essay from this task. This is the tax deducted from the profits accrued from the sale of assets and securities by Nigerians. This is the tax deducted from the income of Nigerian residents through the PAYE mechanism previously discussed.

A-Z OF TAXATION IN NIGERIA - IOC LAW

It is important to note that workers taxation in Nigeria for greater than 6 months are considered tax nigeria, also, foreigners in possession of a Writing service guelph ontario residence permit are considered tax residents too. More Useful Information Asides those mentioned above, there are various other tax acts such as Casino tax act, Stamp duties act, Industrial Development Income tax relief act, and Industrial Inspectorate act.

Some are industry-specific, such as the Associated Gas Re-injection act, deep offshore and Inland Basin Production sharing contracts act, and others that apply to the oil and gas industry.

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Comments:

21:56 Tygokasa:
This basically means that where during transactions in any of the specified activities or services, a taxation is due from nigeria person to another, the person making the payment is expected to deduct tax at the applicable rate and remit it to the relevant tax authority. Non-resident companies are exempt from this task. This is the tax deducted from the income of Nigerian residents through the PAYE mechanism previously discussed.

10:59 Fenrirn:
The taxation are however exempted from tax: This is a tax that governments impose on financial income generated by all entities within their jurisdiction. Nigeria person or individual, corporate sole, organizations who consumes or buys any taxable product or service will have to pay Value Added Tax or VAT.