Nigerian Law Of Taxation Key points

Contents

LAW OF TAXATION I. 3

INTRODUCTION: LAW OF TAXATION.. 3

THE DEFINITION OF TAX.4

STAKEHOLDERS OF TAXATION.5

CAREER OPPORTUNITIES.6

OBJECTIVES/FUNCTIONS/IMPORTANCE OF TAXATION.. 6

PRINCIPLES OF TAXATION/FEATURES OF A GOOD TAX SYSTEM... 7

EVOLUTION OF THE NIGERIAN TAX SYSTEM AND ITS PECULIAR FEATURES.8

FEATURES/DRAWBACKS OF THE NIGERIAN TAX LAW/SYSTEM... 10

THE TRIPARTITE FEATURE/PILLAR OF TAXATION.10

SOURCES OF TAX LAWS. 11

CONSTITUTIONAL FRAMEWORK.13

CLASSIFICATION/FORMS OF TAXATION IN NIGERIA.14

Tax Planning: TAX EVASION AND AVOIDANCE.16

INTERPRETATION OF TAX STATUTE.. 18

TAXATION POWERS.19

ALLOCATION OF TAXING POWERS.19

ISSUES ARISING:20

Recommendations:24

TAXATION IN THE GUISE OF ADMINISTRATIVE CHARGES.24

PERSONAL INCOME TAX ACT (PITA).26

THE STATUTORY FRAMEWORK FOR PERSONAL INCOME TAX:26

TAXABLE PERSONS AND TAXABLE INCOME.27

THE BASIS FOR LIABILITY UNDER THE PITA.27

Computation of personal income. 27

WITHHOLDING TAX.30

PROPERTY TAX.32

The Land Rates Law:. 33

Neighbourhood Improvement Charge Law.. 33

Tenement Rate Law.. 33

THE LAND USE CHARGE LAW.33

AMENDMENTS BROUGHT ABOUT BY THE PITA AMENDMENT ACT.. 34

HISTORICAL BACKGROUND OF THE CITA.35

AMENDMENTS/IMPROVEMENTS INTRODUCED.36

EDUCATION TAX.44

STAMP DUTIES.46

VAT.49

CAPITAL GAINS TAX.54

TAXATION ON INVESTMENT INCOME.55

PETROLEUM PROFIT TAX.56

 

 

TABLE OF CONTENTS LAW OF TAXATION PART I AND II

INTRODUCTION.

THE DEFINITION OF TAX

STAKEHOLDERS OF TAXATION.

CAREER OPPORTUNITIES

OBJECTIVES/FUNCTIONS/IMPORTANCE OF TAXATION

PRINCIPLES OF TAXATION/FEATURES OF A GOOD TAX SYSTEM

EVOLUTION OF THE NIGERIAN TAX SYSTEM AND ITS PECULIAR FEATURES.

FEATURES/DRAWBACKS OF THE NIGERIAN TAX LAW/SYSTEM

THE TRIPARTITE FEATURE/PILLARS OF TAXATION.        

SOURCES OF TAX LAWS

CONSTITUTIONAL FRAMEWORK.

CLASSIFICATION/FORMS OF TAXATION IN NIGERIA.

TAX EVASION AND TAX AVOIDANCE.

INTERPRETATION OF TAXING STATUTE.

DIVISION AND ALLOCATION OF TAXING POWERS. (ISSUES ARISING)

TAXATION IN THE GUISE OF ADMINISTRATIVE CHARGES.

PERSONAL INCOME TAX ACT (PITA). NATURE, SCOPE, ADMINISTRATION, STATUTORY FRAMEWORK, TAXABLE PERSONS, BASIS FOR LIABILITY, COMPUTATION, ETC.)

THE CONCEPT OF WITHHOLDING TAX.

THE LAND RATES LAW.

NEIGHBOURHOOD IMPROVEMENT CHARGE LAW.

TENEMENT RATE LAW.

THE LAND USE CHARGE LAW

AMENDMENTS BROUGHT ABOUT BY THE PITA AMENDMENT ACT.

 

LAW OF TAXATION PART II

HISTORICAL BACKGROUND OF THE COMPANIES INCOME TAX.

AMENDMENTS/IMPROVEMENTS INTRODUCED BY THE NEW CITA

THE FEDERAL INLAND REVENUE SERVICE ESTABLISHMENT ACT 2007.

EXTENSIVE DISCUSSION OF THE PROVISIONS OF THE CITA.

CHARGING PROVISION, NATURE OF PROFIT, CHARGEABILITY, ALLOWABLE DEDUCTIONS, EXEMPTED PROFITS, INCENTIVES, ASCERTAINMENT OF PROFIT, BASIS PERIOD, THE CONCEPT OF MINIMUM TAX, ETC.

THE CONCEPT OF SELF ASSESSMENT (TAX ADMINISTRATION (SELF-ASSESSMENT) REGULATION 2011).

POWER OF FIRS TO REVIEW ARTIFICIAL TRANSACTIONS.

EDUCATION TAX

TECHNOLOGY TAX.

STAMP DUTIES.

VALUE ADDED TAX VAT

CAPITAL GAINS TAX.

TAXATION ON INVESTMENT INCOME (LIKE PROFIT FROM RENT, DIVIDENDS, ROYALTY, INTERESTS ON INVESTMENT, ETC.

PETROLEUM PROFIT TAX.