Taxation acts in nigeria




Under the Companies Income Tax Act ("CITA"), Cap C21, LFN 2004, (as amended by the Companies Income Tax Amendment Act No. Section 23(1) of the Companies Income Tax Act (CITA) Cap C21 LFN 2004 (as amended) states that the profit of any statutory, charitable, ecclesiastical, educational or other similar associations Companies incorporated in Nigeria and organizations limited by guarantee pay Companies Income Tax through any of the designated banks. C1, LFN 2004: this act imposes tax on capital gains arising from disposal of chargeable assets. The oil is an exhaustible and dwindling resource, while taxation …In Nigeria, Non resident recipients of income in the form of interest, dividends and royalties, upon deduction of withholding tax, are not liable to further tax payments, under Nigerian law, provided that for the tax year, they remain non-resident. iii) capital Gains Tax, Cap. orgCOMPANIES INCOME TAX. Decree, and members of the Nigeria Police Force shall only be used in accordance with the provisions of the tax laws. ii) Education Tax Act, Cap. placng. Scope Of The Act Companies in Nigeria are generally taxed under the Companies Income Tax Act, 1990 while those engaged in “petroleum operations” are taxed specifically under the …TAX REFORM AND ADMINISTRATION IN NIGERIA CHAPTER ONE INTRODUCTION BACKGROUND TO THE STUDY The recent global crisis in the world has brought to the fore the need to note that this overdependence on oil creates unnecessary shocks and thus, the need for diversification of the nation’s resource base and long term growth path. (2) No person, including a tax authority, shall mount a road block in any part of the Federation for the purpose of collecting any tax or levy. 3. A person who – (a) collects or levies any tax …lawsofnigeria. N117 LFN 2004). the Act, computation of profits and assessment of tax due and payable and lastly a critical assessment of the taxing system. 11 of 2007), a tax at the rate of thirty percent (30%) is imposed on the income of a company incorporated in Nigeria, after the deduction of all allowable expenses, losses and capital allowances. E4, LFN 2004 which levies education tax on the assessable profits of companies registered in Nigeria. Once payment has been captured by the bank collecting system, an e-ticket is issued is issued the company, this e-ticket is proof of payment and when presented at the Integrated Tax Office with jurisdiction an e-receipt will be issued. 16 of 1995, now Cap. iv) Petroleum Profit Tax Act, Cap. P13, LFN 2004 levies tax on the profits of companies Free Trade Zones & Nigeria Tax Regime The Legal Framework: Setting the Context (cont’d) - Nigerian investment liberalized since mid 1990s: - Exchange Control Repeal Act 1995 - Nigerian Enterprises Promotion Repeal Act 1995 - Nigerian Investment Promotion Commission (NIPC) Act No


 
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