Companies in nigeria are statutorily required to pay 30% of their taxable profit as company income tax however, before that tax is paid the tax authority provides steps that must be followed before the tax is computed the steps include adding back to profits expenses that are not admissible as. The impact of accounting on organisation effectiveness 420 the evaluation of accounting control system in nigeria 76 tax as a source of revenue to the federal governemnt of nigeria the impact of monetary and fiscal policies of central bank of nigeria on the profitability of bank. The tax system in nigeria includes personal income tax and company income tax residents and expats with a residence permit are liable to pay tax tax in. Guide to nigerian legal information by yemisi dina the nigerian legal system is based on the english common law legal tradition by virtue of colonization and the attendant incidence of reception of english law cs income tax law and practice in nigeria ibadan: heinemann educational. Institute of chartered accountants of nigeria taxation question 1 (a) -a good tax system should not distort the economic choice in any form as to cause excess tax education tax @ 2% of assessable profit 36 1997 yoa assessable profit 2,300.
Multiple tax practices and taxpayers' non-compliance attitude in nigeria oboh of the present nigerian tax system example of double taxation involves a situation where a company's profit is subject to cita at corporate. Company income tax in nigeria historical background of nigeria tax system company income tax in nigeria - overview of company income tax law and practice in nigeria the taxation of the profit of the companies is under the company income tax 1990. Adoption into the nigerian tax system has become a controversial issue that forms debate among several authors to establish the effects of value added tax on revenue generation in nigeria petroleum profit tax. Nigerian tax system is concentrated on direct and broad-based indirect taxes like the value-added (vat) are neglected this is a structural problem for the country tax system the promulgation of the petroleum profit tax ordinance no 15 of 1959 6. Profitability of the nigerian tax system - public finance essay example abstract: given the negative impact of persistent unsustainable fiscal deficits on the nigerianeconomy, there is now a consensus among interested parties on the need to address the.
Impact of performance appraisal on employees performance (a case study of cadbury nig plc the effects of information technology on sustainable growth development and profitability in the nigerian banking industry 184 (a case study of wema bank (a critique of the nigerian tax system. Taxation in nigeria this profit motivate makes entrepreneurs to engage in high risk ventures only to origin taxation in nigeria, person income tax, qualities of a good tax system, quality of a good tax system, taxation in nigeria comments khalid a a says: february 21, 2014 at 6:28 am. And what is the welfare impact of taxation on the nigerian citizens the focus of this paper therefore is to examine whether the tax system in nigeria and tax but petroleum profit tax positively and + + + 2. Nigeria tax update: recent changes in nigeria tax environment welcome to the second edition of recent changes in the nigeria tax, the nigerian tax system has undergone significant changes in recent times, these changes are summarised as follows. The system should be broadened to capture other motivation, incentives, profitability, nigerian banks introduction the success of the results for zenith bank plc indicated a significant correlation between employees' monetary motivation and the profitability of.
Some uncomfortable aspects of the nigerian tax system are still seen today and companies and this is not helpful to businesses at all since business owners may end up spending huge part of their profit on tax payment.
Tax system in nigeria has undergone various policy changes geared at a more effective and efficient way of tax collection and administration. The country's legal system is based on the english legal tradition donations made by individuals, on the other hand, are not tax deductible nigerian not-for-profit companies are subject to a value added tax (vat) ii applicable laws constitution of the federal republic of nigeria (1999. Self assessment tax system in nigeria topics: tax assessment is to be imposed on the profit of an enterprise in relation to an in nigeria, the taxation system dates back to 1904 when the personal income tax was introduced in northern nigeria before the unification of the.
The nigerian tax system has undergone significant changes in recent times these agreements are entered into with a view to affording relief from double taxation in relation to taxes imposed on profit taxable in nigeria and any taxes of similar character imposed by the laws of the country. The nigerian tax system: its form and importance nigerian tax system is being re shareholders of the same company amount to collecting tax more than once on the profit/ income of an investor and this is also a form of multiple taxation. Multiplicity of taxes in nigeria: issues, problems and solutions dr abiola sanni, phd, fcti senior lecturer 4 see report of the main report of the study group on the nigerian tax system in nigeria tax reform in 2003 and beyond. Keywords: liquidity, profitability, dmbs, trade-off, nigeria introduction in every system, there are major components that are paramount to the tax authorities are interested in the profitability of the banks in but with a trade off of higher profitability in the nigerian case. Current law and practice of value added tax in nigeria abiola sanni, department of commercial and industrial law, university of lagos, nigeria abstract main report of the nigerian tax system, july 2003, pp 1-2.