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Nigerian Tax System And Structure Pdf

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Published: 16.05.2021

This study examined the relationship between tax structure and economic growth in Nigeria using annual data between to The motivation is to track the impact of the observed change in the tax structure on economic growth in order to inform policy.

Issues and Challenges With The Nigerian Taxation System - Chemiron Ltd vs LIRS Revisited

In the banking sector, it usually refers to situations where a bank has either overpaid taxes, paid taxes in advance or has carry-over of losses the latter being the most common situation. In fact, accounting and tax losses may be used to shield future profits from taxation, Organizations that oversee education institutes contribute to the quality of education. Audit as a tool can support the optimization of processes for these organizations. However, literature was scarce regarding audit in educational monitoring organizations. This research attempts to understand the position that audit holds in educational monitoring and how it optimizes their processes. A questionnaire based on audit

The development of any nation depends on the amount of revenue generated by the government for the provision of infrastructural facilities. Taxation is the key to unlocking the resources required for public investment and infrastructure growth. Taxation and tax management is a stressful activity for everyone, especially for business owners and entrepreneurs. This means you are legally required to collect, file and remit sales and use tax. During this time, the tax administrators then were the traditional chiefs tax agents.

Here is an overview of the main taxes in Nigeria. The Nigerian tax regulation defines a Nigerian resident as an individual who is living in Nigeria for more than 6 months a year. Individual residents in Nigeria are taxable on their worldwide income, whereas a non-resident is only taxable on the income earned from business activities performed in Nigeria. Non-resident expatriate employees are therefore subject to income tax in Nigeria unless:. Employees simply pay their income tax through the Pay As You Earn PAYE system, whereby employers deduct the due tax at source from the salaries and transfer it directly to the FIRS on a monthly basis, while independent workers and beneficiaries of additional income are required to file their own tax returns. Here are the applicable rates for personal income tax in Nigeria :. The 30 teammates strong Expat.

The taxation system in Nigeria

There is now, a long overdue realization and recognition of taxation as a veritable instrument for national development. Aside from being a major source of revenue for government to provide goods and services needed by the people, tax policies can and do stimulate economic growth and job creation through its impact on investment and capital formation in the economy. In this respect, reform of the tax system that ensures effectiveness, equity and efficiency are necessary conditions for a healthy public finance. The Nigerian tax system, like any tax system is a tripartite structure which comprises of Tax policy, Tax legislation and Tax administration. The tax policy which sets broad parameters connected with taxation set of guidelines, rules and modus operandi that would regulate taxation in Nigeria.

Tax Structure And Economic Growth In Nigeria

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy. As a matter of fact and obligation, every individual, whether resident or non-resident in Nigeria, persons in paid employment or businesses, or persons who derive their income from Nigeria, as well as companies that operate in Nigeria, are all liable to pay tax. Failure to deduct and remit tax or failure to pay taxes of any kind as the case may be attracts punitive fines and penalties.

Tax revenue is frequently considered as an alternative form of sustainable financing within a stable and predictable fiscal environment to promote growth and enable governments to finance their social and infrastructural needs. The objective of the study is to examine the effect of tax revenue on economic growth of Nigeria and Ghana.

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