Last edited by Mikat
Tuesday, April 21, 2020 | History

6 edition of Company tax law in Nigeria found in the catalog.

Company tax law in Nigeria

J. Ola Orojo

Company tax law in Nigeria

  • 7 Want to read
  • 11 Currently reading

Published by Sweet & Maxwell in London .
Written in English

    Places:
  • Nigeria.
    • Subjects:
    • Corporations -- Taxation -- Law and legislation -- Nigeria

    • Edition Notes

      Includes bibliographical references and index.

      Statementby J. Ola Orojo.
      Classifications
      LC ClassificationsLAW
      The Physical Object
      Paginationxxix, 300 p. ;
      Number of Pages300
      ID Numbers
      Open LibraryOL4198543M
      ISBN 100421239603
      LC Control Number80477484

        Well a company that shows loss is a subjective matter. It varies from law to law. In india, taxable income of a company is calculated as per the provisions of Income Tax Act ; and the act determines what all will be (and to what proportion) s.


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Company tax law in Nigeria by J. Ola Orojo Download PDF EPUB FB2

BOOKS ON NIGERIAN LAW: Constitutional Law Akande, J.O. The Constitution of the Federal Republic of Nigeria with annotations Lagos: MIJ Company/Commercial/Tax Law/Intellectual Property Akanki, J.O., Essays on company law Lagos: University of Lagos Press, Ola, C.S.

Company law in Nigeria Ibadan: Heinemann Educational Books (Nig. Companies are mandated by law to pay Company Income Tax (CIT) in Nigeria based Company tax law in Nigeria book the profit.

The amount charged is 30% o the profit earned in the year preceding assessment. Companies resident in Nigeria are liable for CIT on their worldwide income and non-resident companies are liable only to CIT on their Nigerian-source income.

ISBN: OCLC Number: Description: xxix, pages ; 23 cm: Contents: Includes the text of the Companies Income Tax Act A withholding tax of 10% is deducted from the dividend paid by a Nigerian company to a non-resident company.

However, the rate is % for a non-resident company located in a country that has entered into a Double Company tax law in Nigeria book Treaty with Nigeria. Would there be any withholding tax on royalties paid by a local company to a non-resident. Chief Editor 0 Comments books on nigerian legal system, buy law books in nigeria, Company tax law in Nigeria book books in nigeria, nigeria law books, nigerian law school books, nigerian legal system books Apart from gaining knowledge on issues bothering on employment, tenancy, divorce, and your constitutional and human rights, there are many reasons why you should read.

Introduction to Nigeria Company Law - Part 1 This was then ammended in to cover the whole country (Companies Amendment and Extension Act of ). Both acts were then repealed and replaced in by the Companies Act of An Act to consolidate the provisions of the Companies Income Tax Act and to make other provisions relating thereto.

the interest accrues to a Company tax law in Nigeria book company or person from a Nigerian company or a company in Nigeria regardless of whichever way the interest may have accrued. (3 under any law in force in any territory or country. Company tax law in Nigeria book is also the Editor-in-Chief, Nigerian Tax Law Reports (–); Publisher and Managing Editor, Nigerian Tax Notes (A monthly Journal of Tax Law) and Editor-in-Chief, Business Law Review (A Quarterly Journal of Business Law and Taxation).

This book is primarily conceived for the convenience of tax officials. Company tax law in Nigeria book My hope however, is thatFile Size: 4MB. Later inthe Companies Decree took over from the Company Act. At as this timethe recognized Company Law in Nigeria is the Companies and Allied Matters Decree of The Nigeria Corporate Affairs Commission (CAC) is responsible for regulating the.

A Casebook on the Law of Evidence in Nigeria by Niki Tobi Publishers: Fourth Dimension Publishing Company, Nigeria Aguda T, () The Law of Evidence, Spectrum Law Series, Ibadan.

Law, rules and procedures of criminal investigation in Nigeria by Basil Momodu; Nigeria. A company Company tax law in Nigeria book a "corporation" - an artificial person created by law.

A human being is a "natural" person. A company is a "legal" person. A company thus has legal rights and obligations in the same way that a natural person does. Companies and Partnerships Compared (a) A company can be created only by certain prescribed methods - mostFile Size: KB.

Contents: general principles: e.g. definitions, objectives, criteria, direct and indirect taxes, jurisdiction, personal taxation, company taxation, local taxation. The book is recommended to students of law, accounting and business administration especially those preparing for the examinations of the Institute of Accounting of Nigeria and the chartered institute of taxation of Nigeria.

It will also be useful for students in law school and post graduate student of Accounting in Nigeria University. Taxation In Nigeria and History of Taxation In Nigeria A tax in Nigeria is a compulsory levy imposed by the Federal Government of Nigeria on individuals and corporate entities in respective of return of service expected from the government.

In Nigeria, nobody can dispute the fact that though this taxes are been collected, they are [ ]. These basic principles underlie much of what follows in this book.

But it is important to remember they are principles of company law. In the field of tax in particular, many inroads have been made by both statute and the courts that allow the authorities to look behind company structures at who really owns and controls the entity. Tax laws provide a well-defined legal backing to the administration of each tax type States in clear terms the applicable rate, Tax laws stipulate what constitutes offence and the appropriate sanctions to each offence.

They enshrine best practices in terms of ethical and professional conduct. Company Law in Nigeria. Tonwe. Amfitop Books, Jan 1, - Corporation law - pages. 0 Reviews. From inside the book. What people are board of directors business or objects carrying on business Ch.D common law common seal Companies and Allied Companies Decree Company Law company limited company secretary company's complied.

Company & Business Law Books Dealer in Lagos is Matog Limited. The Company boasts of over 16years in the business of delighting our customers. Whether you prefer local textbooks or foreign textbooks or materials on Company & Business Law, we are positioned to fill your order.

Bare Act: Income Tax Act, & Income Tax Rules, 2. Sampath Iyengars: Law of Income Tax, 11th Edition; Bharat Law House Pvt.

Ltd., T-1/95, Mangolpuri Industrial Area, Phase I, New Delhi Note: (i) Students are advised to read the relevant Bare Acts. ‘Student Company Secretary’ and ‘Chartered Secretary’. ADMINISTRATION OF COMPANY INCOME TAX IN NIGERIA: PROBLEMS AND PROCEDURES ABSTRACT.

Once a company is incorporate, it becomes legal entity and is treated under Nigerian law as an artificial person, separate and distinct from its shareholders.

Corporate bodies are charged to tax under the Companies Income Tax Act (CITA)as amended to data. Double tax treaties (DTTs) Nigeria has DTTs with the countries listed in the table below. Nigeria also has tax treaties with Kenya, Mauritius, and Poland; however, these treaties have not been ratified by the Nigerian National Assembly.

The tax treaties with South Korea, Spain, and Sweden are still in the process of being ratified. Business or trade only partially carried on or deemed to be carried on in Nigeria. Relevant tax authority may assess and charge tax on the turnover of a business, etc.

Partnership. Agricultura l, etc., profit. Employment. Tax credit allowable against tax payable on income derived from outside Nigeria. Nigerian dividends.

The Petroleum Profit Tax is subject to any resident company or person in charge of a non-resident company who are exploring for petroleum or producing it. This also includes any liquidator, receiver, or agent of liquidator or receiver of any company carrying on petroleum operations in Nigeria.

IIBB: 1%-4% (industrial), %-5% (commerce and services) and %-8% (commission and intermediation) VAT: 27%, %, 0% Effective: % Bonaire, Sint Eustatius and Saba. Services: 4%–6% 30%, 25%, 22%, 18%, 10%, 7%, 5%, 0% PIS-PASEP: %, % COFINS: 3%, % 16%, 10%, 6%, 5%, 3% 11%, 4%, 2%, 0%.

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. Nigerians under the law are to pay 25% of their total worldwide income while foreign individuals are to pay 25% of the profit made in Nigeria only.

Also Read: Best Accounting Software For Small Business Owners In Nigeria. Tax Identification Number (TIN) In Nigeria, every citizen of Nigeria working with the Government, the private sector or owns.

AN OVERVIEW OF REVENUE LAW IN NIGERIA INTRODUCTION Whether or not it is justiciable, the Constitution of the Federal Republic of Nigeria, established amongst other things for the government of Nigeria, economic and educational objectives for the welfare of its people.

Section 14 (2) (b) succinctly declares thatFile Size: KB. Corporate Tax Rate in Nigeria is expected to reach percent by the end ofaccording to Trading Economics global macro models and analysts expectations. In the long-term, the Nigeria Corporate Tax Rate is projected to trend around percent.

offence committed in relation to any tax on income or profits in Nigeria. • (5) Where under any law in force in any Commonwealth country provision is made for the allowance of relief from income tax in respect of the payment of income tax in Nigeria, the obligation as to secrecy imposed by this section shallFile Size: KB.

See Also: How To Diversify The Nigerian Economy Successfully For Growth Below is a comprehensive analysis of taxation in Nigeria and the necessary rules, laws, and clarifications. These will help you run your business legally in accordance with the tax laws and regulations in Nigeria.

behind on tax law reform in Nigeria as the last time any business tax legislation was enacted or amended was This is in spite of the various pending memoranda and proposals for tax law reform submitted to the Federal Government by different stakeholders, such as Nigerian Insurers Association, Association of Food, Beverages and.

• Value Added Tax Act – The provisions of the VAT Act prevail over the provisions of the Sales Tax Law of Lagos State. A copy of TLRN is sold for N2,while a set of the available 36 volumes (and the latest Index) is sold at a discounted rate of N80, /5(1).

Tax Rate The rate of CIT is 30%1. This is applied on total profits of the taxpayer. However, minimum tax may be payable by a company making losses depending on the age of the company, industry and. DO LAWYERS PAY TOO MUCH TAX. In order to put the discussion of the topic as given in proper perspective, I have chosen to examine it under the following headings: 1.

Definition of key terms 2. Legal basis for imposing taxes on lawyers - the constitution and tax laws 3. Taxes payable by lawyers to Federal, State and Local Governments Size: KB. Objective of this book is to explain the income tax administration in India.

Topics covered includes: Study of the Income-Tax, Heads of Income, Tax audit, Indirect Tax, Assessment of Tax Payable. The Income-tax Act, is the charging Statute of Income Tax in India.

It provides for levy, administration, collection and recovery of Income Tax. “,”nextArrow”:”“,”autoplay”:true,”autoplaySpeed”}’ dir=”ltr” data-typing=”1″> Decem 14 FACTS ABOUT COMPENSATION AND VICTIMOLOGY IN CRIMINAL JUSTICE IN NIGERIA.

* Daily Law Tips (Tip ) by Onyekachi Umah, Esq., LLM. ACIArb(UK) Decem HIGHEST PUNISHMENT FOR DRIVING WITHOUT LICENSE IN NIGERIA.

* Daily Law Tips (Tip ) by. Taxation of Partners and Partnerships in Nigeria Ololade Olukowi 2 Lagos, though, has since outgrown the Western Region‟s Partnership Law and enacted its own Partnership Law inwhich introduced limited-liability partnerships.

From these laws, three expressions of partnerships are recognized: generalAuthor: Ololade Ademoroti. The corporate tax rate in South Africa is a flat rate of 28% for all companies. This is slightly above the average corporate tax rate for Africa overall, which is %, and above the global average of %.

Trusts in South Africa pay tax at a separate rate of 41%. Small business tax South Africa. If you run a small business in South Africa. A Performance Analysis of Nigerian Tax Objectives Actualization: Evidence of – the tax avoider seeks to comply with his tax obligation only to the extent of what is minimally feasible within the law.

Nigeria corporate tax payers, especially the large ones, both foreign owned and indigenous, seem to be engaged in a continuing Author: Ordu Promise A., Anele Clement A. The Nigerian book publishing industry is one that is overlooked by many, probably because it is widely portrayed that Nigerians don’t read.

However, with the recent establishment of book selling businesses either print or electronic, it is logical to say Nigerians read. Lets take a look at the top 10 book publishing companies in Nigeria [ ]Author: Abdulwali Yahaya.

CORPORATE TAXATION LAWS Pdf NIGERIA: A REVIEW John, D. C. Department of Commercial law Ahmadu Bello University, Pdf, Kaduna, Nigeria E-mail: [email protected] ABSTRACT It is a general knowledge that the field of law of taxation is complex and highly technical.

It requires clear perception of fiscal terms and concepts as well asFile Size: 73KB.Tax Data Card Nigeria Tax Data Car Nigeria. Dividend, interest & rent Royalties Hire of equipment, motor vehicles, plants: and machinery Commission, consultant'/ technical and management fees, legal fees, audit fees, and other professiona' tees Building, construction and.Ebook Value Added Tax System and the Concept of Basic Food.

Taxation principles and practice in Nigeria; Silicon Publishing Company: Ibadan According to German income tax law, the basic.