Nigeria foreign services, persons resident within the federal capital territory, abuja and persons employed in the nigeria police force other than in a civilian capacity are to pay their taxes to the federal inland revenue service. Nigeria current affairs log in sign up forgot password. Revenue and expenditure profiles in nigeria the characteristics of the total government revenues and expenditures in nigeria are examined to support the econometric analysis in this work. Nigeria s population was estimated to be about 140,000,000 people. Nigeria has created a national counterterrorism center.
Apr 20, 2017 nigeria has a new national tax policy the federal executive council, the highest executive decision making organ in nigeria just approved a new national tax policy for the country. This notable nigerian politician was born precisely in november 25th 1946 in small village called jada located in todays adamawa state. The pkf worldwide tax guide 201617 wwtg is an annual publication that provides an overview. The study examined the issues and challenges inherent in the nigerian tax system. Commissioner of finance, kano sate, nigeria being a paper presented at the icanorganized 2015 fgn budget symposium with the theme.
A lot happened in the tax space which was reflective of the drive by government at all levels to collect more tax revenue and to expand their tax bases. Journal of international business research and marketing. The main objective of this study is to determine the impact of company income taxation on the profitability of. Feb 20, 2020 muhammadu buhari gcfr is a nigerian politician currently serving as the president of nigeria, in office since 2015.
A common external tariff cet is one of the key instruments that is aimed at harmonising ecowas member states tax regimes and strengthening the blocs common members. You can describe 2017 as a challenging and taxing year, and you will be right on the money. The main forms of tax collected are direct and indirect taxes. In nigeria, revenue derived from income taxes has been grossly understated due to improper tax.
The nigeria tax and salary calculator will produce a full tax calculation, simply enter your salary. Therefore, audited accounts with limited information for example that contains only statement of affairs and income statement would not be in violation of s. Jan 17, 2018 you can describe 2017 as a challenging and taxing year, and you will be right on the money. Nigeria current affairscommunitiesnews politicssocial. Download a copy of nigerian current affairs pdf for free. Nigeria, the most populous nation in africa, with an estimated 5 million people, has. This page provides the latest reported value for nigeria personal income tax rate plus previous releases, historical high and low, shortterm forecast and longterm prediction, economic calendar, survey consensus and news. Nigeria current affairs today latest current affairs 2020. Issues and challenges inherent in the nigerian tax system. B hons introduction prior to the advent of the white man in nigeria, nigerians cheerfully paid taxes in kind by rendering free services such as clearing the bush, digging pit toilets, wells. Administration of current taxes in nigeria vanguard news. Updated answer to current affair questions for job. Activities of nonnigerian companies, which would attract tax in nigeria and other special issues, are spelt out in the laws. However, indirect taxes are levied on goods and services e.
Corporate tax 2020 laws and regulations nigeria iclg. The recent reforms include the introduction of tin. Examples are turnkey projects, allocation of income and expenditure between the foreign company and its branch in nigeria, transfer pricing etc. It requires clear perception of fiscal terms and concepts as well as. Section 3 of personal income tax act 2011 as amended laws of the federation of nigeria pita provides for the taxation of income of a taxable person from a source within or outside nigeria basically from or on in the course of trade. Pdf petroleum revenue and economic growth in nigeria. If you neglect to pay, the mediating body that oversees taxes the federal inland revenue service will require that you do so, otherwise, you might face penalties such as large fines or jail time. He said that nigeria will develop a new civilmilitary relations doctrine. The theoretical framework approach was adopted in this study. Updated nigerian current affairs past questions and. Nigeria also has tax treaties with kenya, mauritius, and poland. The policy will now be endorsed by the national economic council to recognize the federal system of government given the application of the policy to all tiers of. Nigeria personal income tax rate data, historical chart, and calendar of releases was last updated on february of 2020 from its official source.
The nigeria economic report will also be a vehicle for the dissemination of existing world bank studies that are deemed to be of particular relevance for nigeria. To achieve this research objective, relevant secondary data were used from the 2012 statistical bulletin of the central bank of nigeria cbn. Ecommerce income tax regime in nigeria the barcode. Latest nigerian current affairs ebook free download.
Nigerian current affairs nigerian history channel page 6. Taxes could be imposed directly or indirectly on the following bases. The educational charge is pegged at 2 percent of the assessable profit while a 10 percent withholding tax is deducted from dividend payments to companies and individuals. Taxation in nigeria plus history of taxation in nigeria.
For the direct taxes, it is levied on individuals, and factors of productions e. The 183 days residency rule for liability to nigerian tax is to be reckoned on a 12 month basis and not. Nigeria, like other nations, has rules and regulations governing the operation of corporate entities in the country. The personal income tax rate in nigeria stands at 24 percent. However, there is no statutory framework in nigeria under which the branch accounts of nonresident companies must be prepared. This study a nalyses the impact of non oil tax revenue on economic growth from 1993 to 2012 in nigeria. An overview of national tax policy and administration in. This form of tax is imposed on the income of all nigeria citizens or residents who obtain their income in and outside nigeria.
Aug 09, 2016 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. The ecowas cet came into force in nigeria in january 2015. To publish news you would normally need to be a member of the association of tax advisors a growing network of tax advisors from around the globe. A lot happened in the tax space which was reflective of. The nigerian tax system has undergone several reforms geared at enhancing tax collection and administration with minimal enforcement cost. A lot happened in the tax space which was reflective of the drive by government at all levels to collect. Some relevant taxes applicable to commercial transactions under nigerian laws. Nigeria personal income tax rate 20112020 data 2021. Double tax treaties dtts nigeria has dtts with the countries listed in the table below. If you have ever imagined how to practice free current affair past questions and answers for fun, job interviews, scholarship examinations or politics aptitude test, this article is for you this page contains the hottest nigeria and general current affairs questions and answers up to 20192020. Tax revenue generation is faced with a number of challenges. This first nigeria economic report will give some attention to longer term trends in the coun. This constantly updated ebook contains the latest information on the nigerian economy,politics,history and even the current portfolio of public officers including service chiefs and the sss as at today.
The tax treaties with south korea, spain, and sweden are still in the process of being ratified. Captian chinyere is presently the rector of the prestigious nigerian college of aviation technology that is situated in zaria, kaduna state. Nigeria using a disaggregated framework to account for the different sources of revenue in nigeria. To this effect, the former minister of finance, ngozi okonjoiweala and other concerned citizens have called on governments at various levels to look for other means of revenue generation for the sustainable economic development of nigeria.
Which is proved by the 21st to 25th march, 2006 population census. However, since 1972 direct taxes such as petroleum profit tax, companies income tax and other revenue became glaringly the leading sources of government revenue in nigeria anyafo, 1996. For the purpose of this study, the authors adopted. Corporate tax laws and regulations nigeria covers common issues in corporate tax laws and regulations including capital gain, overseas profits, real estate, antiavoidance, beps and the digital economy in 33 jurisdictions. Department of commercial law ahmadu bello university, zaria, kaduna, nigeria email. Nigeria current affairs shares update on current affairs, news, entertainment, sports, fashion about nigeria and abroad. 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. Nigeria personal income tax rate 20112020 data 20212022. This form of tax is imposed on all corporate entities registered in nigeria. The nigerian tax system is designed as a means of income generation. The military needs to move doctrinally from conventional warfare to asymmetric warfare. Captain chinyere kalu was the first ever female nigerian pilot to fly plane commercially in nigeria. You may as well scroll to the end of this article for recent online current affairs quiz.
S8, lfn 2017 sets out the details of dutiable transactions and applicable duties. May 03, 2020 there is also a link in this post to download the nigerian current affairs questions and answers pdf. To publish news you would normally need to be a member of the association of tax. Under current nigerian law, taxation is enforced by the 3 tiers of government, i. The three tiers of government have the responsibility of tax administration in nigeria. If you are expecting any interview being job interview, admission interview, scholarship interview, you can use this and increase your level of preparedness. Public disclosure authorized nigeria economic report. A foreign entity intending to do business in nigeria is required by the companies and allied matters act cama to incorporate a nigerian company for that purpose. Critical issues arising from the requirement for non.
Here we have frequently updated nigerian current affairs questions and answers, including current affairs for job exams, scholarship exams, current affairs for interviews, general knowledge, current affairs for different kinds of exams and for other purposes, and just for knowledge sake. An overview of national tax policy and administration in nigeria. Nigeria tax system is confronted with many issues and challenges such as multiplicity of taxes. Classical linear regression approach was used in estimation of the model.
Nigeria is a country which has the highest population in africa continent. Also, if you also want to read the current affairs online, see the link to the online version below. You also get to test yourself with the sites online quiz. The realities of taxation of taxation in the informal. In this regard, the recommendations of the 2003 tax study group were briefly considered.
The picture above is that of the former vice president of nigeria alhaji atiku abubakar posing as a young custom officer. Mrs kalu in a recent interview stated that she went into flying because of passion she had for it. Development levy this is a flat charge imposed on every taxable person typically within a state. Apr 18, 2020 latest current affairs in may, 2020 about nigeria. If you are a tax advisor interested in publishing tax news from nigeria we would love to hear from you. The motive to accelerate investment, saving and economic growth and development in nigeria through the use of tax administration calls for the study. Latest current affairs about nigeria questions and answers, pdf. In nigeria, nobody can dispute the fact that though this taxes are been collected, they are. Nigerias tax framework and its implications for businesses. Although taxes are considered as a legal requirement, paying taxes is also considered a civic duty. Branch operations or offices of foreign companies are not allowed in the country except in rare circumstances. Nigerian companies pay 30 percent of their worldwide profit while foreign companies pay 30 percent of only the profit made in nigeria. The nigeria tax calculator a great tool for comparing salaries when looking at new or comparative jobs in other companies, markets or.
Qureshi 2015 researched on the relationship between petroleum income and standard of living in iran. Crisp news summaries and articles on current events about nigeria for ibps, banking, upsc, civil services. History of the current tax reform process overview of the report of the study group 2003 and the working group 2004 on the nigerian tax system the current reform process commenced on august 6, 2002, after series of proposal forwarded by our institute to the federal ministry of finance. This trend is the same with both developed and developing economies like nigeria. The nigeria income tax calculator provides calculation of salary associated taxes with the minimum of fuss. He is a retired major general in the nigerian army and previously served as the nations head of state from 31 december 1983 to 27 august 1985, after taking power in a military coup detat. The evolution of multiplicity of taxes is treated in section three of this paper. A performance analysis of nigerian tax objectives actualization.
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