obitaxanswer

NIGERIAN TAX SYSTEM. Tax is a compulsory payment to the government. PURPOSE OF TAX.. -Is a means of generation of revenue to fund expenditure. -Is used as an  instrument to control the economy and influence business and Consumer behavior. FORM OF TAXATION. -PROGRESSIVE-Tax increases as income increases and vice-Versa. -REGRESSIVE-Tax decreases as Income increases and vice versa. -PROPORTIONAL TAX-tax remains constant irrespective of income. -AD-VALEREUM -based on value. TYPES OF TAXES.  DIRECT TAXES -Company income tax -CIT. -Petroleum profit tax-PPT. -Capital Gain Taxes-CGT. -Personal Income Tax(PIT) -Education tax-ED. -Information Technology Tax. INDIRECT TAX. -VAT SOURCES OF TAX LAWS. -STATUTE LAW -Act of parliament. -CASE LAWS (judicial precedence) -Customary laws. -Circular by minister of Finance. -Practices, Circulars and recommendations by tax authorities. -Recommendations  by tax professional body. CANNON OF TAXATION. -EQUITY. -E...

FEDERAL TAXES . ·           COMPANY INCOME TAX –CIT ·          PETROLEUM PROFIT TAX- ·          WHT- for companies, resident of FCT and non-resident individuals ·          EDUCATION TAX. ·          INFORMATION TECHNOLOGY   TAX. ·          CAPITAL GAIN TAX-for companies,resident of FCT and non-resident individuals ·          STAMP DUTIES - for companies,resident of FCT and non-resident individuals ·          VALUE ADDED TAX- ·          PERSONAL INCOME TAX –for resident of   FCT ,Armed foces, police force,Ministry of external affair and non-resident individuals.           TCONCEPT...