Taxation, revenue authorities and ethical issues, tax audit and investigation, tax appeal tribunal and interpretation of tax laws, tax planning and tax avoidance, taxation of incomes, offences and penalities, taxation of income from settlement, trusts and estates, value added tax, capital allowances, tax effects of privatisation and. At this time, it most farm produce and other primary goods. Property taxation in anglophone west africa appendix 4. Nigerias economic potential is well recognized as the biggest economy in the west africa. The oil is an exhaustible and dwindling resource, while taxation is. Taxation and fiscal regulations in nigeria introduction the nigerian tax system has undergone significant changes in recent times. One of the major sources of finance is real estate taxation. Waec gce past questions and answers free download pdf all subjects these are the approved waec gce 2017 past questions. Nigerian taxation principles and practice download ebook. Property taxation and urban development financing in nigeria moshood a. The land use charge law 2001 was therefore a creation of the lagos state government to give legal backing to revenue generation through property taxation in order to provide sustainable housing delivery. Taxation papers are intended to increase awareness of the work being done by the staff and to seek comments and suggestions for further analyses. Double taxation relief between the federal republic of.
Obviously, everything about the nigerian taxation cannot be covered in this article, so try to click the links provided on certain text to get a wider scope and explanation. An assessment of the prospects of property tax administration in nigeria. Therefore, instructively, this paper shall focus on the role of most populous cities in the world 9 and the only state in nigeria land and property taxation on land. Property rating is employed in nigeria at the local government levels to raise revenues for public purposes.
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. All forms of property whether situated in nigeria or not that are liable to capital gains tax include. In nigeria, property taxation has limited revenue potential firstly because the nation places higher priority on oil revenue and secondly. List of taxation project topics, research materials, guidelinesideas and works for final year undergraduate students in nigerian universities polytechnics. If youre selling taxable goods or services in any state in nigeria or you earn some income from working in the country, you almost always have tax obligations. Tax reform and administration in nigeria taxation project. Under current nigerian law, taxation is enforced by the.
All trademarks and s on this website are property of their respective. The chartered institute of taxation of nigeria chartered institute by act no. Income tax management act 1961 download ebook pdf, epub. Double taxation agreement between china and nigeria. Real estate investment in nigeria dla piper realworld. Download taxation and fiscal regulations in nigeria book pdf free download link or read online here in pdf. The marketbased property taxation introduced by the federal capital authority. Effects of property tax on sustainable housing delivery in. When the whole city is involved, manual calculation will be cumbersome.
Under companies income tax act you have to pay companies income tax if you are a resident or nonresident company incorporated in nigeria. In this paper we show how the story of property taxation in lagos since the early 2000s is important, not only in terms of the enormous increase in collection, but because of the ways in which propertyrelated taxes have helped to support personal income taxation and to solidify the fiscal contract between state and society more broadly. An assessment of property tax administration in edo state, nigeria. In conclusion,after a proper explanation of the various taxes paid in nigeria,what the levels of government can ask for,what the taxes collected by government is used for. This form of tax is reported to be one of the most stable sources of revenue to governments however. Taxation, property rights and the social contract in lagos. Surveyors in the land use charge department could not explain. A look at the proposed property tax in the fct by taiwo oyedele property owners and tenants in the federal capital territory fct should brace up for more taxes if the proposed bill currently under consideration at the national assembly is anything to go by. Jul 31, 2017 property tax is an untapped goldmine in nigeria.
As such, in nigeria, the treaty is expected to cover taxes such as. These will help you run your business legally in accordance with the tax laws and regulations in nigeria. Evaluation of property rating practice in nigeria myschooltrick. Avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains the government of the federal republic of nigeria government of the united kingdom of great britain and northern ireland. An assessment of the prospects of property tax admini stratio n in nigeria. Method of calculating relief to be allowed for double taxation. During this time, the tax administrators then were the traditional chiefs tax agents. History of taxation in nigeria dates back to even when the name nigeria wasnt coined. Tax types in nigeria by firs federal inland revenue service. To start, here are two basic facts about taxation in nigeria. Download handbook on taxation ebook free in pdf and epub format. Each report aims to provide concise, uniform, and comparable information on property taxes as legislated and executed within a specific country or region. Government to source for a new means of generating additional revenue internally through property tax.
The chartered institute of taxation of nigeria chartered. Tax types in nigeria by firs federal inland revenue. In nigeria, the land use act imposes tax on landownersusers, outside other legislation levying taxes on real properties. Mar 18, 2019 one of the major sources of finance is real estate taxation. Read online taxation and fiscal regulations in nigeria book pdf free download link book now. Pdf an assessment of the prospects of property tax. Click download or read online button to get nigerian taxation principles and practice book now. Taxation in nigeria plus history of taxation in nigeria. In order to provide for these program and services, the government needs revenues. Property tax, a tool for wealth redistribution property tax, a tool for wealth redistribution on december 25, 2012 12. In this paper we show how the story of property taxation in lagos since the early 2000s is important, not only in terms of the enormous increase in collection, but because of the ways in which property related taxes have helped to support personal income taxation and to solidify the fiscal contract between state and society more broadly. Download undergraduate projects topics and materials accounting, economics, education. Introduction following this brief introduction, part ii of this paper sets out briefly the rationale for taxing land and property, both as a source of local government revenue and in terms of its effects on efficient land use.
This site is like a library, use search box in the widget to get ebook that you want. Capital gains tax act an act to provide for the taxation of capital gains accruing on disposal of assets. In nigeria, nobody can dispute the fact that though this taxes are been collected, they are. Taxes on land and property have both fiscal and nonfiscal effects. Types and functions of taxation in nigeria unit 2 tax administration instruments in nigeria unit 3 structure and procedures of nigerian tax system unit 4 returns.
All companies operating in nigeria outside the oil and gas sector of the economy are. In the united states, the role of the government extends from providing for national defense to providing social security and medicare to the elderly. Property taxation in nigeria interrogating the policy and law towards sustainable reform, prof. Read handbook on taxation online, read in mobile or kindle. Property tax, a tool for wealth redistribution vanguard news. Introduction taxation is machinery or process in which society and communities or group of individuals are contributing into an agreed sum which is important for the resolution, development and administration of the public ogundele, 1999. Tax reform and administration in nigeria chapter one introduction background to the study the recent global crisis in the world has brought to the fore the need to note that this overdependence on oil creates unnecessary shocks and thus, the need for diversification of the nations resource base and long term growth path. Pdf property taxation download full pdf book download. Home archives for property taxation in nigeria pdf. Taxation and fiscal regulations in nigeria pdf book manual. The institute of chartered accountants of nigeria ican was established by act of parliament no. This paper provides a tabulated summary of property taxation in nigeria. Pdf landbased taxes for sustainable development of nigeria.
Challenges and prospects, a case study of lagos state board of internal revenue service, largest undergraduate projects repository, research works and materials. The treaty is expected to increase investments into nigeria given the key treaty benefit of mitigating and avoiding double taxation between. Click download or read online button to get income tax management act 1961 book now. The act also supports governments intention to implement a shift in focus from direct to indirect taxation, by lowering the overall income tax burden so that there is more disposable income in the economy, leading to higher value added tax collection and higher economic activity amongst others. In this work, therefore, a market value is construed to determinant of residential property value in nigeria a neural network approach. All books are in clear copy here, and all files are secure so dont worry about it. Download free recent taxation project topics and materials with already available chapters 1 to 5 in nigeria. Page 1 of 36 the chartered institute of taxation of nigeria chartered institute by act no. Taxation and fiscal regulations in nigeria pdf book. Taxation and local government development in nigeria pdf. Kpmg confidential nigeria fiscal guide 20172018 2 rates cont. The new act supports the use of taxation as a tool for. Legal costs incurred in defending right to company. In addition to paying companies income tax, incorporated corporations in nigeria, engaged in any commercial activity, including real estate or real property transactions from which they make a profit, are liable to pay two per cent 2% of such profit as education tax to the education trust fund.
A market price is the price a property actually sells for and could represent a true evidence of the current market value if the conditions for arriving at a market value exist. The land use act and equity factor in property taxation in. Double taxation relief between the federal republic of nigeria and the united kingdom of great britain and northern ireland order. Taxation of capital gains 1 subject to the provisions of this act there shall. 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. Landbased taxes for sustainable development of nigeria. Taxation of capital gains 1 subject to the provisions of this act there shall be charged a tax to be called capital gains tax for the. No fewer than 41 clauses, including amendments to cap. Property tax is an untapped goldmine in nigeria the. Taxation papers are written by the staff of the european commission s directorategeneral for taxation and customs union, or by experts working in association with them. Lord laggard passed many laws in northern nigeria to enable him collect the taxes. Executive programme tax laws and practice this study material has been published to aid the students in preparing for the tax laws and practice paper of the cs executive programme. Determinants of residential property value in nigeria a.
Desiring to conclude an agreement or the avoidance of double taxation and the. Part viii persons chargeable, agents, liquidators, etc. In addition to the printed version of the wwtg, individual country taxation guides are available in pdf format which can be downloaded from the pkf website at. Double taxation agreements are reproduced under the terms. I hope the readership have been properly educated on the role of taxation in the nigerian economy. Taxation in nigeria understanding nigerian tax system. Nigeria ratifies double tax agreement with spain ey global tax alert library. Implications the ratification of the treaty is a positive development between the two countries. One reason for the limited role of taxation provisions in iias is that the inclusion of taxation matters can sometimes unduly complicate and draw. Taxation and local government development in nigeria with abstract, chapter 15, references and questionnaire. Pdf land and property taxation on land and infrastructural. Nigeria customs service laid upon individuals or property to support. Property tax is generally a tax imposed by municipalities upon owners of real property within their jurisdiction based on the value of such property. On this page you can read or download zica taxation text book in pdf format.
Olufemi ademaola oyedele, diploma in building tech. Property tax reform is one of the alternatives proposed as a means for raising increased revenue to meet the financial needs of cities in less developed countries. The federal inland revenue service firs is the federal government agency in nigeria responsible for the administration and collection of taxes. Given the foregoing, the paper examines the provisions of the land use act on property tax in line with normative principles for levying tax, particularly the equity factor in. This means you are legally required to collect, file and remit sales and use tax. Capital gains tax act 1990 world intellectual property. Taxes on land and property have both fiscal and nonfiscal. Taxation 2 iia issues paper series tax provisions do not typically form a principal part of iias, partly owing to the existence of the taxspecific dtts. Introduction to taxation government plays an important role in most modern economies. Mar 21, 2018 these will help you run your business legally in accordance with the tax laws and regulations in nigeria. This comprehensive handbook explores case studies of land and property taxation in 25 countries five in each of five regions oecd, central and eastern europe, asia, africa, and latin america, and focuses on the potential contributions of the property tax to the revenues of urban and rural governments and to more efficient land use.
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