Nigerian tax system and structure pdf

Posted on Thursday, April 29, 2021 11:30:19 PM Posted by Fortunata G. - 30.04.2021 and pdf, and pdf 5 Comments

nigerian tax system and structure pdf

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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 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.

Tax Structure And Economic Growth In Nigeria

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. At this time, it most farm produce and other primary goods.

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. The study used multiple regressions as tools of analysis. The study finds a positive impact of tax revenue on the gross domestic product of Nigeria and Ghana confirming prior studies. The study recommended among others that adequate measure to ensure that revenue generated from the tax is effectively utilized to develop and grow the economy. Adegbie, F. European Journal of Social Sciences.

Nigerian Taxation

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 :.

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. The empirical analysis was anchored on the endogenous growth theoretical framework which allowed for linking tax structures to growth. Econometric models were then developed to explore the relationship between the identified tax structures and economic growth. The first model present a growth equation with average tax rate variable, while the second model is where the specific tax variables were included alongside variables in the first model. The third, fourth and fifth models were used to test the robustness of the second model.

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. Like other countries, the main function of the Nigerian tax system is to generate revenue for the running of the government at all levels and provide infrastructure to the public.

Taxation in Nigeria: A Beginner’s Guide To Nigeria’s Tax System.

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

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