Taxation In Nigeria Essay

Indirect Taxes relates to VAT and Excise duties. VAT is sales tax which is collected by the business (Tesco) and given to the government. Essentially if increased it would increase the price of Tesco’s products, this subsequently will more often than not lose consumer interest.

The Office manager will notify the Ministry Development Director, which will in turn will notify the Pastor and the Trustees of proposed donated item(s). They in turn will decide if the item is worth accepting as a gift, and have an approved appraiser set the value of gift(s)

This type of tax is charged almost on all products or services provided by organisations. For instance businesses pay VAT for all products which are needed to manufacture the products and then VAT is paid by customers if they want to buy manufactured products. VAT could be charged into three different rates which are standard rate 20%, reduced rate 5% and zero rated 0%. Standard rate is most common form of VAT and this is paid on almost all products or services unless they have been specified to reduce or zero rate. Reduced rate is depend on products it’s self and the circumstances of the sale. The most common example of reduced rate VAT are domestic fuel and power, installation of energy saving materials, sanitary hygiene goods or children’s car seats. Zero rated VAT is similar to the reduced rated VAT as is depend on

There are three rates of VAT depending on the goods or services the business provide, the rates are:

When the GATT made the distinction between the two taxes, value added taxes or VATs were rarely used. Since the VAT replaced the EU’s multi-stage sales tax system, the GATT classified the VAT as an indirect tax. This was a mistake on the GATT’s part as Hufbauer author of The Foreign Sales Corporation Drama: Reaching the Last Act? explains “GATT alchemy transforms a series of

Gift of expensive wine from ratepayer of Banyule City Council in appreciation for solving a planning permit issue

Let us assume, a businessman in Rajasthan has purchased goods for Rs 10,000 and the tax of goods and services at 18%, which will include 9% CGST tax and 9% SGST tax. In such a case, if the dealer has to pay Rs 1800, then Rs 900 will be given to the Central Government and 900 rupees of Rajasthan government.

VAT is a form of tax which is taken from the majority of goods and services, as well as certain goods imported into the UK outside the EU. VAT can be taken from both B2B and B2C transactions carried out by a business and can reclaim the VAT paid for goods and services required for the business. There are three rates of VAT, Standard (20%), Reduced (5%), Zero (0%) and certain are exempt from VAT or aren’t included in the UK VAT system. To be able to register to be able to use VAT you must first pass the ‘VAT threshold’ which is currently £81,000, meaning your company must have had a turnover at or above £81,000 to be eligible to apply. The rate of VAT changes over time depending on the economic climate for example during 2008 VAT rates dropped to 15% and by 2010 they increased to 17.5% until 2011 when they raised to todays 20% rate. This change in VAT rates can help to determine when a country is in the

A Taxable person is a person who has made taxable supplies and is registered for VAT. Should charge VAT on output and may reclaim

Taxation is the primary source of national fiscal revenue, and it has a significant impact on national economic development. After Income Tax and National Insurance, value added tax has become the third largest source of income for the British government. Value Added Tax is referred to as VAT. Its predecessor was "Purchase Tax" in the United Kingdom. And the government began to change to "Value Added Tax" officially in April 1973. Since January 4, 2011, the standard value added tax of the UK was increased from 17.5% to 20%. Value added tax applies to imports, business transactions and services that are generated in the UK. However, there are also two other different value added tax rates in the UK. The GOV.UK (2014) state that some items

C20 Laws of the Federation of Nigeria 2004 (hereafter referred to as CAMA), therefore the relationship between a SPV and the originator in Nigeria would be determined by the Act. In Nigeria, Sections 336(1) and 338 of CAMA are relevant to the determination of the relationship between corporate bodies as it relates to group accounting, holding and subsidiary respectively. The examination of the Section would give an insight to the meaning of a subsidiary in the context of the Act. Section 338(1) of CAMA provides that a company shall be deemed to be a subsidiary of another, if that other company (parent company) is a member of it and controls the composition of its board of directors or it holds more than half of its nominal value of its equity

The Financial System in Nigeria: An Overview of Banking Sector Reforms E. J. Ofanson (Ph.D)1 O. M. Aigbokhaevbolo (Ph.D)2 G. O. Enabulu3

The Observer illustrated an interesting topic of taxation. New York Senator Charles Schumer has introduced a call for a new type of taxation. He proposed “a tax on customer service calls being outsourced to another county” (The Observer, 2015). While the tax sounds a bit odd at first, there is actually for rhyme to the senator’s reasoning. The senator’s goal is to ultimately keep more jobs on United States soil. Many jobs in the United States have been lost to cheaper labor overseas. This proposal aims to bringing someone of those jobs back to America by implementing a high taxation on customer service phone calls that are being answered outside of the United States. Schumer’s policy states, “the tax per outsourced call would be 25 cents for the company. In addition to informing the caller of this, companies would be required to release reports quarterly on total calls and the percent outsourced” (The Observer, 2015). This would be a hefty tax if implemented and would frustrate many companies. However, the senator’s goal is job creation. The purpose of this homework is to analyze this proposed taxation, propose two reasons for and two reasons again Senator Schumer’s policy, and to then expand on my opinion of this policy.

One of the main sources of petroleum income to the Nigerian government is the petroleum Profit Tax. This petroleum profit tax emanates from the major oil companies operating in Nigeria like Shell, Elf, Agip, Mobil, Chevron and Texaco. These major oil corporations hold around 98 percent of the oil reserves and operating assets. Some other minor corporations within the range of 45 to 50 has minor interest with recent acquisition of some of them. Nigerian Petroleum industry has three major players in the oil industry: The ministry of Petroleum resources, The Nigerian National Petroleum Corporation (NNPC) and its subsidiaries, the oil prospecting companies; both

The current revenue allocation, as defined in Section 162 (2) of the Constitution of the Federal Republic of Nigeria, 1999, discriminates against the