Flaws of the withholding tax system in nigeria part 1 the process of obtaining refund is not only rigorous but almost impossible in practice. A nigerian newspaper and online version of the vanguard, a daily publication in nigeria covering nigeria news, niger delta, general national news, politics, business, energy, sports. Applicability of value added tax to real property transactions in nigeria aderonke alexadedipe strachan partners the value added tax amendment act, 2007 the act is the principal legislation which dictates the application of value added tax vat to certain goods and services in nigeria. Merger control laws and regulations nigeria covers common issues in merger control laws and regulations including relevant authorities and legislation, notification and its impact on the transaction timetable, remedies, appeals and enforcement and substantive assessment in 55 jurisdictions. Pdf an assessment of the prospects of property tax. How shell, total and eni benefit from tax breaks in nigerias. A performance analysis of nigerian tax objectives actualization. Capital gains tax in nigeria global property guide. Taxation and tax policy as government strategy tools for economic development in nigeria oyewo babajide michael 1 1 school of business, department of accounting, covenant university, ogun state, nigeria abstract. Combine pdfs in the order you want with the easiest pdf merger available. For the latter, all you need to do is pick a candy you like and make a payment it but for the former, there is a process you need to follow and there are steps involved. Combine different pdf documents or other files types like images and merge them into one pdf.
This book discusses the evolution of taxation in nigeria within the framework of eight broad themes i. The oil is an exhaustible and dwindling resource, while taxation is. The impact of taxation as an aid to economic development includes abstract and chapter one, complete project material available the impact of taxation as an aid to economic development in edo state a case study of oredo local government area, edo state, nigeria proposal the research work will discuss in detail the impact of taxation as an aid to economic development in edo state. Service firs may apply a deemed profit rate on turnover derived from nigeria. In a similar study, jelilov, abdulrahman, and isik 2015 have studied the impact of tax reforms and economic growth in nigeria. Although there are still very many challenges in the area of collection,and. Feb 09, 2017 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 united kingdom, the netherlands, canada, south africa, china, philippines.
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. 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. Ahuru department of economics and statisticsfaculty of social sciences, university of benin, benin city abstract the main objective of this paper is to ascertain the impact of tax reforms on tax revenue generation in nigeria. Historically, nonresident companies doing business in nigeria prepare and pay their income taxes using the deemed profit basis. Read all the latest news, breaking stories, top headlines, opinion, pictures and videos about multiple taxation from nigeria and the world on today. From these laws, three expressions of partnerships are recognized. Consultants and revenue officials will find this circular very useful and informative in the course of their work. Taxation of partners is governed by the personal income tax act pita. Nigerian laws and regulation on landed properties ibeju.
The last major change was in 2004 with the enactment of the pensions reform act pra 2004. The impact of taxation on nigeria economy growth projectclue. The impact of tax reform on federal revenue generation in nigeria dickson. Taxation in nigeria plus history of taxation in nigeria. It is for this reasons that i decided to carry my research on corporate merger and acquisition in nigeria. However, from a regulatory perspective, the difference has not completely disappeared.
Under pita, partners are taxed as individuals with chargeable incomes derived from the partnership business and other sources. Nigeria witnessed an unprecedented wave of mergers and acquisitions in its banking sector in the post1995 and 2009 periods as a result of regulatory mandates issued by the central bank of nigeria, aimed at strengthening the capital base of nigerian banks. Determinant factors of employee satisfaction in the. The balance does not provide tax, investment, or financial services and advice. Taxation and tax policy as government strategy tools for. Tax considerations in mergers law firm in lagos, nigeria. Statutory requirement under companies income tax act cita the cita in section 2912 cap 21, lfn, 2004 provides that no merger, takeover, transfer or restructuring of the trade or business.
An appraisal of cases of corporate mergers and acquisition. 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. Nigeria, like other nations, has rules and regulations governing the operation of corporate entities in the country. The adoption of offshore structures and use of special purpose vehicles registered in countries with which nigeria has double tax treaties continued, for tax efficiency and presumably to facilitate exit planning, to mitigate exposure to currency volatility and. The study used various statistical methods and concludes that tax. Buying land in nigeria is not the same as buying candy off the shelf of a supermarket.
Many of them have covered all its ramifications while some have effectively appraised the problem of tax administration in. Jan 25, 2017 there are so many laws in nigeria that governs her regulations and affairs. Taxation and revenue generation in nigeria local government administration. Experience has shown that in many instances, counterparties to business combinations sometimes fail to evaluate the tax implications of the proposed business combination pre andpost the transaction. It also included the terms, conditions, and clauses attached to their taxation. Income tax act,1961 section 21a defines amalgamation as the merger of one or more companies. As you will appreciate, the production of the wwtg is a huge team effort and i. Impact of multiple taxation on small and medium scale. Flaws of the withholding tax system in nigeria part 1. Mar, 2017 the capital gains tax act contains comprehensive guidelines on how capital gains should be taxed.
Aggressive tax planning indicators final report european. To what extent will nigeria benefit from the proposed luxury tax. The objective of this study is to investigate the impact of taxation on economic development of nigeria proxy by the gross domestic product gdp. Bitrus baba introduction whether it seems timely or a little too late, nigeria seems to be keen on measures to make the rich pay more and therefore address redistribution of wealth through taxation. Improved double tax arrangements in nigeria deloitte nigeria. The impact of taxation on nigeria economy growth, largest undergraduate projects repository, research works and materials. The impact of taxation as an aid to economic development includes abstract and chapter one, complete project material available the impact of taxation as an aid to economic development in edo state a case study of oredo local government area, edo state, nigeria proposal the research work will discuss in detail the impact of taxation as an aid. Proceeding the 8th international conference on sustainable collaboration in business, technology, information and innovation synergizing digitalbased technology, accounting, and management in developing business sustainability and economic growth in emerging markets.
In nigeria, nobody can dispute the fact that though this taxes are been collected, they are. In 1997 an optional taxation regime of capital gains derived from corporate reorganizations, such as. In nigeria, an improvement in our tax revenue can be enhanced through a regularly updated, comprehensive database. Merger control 2020 laws and regulations nigeria iclg. Past performance is not indicative of future results.
Business reorganisation in nigeria key tax considerations. Nigeria currently has dtts with thirteen countries namely. A nigerian newspaper and online version of the vanguard, a daily publication in nigeria covering nigeria news, niger delta, general national news, politics, business, energy, sports, entertainment. Our pdf merger allows you to quickly combine multiple pdf files into one single pdf document, in just a few clicks. Branch operations or offices of foreign companies are not allowed in the country except in rare circumstances. Nigerias tax framework and its implications for businesses. Project muse a comprehensive tax history of nigeria. This is approved for students in accountancy, business, computer science, economics, engineering, arts.
Industrial tax purposes at the level of the merged or spunoff companies. Double taxation agreement between china and nigeria. As a matter of fact, arsenal has a higher chance of winning the champions league than a. Secondly, we combine the specific indicators to clarify which type of entity within mne groups is. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. The impact of taxation on nige ria economy growth project information. The nigerian pension industry introduction nigeria s pension legal framework has undergone multiple changes since the first legislative act on pension in 1951 called the pension ordinance, which had retroactive effect from 01 january 1946. The strides in information and communication technology ict makes e. Tax implication of mergers and acquisitions vanguard news. It is however improper for us to give you an insight into the capital gains tax.
I hope the readership have been properly educated on the role of taxation in the nigerian economy. Desiring to conclude an agreement or the avoidance of double taxation and the. Taxpayers are subjected to intensive audits and even when the claims are certified, refunds are rarely granted. Nigeria agreement between the kingdom of the netherlands and the federal republic of nigeria for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains. Taxation of partners and partnerships in nigeria ololade olukowi 2 lagos, though, has since outgrown the western region. Us tax reforms fundamental changes to the taxation of multinational entities could particularly affect planning for crossborder deals. Challenges and prospects, a case study of lagos state board of internal revenue service, largest undergraduate projects repository, research works and materials. Journal of international business research and marketing, p apa. Department of estate management, covenant university, ota, ogun state, nigeria. There are some statutory laws that have been enacted and established by both the state and federal government to regulate, guide and govern all forms of land and landed property transactions in nigeria.
Moreover, the events in the financial landscape in nigeria. The federal competition and consumer protection act 2019. From correlation, time series and multivariable regression analyses of. Tax reform and administration in nigeria taxation project topics. Nigeria tax system is historical odusola, 2006 dates back to 1904 when the personal income tax was introduced in northern nigeria before the amalgamation, through the native revenue ordinances 1917 the west, the direct taxation ordinance no. Tax incentives a performance analysis of nigerian tax. Tackling kanos hidden economy usman sani kofar wambai department of accountancy, school of management studies, kano state polytechnic,kano nigeria email. In nigeria, the oecd model has served as the basis on which most of the current double taxation treaties dtts with other countries have been formulated. Capital gains tax act 1990 world intellectual property. 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. There are so many laws in nigeria that governs her regulations and affairs. Property tax is generally a tax imposed by municipalities upon owners of real property within their jurisdiction based on the value of such property. List of taxation project topics, research materials, guidelinesideas and works for final year undergraduate students in nigerian universities polytechnics. 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.
In practice, profit is deemed at 20% which is then taxed at the income tax rate of. Department of architecture, covenant university, ota, ogun state, nigeria. Chapter 2 conceptual framework of merger and acquisition. The tax provisions include a documentary obligation to transfer pricing in senegal. Generally, a merger is a legal consolidation of two companies into one entity either through a scheme of arrangement or a scheme of merger. A performance analysis of nigerian tax objectives actualization evidence of 2000 2012. Basic tax issues in mergers and acquisitions lexology. Get free research paper on impact of multiple taxation on small and medium scale businesses in nigeria project topics and materials in nigeria. Right to acquire and own immoveable property any where in nigeria is guaranteed by section 43 of the 1999 constitution of the federal republic of nigeria. Fatai is the ceo of deloitte nigeria and the regional leader. Merger and acquisition activity in the united states has typically run in cycles, with peaks coinciding with periods of strong business growth. Taxation, besides its revenue generation capacity, can also be used as a fiscal policy tool to shape the economy.
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. Regulatory implications for merger transactions in nigeria. This form of tax is reported to be one of the most stable sources of revenue to governments however. In april 2015, the securities and exchange commission sec introduced new rules containing specific penalties for failing to comply with the notification requirements for mergers, acquisitions, external restructuring and other forms of business combination. The property is directly and jointly owned by husband and wife. 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. An assessment of the prospects of property tax administration in nigeria. Private equity 2019 laws and regulations nigeria iclg. Property taxation and urban development financing in nigeria moshood a. It is made up of 47 sections, with subsections embedded in them. When filing returns under the deemed profit regime, the nonresident only needed to submit the deemed profit tax calculations accompanied with a statement of the turnover derived from nigeria. Pdf the impact of tax reforms and economic growth of nigeria.
Tax implications of mergers and acquisitions in nigeria updated. An assessment of the relevance of audit practice in business organisation in nigeria. It is their only source of capital gains in the country. Download free recent taxation project topics and materials with already available chapters 1 to 5 in nigeria.
Tax legislation an overview of the capital gains tax act. Company income tax act it is a federal law operated by the firs, which deals with the taxation of all limited liability companies in nigeria with the exception of those engaged in petroleum operations. Double taxation relief between the federal republic of. In support of the introduction of a new asset category in the nigerian capital market. Download undergraduate projects topics and materials accounting, economics, education. Multiple taxation news latest breaking stories and top. 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. Download nursery and primary school business plan in pdf or doc. But partnership arrangements affect the computation of the tax liability of partners. Taxation of partners and partnerships in nigeria by ololade.
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