Taxation of Partners and Partnerships in Nigeria.

Taxation Essay .Transfer Taxes Taxation Law 2 TRANSFER TAXES Transfer taxes are excise taxes imposed upon the privilege of gratuitously transmitting one’s property to another. There are two types of transfer taxes: donor’s tax and estate tax.

Introduction amalgamation in 1914 of the North and South protectorate to form the territory now called Nigeria. The types of taxes Taxation is one of the major sources of revenue in many paid in those days are inform of homage paid to Oba’s countries.

The tax revenue collection in Nigeria faces some formidable problems which includes the high tax rates and complex filing procedures, multiple taxation and lack of proper enlightenment, lack of statistical data, poor tax administration, and inability to prioritize tax effort, multiplicity of taxes and increase in underground economy.

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: Taxation, besides its revenue generation capacity, can also be used as a fiscal policy tool to shape the economy.

ABSTRACT Taxation is the nucleus and the path to modern development because it is one of the formidable options to generate revenue by government. The importance of taxation lies primarily in its ability to raise capital formation of government.

Article (PDF Available). The main objective of this paper is to explore the relationship between company income tax in Nigeria and economic development of the nation. Primary and secondary data.

Taxation in India The Indian Tax Structure is quite elaborate, with clear distinction in authority between Central, State and local governments. The taxes levied by the Central government are on income (other than tax on agriculture income which would be levied by the state government), customs duties, central excise and service tax.

Companies Income Tax (CIT): Under Companies Income Tax Act you have to pay Companies Income tax if you are a resident or non-resident company incorporated in Nigeria. 2. Petroleum Profit Tax (PPT): The Petroleum Profit Tax is subject to any resident company or person in charge of a non-resident company who are exploring for petroleum or producing it in Nigeria.

Taxation in Nigeria (Summary) There you have it; an overview of taxation in Nigeria, history, terms and tax policies, problems, and tax rate. 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.

Nigeria's growth to being one of the top 20 economies in the world, it is clear that Nigeria has to widen its current DTT network. Whilst it is public knowledge that the Government through the Federal Inland Revenue Service (FIRS) is developing a new model tax treaty which would make the establishment Taxation is a significant consideration.

The conclusion draw from this study revealed the following; (i).Total tax revenue to Gross Domestic product tend to grow as the nation develops. (ii). Increase in total tax rate will reduce profit of a company and rate of returns an investment (FDI). (iii). Inflations rate will affect the tax reform and policies, that affect the economy of Nigeria.