Jul 23, 2012

NIGERIAN TAX LAWS


Taxation of persons and businesses is a means through which government raises revenue to finance its programmes and meet its obligations to its citizens. Such taxes include property tax. In Nigeria, where property is acquired or transferred, the parties are required under the vaious tax regimes to pay taxes to the government.
Similarly,rent accuring to individuals and companies on properties is regarded as income and accordingly taxed.   Tax is a compulsory charge by the Government on the income of an individual,corporarion, or trust, as well as value of an estate or gift. It could also be described as a levy imposed by an organ of government for public purposes. Taxes are either direct or indirect levies.


Direct taxation occurs where persons are taxed to pay for no particular services or goods delivered, but simply for the maintanance of government. Indirect levies are where persons are charged for services rendered to them, transactions conducted or for other activities.
Taxes by the Federal, State and Local governments can be summarised as follows;   Taxes levied by the Federal Government include;
1. Companies Income Tax.
2. Withholding tax on Companies
3. Petroleum Profits Tax
4. Value Added Tax
5. Education Tax
6. Capital Gains Tax
7. Stamp duties.
8. Personal Income Tax
Taxes collected by  State Governments include;
1.Personal Income Tax
2. Withholding Tax
3. Capital Gains Tax
4. Stamp duties on instruments executed by individuals
5. Road Taxes
6.Pools betting and lotteries and gaming and casinos taxes by individuals
7. Business premises registration fees.
8.Development levies on individuals
9. Taxes for naming of street registration fees in State capitals.
10. Markets
11. Right of Occupancy fees over lands owned by State Governments in urban areas of the State.
Taxes colected by Local Government include taxes in respect of;
1. Shops and Kiosks rates
2. Tenement rates
3. On and off Liquor licence fees
4. Slaughter slab fees
5. Marraige, birth and death registration fees
6. Right of occupancy fees for land in rural areas
7. Market taxes and motor park levies
8. Domestic animal licence fees  
The above mentioned taxes do not cover all the levies imposed by Government. If you have any legal questions regarding your tax regimes, kindly use the services of a lawyer or approach any of the government tax agencies for clearification.
Adedunmade Onibokun Esq.
Share:

0 comments:

Post a Comment

The Nigerian blawg

Disclaimer:- Posts and comments by the publishers of this blog do not constitute legal advice or create an attorney-client relationship.

Follow by Email

Advertise your property

Property Listings

  • SALE-4bedroom duplex With 3 living rooms. Located at Opic Harmony Estate. Asking 80m Title Global C of O/ consent in progress. 08055424566
  • FOR SALE 8bedroom duplex 2 living rooms With 2 rooms BQ N150m Located off CMD Road Magodo Registered Title Contact 08055424566
  • Property for Rent – New Building, 4 unit luxury 2 bedroom flat available at Rafiu Ipaye Street, Ijesha, Surulere. Ground floor back flat- 700k per anum, First floor back flat – 750k per anum, 2nd floor back flat – 750k, 2nd floor front flat – 800k. Service charge - 75k per anum. Refundable caution – 70k. Call 08055424566 for details.
  • Property For Sale!!! A fenced and gated uncompleted 3 bedroom site on a full plot of land is available for sale at Igbetu via Awoyaya, behind Mayfair Gardepn Estate, Ibeju-Lekki, Lagos for sale. Price is N20million and Title Documents include, Family Receipt,  Deed of Assignment and Global C of O. Contact 08055424566 for more information
  • PROPERTY FOR SALE!!!!!!!!  A 5 Bedroom Duplex with 2 room BQ formerly used for a Nursery & Primary school is available for sale in Iyana Ipaja, Lagos  Building contains 9 CLASSROOMS, 2 OFFICE SPACES, 1 LARGE RECEPTION, 8 TOILETS, 5 BATHROOMS, KITCHEN,PLAY AREA. The seller's title is a certificate of Occupancy and the asking price is 35 million Naira.  Contact 08055424566 for more details 
  • List your property for rent or sale here

CONTACT US

Name

Email *

Message *

Powered by Blogger.