CHAPTER ONE
1.1
HISTORY OF DEVELOPMENT
In Nigeria their so many form of
taxation dating back of the
days of our great ground father whose
by communities dated themselves through communal labour to prosecute community
projects.
Taxation
is process on machinery by which group or communities made contribution from
their income in some agree amount and method for the purpose providing amentias
for the society. It is because of this
it I often referred to as civic responsibility.
It
is important to note that the present tax has in Nigeria was been out of the
Rouseman’s Commission of inquiry of last.
But before that, we only had what was
called the income tax ordinance for the colonies and which was very similar
Raismars recombine nature was the basis for providing in section to, subsection
of the Nigeria prospects for reform (Anarticle published in Business Time on
May 20, 1786).
Taxation
can be divided in two basic profiles we have the direct taxation sand indirect
tax is based on ascertainment of income rather on individual a group of
individuals co-operate bodies and institution under this was have personal
income tax and company income tax. The
personal income is one which of individual is assessed and resident by the
state on those individual resident in the state, which the companies income tax
is cleared on corporate bodies is the responsibility of federal government
through the federal board of inland revenue indirect taxation is lived on
consumption of goods or services and each of consumption.
In
various countries, various government rely heartily on taxation on as in aid to
encouraging capital formation policy.
In a developing economy, tax may be
collected strutted in such way that the high may be collected and even raise
revenue for the economy of the country.
1.2
PRESENT DAY TAXATION IN NIGERIA
Taxes are one of the major sources or
revenue for all
government in Nigeria.
The taxes collected income back to
the tax payer in the form of social amenities, like building as school,
hospital.
Nigeria tax is
an assessment imposed by the State of Federal Government to enable them provide
service for Nigeria
citizens present day tax administration in Nigeria is guided by the following
Act Decree:
1. Income
tax management Act (ITNIA) 1961. This
governs the taxation of individual.
(Individuals, trustees, executors, partnership and families) the Act was
amended by the finance (miscellaneous taxation provision) Decree
1986,1983,1990,1992, 1994 and 1996.
2. Company
Income Tax act (CTA) 1979, this registered companies. It also suffered some
amendments.
3. Petroleum
Profit Tax Act (PPTA), 1959 as amended this Act regulates the assessment and
collection of petroleum. Tax payable by entries that engage in the secretion
and sale of petroleum oil in Nigeria.
4. Capital
Gains Decrees (CGD), 1976, this was introduced by Decree 44 of 1967. it takes care of gain accruing to any person
on or after 1st of April 1967 on the disposal of fiscal assets.