Property tax is generally a tax imposed by municipalities upon owners of real property within their jurisdiction based on the value of such property. The oil is an exhaustible and dwindling resource, while taxation is. Taxation and local government development in nigeria with abstract, chapter 15, references and questionnaire. One reason for the limited role of taxation provisions in iias is that the inclusion of taxation matters can sometimes unduly complicate and draw. Nigeria ratifies double tax agreement with spain ey global tax alert library. Challenges and prospects, a case study of lagos state board of internal revenue service, largest undergraduate projects repository, research works and materials. Mar 18, 2019 one of the major sources of finance is real estate taxation. This paper provides a tabulated summary of property taxation in nigeria. Download free recent taxation project topics and materials with already available chapters 1 to 5 in nigeria. In this work, therefore, a market value is construed to determinant of residential property value in nigeria a neural network approach.
At this time, it most farm produce and other primary goods. A market price is the price a property actually sells for and could represent a true evidence of the current market value if the conditions for arriving at a market value exist. Jul 31, 2017 property tax is an untapped goldmine in nigeria. Lord laggard passed many laws in northern nigeria to enable him collect the taxes. Introduction following this brief introduction, part ii of this paper sets out briefly the rationale for taxing land and property, both as a source of local government revenue and in terms of its effects on efficient land use. Pdf landbased taxes for sustainable development of nigeria.
An assessment of the prospects of property tax administration in nigeria. All companies operating in nigeria outside the oil and gas sector of the economy are. When the whole city is involved, manual calculation will be cumbersome. On this page you can read or download zica taxation text book in pdf format. In nigeria, nobody can dispute the fact that though this taxes are been collected, they are. Landbased taxes for sustainable development of nigeria.
All forms of property whether situated in nigeria or not that are liable to capital gains tax include. This site is like a library, use search box in the widget to get ebook that you want. Effects of property tax on sustainable housing delivery in. The institute of chartered accountants of nigeria ican was established by act of parliament no. Government to source for a new means of generating additional revenue internally through property tax. Taxation and fiscal regulations in nigeria pdf book manual.
The chartered institute of taxation of nigeria chartered institute by act no. Desiring to conclude an agreement or the avoidance of double taxation and the. Tax types in nigeria by firs federal inland revenue service. In this paper we show how the story of property taxation in lagos since the early 2000s is important, not only in terms of the enormous increase in collection, but because of the ways in which property related taxes have helped to support personal income taxation and to solidify the fiscal contract between state and society more broadly.
These will help you run your business legally in accordance with the tax laws and regulations in nigeria. Olufemi ademaola oyedele, diploma in building tech. Property tax, a tool for wealth redistribution vanguard news. Download handbook on taxation ebook free in pdf and epub format. All books are in clear copy here, and all files are secure so dont worry about it. Property taxation in nigeria interrogating the policy and law towards sustainable reform, prof. Implications the ratification of the treaty is a positive development between the two countries. Evaluation of property rating practice in nigeria myschooltrick. In nigeria, property taxation has limited revenue potential firstly because the nation places higher priority on oil revenue and secondly. It is part of the educational kit and takes the students step by step through each phase of preparation stressing key concepts, pointers and procedures. 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 types in nigeria by firs federal inland revenue. The chartered institute of taxation of nigeria chartered. A look at the proposed property tax in the fct by taiwo oyedele property owners and tenants in the federal capital territory fct should brace up for more taxes if the proposed bill currently under consideration at the national assembly is anything to go by. The land use charge law 2001 was therefore a creation of the lagos state government to give legal backing to revenue generation through property taxation in order to provide sustainable housing delivery. To start, here are two basic facts about taxation in nigeria. Click download or read online button to get income tax management act 1961 book now. I hope the readership have been properly educated on the role of taxation in the nigerian economy. Pdf an assessment of the prospects of property tax. Therefore, instructively, this paper shall focus on the role of most populous cities in the world 9 and the only state in nigeria land and property taxation on land. As such, in nigeria, the treaty is expected to cover taxes such as. 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. Double taxation agreements are reproduced under the terms. Double taxation relief between the federal republic of nigeria and the united kingdom of great britain and northern ireland order.
Capital gains tax act an act to provide for the taxation of capital gains accruing on disposal of assets. Under companies income tax act you have to pay companies income tax if you are a resident or nonresident company incorporated in nigeria. History of taxation in nigeria dates back to even when the name nigeria wasnt coined. Nigeria customs service laid upon individuals or property to support. An assessment of property tax administration in edo state, nigeria. Taxation and local government development in nigeria pdf. Given the foregoing, the paper examines the provisions of the land use act on property tax in line with normative principles for levying tax, particularly the equity factor in. Method of calculating relief to be allowed for double taxation. Download taxation and fiscal regulations in nigeria book pdf free download link or read online here in pdf.
This comprehensive handbook explores case studies of land and property taxation in 25 countries five in each of five regions oecd, central and eastern europe, asia, africa, and latin america, and focuses on the potential contributions of the property tax to the revenues of urban and rural governments and to more efficient land use. 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. Waec gce past questions and answers free download pdf all subjects these are the approved waec gce 2017 past questions. Executive programme tax laws and practice this study material has been published to aid the students in preparing for the tax laws and practice paper of the cs executive programme. Income tax management act 1961 download ebook pdf, epub. Legal costs incurred in defending right to company. No fewer than 41 clauses, including amendments to cap. In nigeria, the land use act imposes tax on landownersusers, outside other legislation levying taxes on real properties. Tax reform and administration in nigeria taxation project. Taxation, revenue authorities and ethical issues, tax audit and investigation, tax appeal tribunal and interpretation of tax laws, tax planning and tax avoidance, taxation of incomes, offences and penalities, taxation of income from settlement, trusts and estates, value added tax, capital allowances, tax effects of privatisation and. List of taxation project topics, research materials, guidelinesideas and works for final year undergraduate students in nigerian universities polytechnics. An assessment of the prospects of property tax admini stratio n in nigeria. Taxation papers are written by the staff of the european commission s directorategeneral for taxation and customs union, or by experts working in association with them.
Effects of property tax on sustainable housing delivery in lagos state, nigeria oni ayotunde olawande corresponding author. All trademarks and s on this website are property of their respective. In order to provide for these program and services, the government needs revenues. Taxation of capital gains 1 subject to the provisions of this act there shall. Double taxation relief between the federal republic of. In addition to the printed version of the wwtg, individual country taxation guides are available in pdf format which can be downloaded from the pkf website at. This means you are legally required to collect, file and remit sales and use tax. Property taxation and urban development financing in nigeria moshood a. One of the major sources of finance is real estate taxation. Property tax reform is one of the alternatives proposed as a means for raising increased revenue to meet the financial needs of cities in less developed countries. Nigerias economic potential is well recognized as the biggest economy in the west africa. If youre selling taxable goods or services in any state in nigeria or you earn some income from working in the country, you almost always have tax obligations. Determinants of residential property value in nigeria a.
Kpmg confidential nigeria fiscal guide 20172018 2 rates cont. Part viii persons chargeable, agents, liquidators, etc. Taxation in nigeria plus history of taxation in nigeria. The new act supports the use of taxation as a tool for. Property taxation in anglophone west africa appendix 4. Property tax, a tool for wealth redistribution property tax, a tool for wealth redistribution on december 25, 2012 12. Property tax is an untapped goldmine in nigeria the. Taxation and fiscal regulations in nigeria introduction the nigerian tax system has undergone significant changes in recent times. Under current nigerian law, taxation is enforced by the. The land use act and equity factor in property taxation in. Each report aims to provide concise, uniform, and comparable information on property taxes as legislated and executed within a specific country or region.
Taxation 2 iia issues paper series tax provisions do not typically form a principal part of iias, partly owing to the existence of the taxspecific dtts. In the united states, the role of the government extends from providing for national defense to providing social security and medicare to the elderly. Home archives for property taxation in nigeria pdf. Read handbook on taxation online, read in mobile or kindle. Taxation, property rights and the social contract in lagos. Taxation in nigeria understanding nigerian tax system. Page 1 of 36 the chartered institute of taxation of nigeria chartered institute by act no. During this time, the tax administrators then were the traditional chiefs tax agents. Click download or read online button to get nigerian taxation principles and practice book now. In this paper we show how the story of property taxation in lagos since the early 2000s is important, not only in terms of the enormous increase in collection, but because of the ways in which propertyrelated taxes have helped to support personal income taxation and to solidify the fiscal contract between state and society more broadly. Taxation papers are intended to increase awareness of the work being done by the staff and to seek comments and suggestions for further analyses. Read online taxation and fiscal regulations in nigeria book pdf free download link book now.
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. 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. Pdf property taxation download full pdf book download. Download undergraduate projects topics and materials accounting, economics, education. The marketbased property taxation introduced by the federal capital authority. The federal inland revenue service firs is the federal government agency in nigeria responsible for the administration and collection of taxes. Introduction to taxation government plays an important role in most modern economies. Surveyors in the land use charge department could not explain. 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. Pdf land and property taxation on land and infrastructural. This form of tax is reported to be one of the most stable sources of revenue to governments however. Nigerian taxation principles and practice download ebook. Taxes on land and property have both fiscal and nonfiscal.
Taxes on land and property have both fiscal and nonfiscal effects. The treaty is expected to increase investments into nigeria given the key treaty benefit of mitigating and avoiding double taxation between. Taxation and fiscal regulations in nigeria pdf book. Property rating is employed in nigeria at the local government levels to raise revenues for public purposes. Introduction taxation is machinery or process in which society and communities or group of individuals are contributing into an agreed sum which is important for the resolution, development and administration of the public ogundele, 1999. Mar 21, 2018 these will help you run your business legally in accordance with the tax laws and regulations in nigeria. 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. Taxation of capital gains 1 subject to the provisions of this act there shall be charged a tax to be called capital gains tax for the. Capital gains tax act 1990 world intellectual property. Double taxation agreement between china and nigeria. Types and functions of taxation in nigeria unit 2 tax administration instruments in nigeria unit 3 structure and procedures of nigerian tax system unit 4 returns.