Every country taxes items differently – see how duties are applied in Nigeria ii. Capital Gains Tax (CGT): This is a tax charged where there is a disposal of assets. Section 90 creates Local Government Revenue Committee (LGRC) for each Local Government Area of a state in Nigeria. The committee is saddled with the responsibilities of assessing and collecting all taxes, fines and rates under its jurisdiction. Direct Taxes: These are those levied on private individuals, corporations, and property; and Indirect Taxes: These include; import and export duties. All incorporated companies in Nigeria shall register with Federal Board Of Inland Revenue (FBIR) while unincorporated entities, individuals and body of individuals shall register with State Board Of Internal Revenue (SBIR) in the various states of operation. The core functions of the federal board of inland revenue are: i. v. advising Government on request, in respect of double taxation arrangement with other countries. The rank of the Inspector General is the highest in the Nigeria Police Force. Both direct and indirect taxes are far from progressive in Nigeria. The typical functions that may be assigned to the RO without creating a tax consequence for the non-resident investor are: Storage or display of goods or merchandise Collection of information including analysis In Nigeria, the Local Government is the last tier of government. Civil service, being a part of public service in Nigeria is a body of employees responsible for planning, giving advice and implementing policies in government ministries and departments. One of the first things you should know about the education tax is that it is payable within two months of an assessment notice from the Federal Inland Revenue Service (FIRS). Employees pay tax based on residency. He is a Member of the Nigerian Bar Association and Fellow of the Chartered Institute of Taxation of Niger... More, Yomi is the West Africa Tax Leader at Deloitte. The main source of income available to the Fund is the 2% education tax paid from the assessable profit of comp… Social login not available on Microsoft Edge browser at this time. 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. Administrative Officer Job Summary. Some of the social amenities include: good roads, quality education, quality health system, payment of salaries, portable water and constant electricity, etc. The functions of state board of internal revenue are: i. DTTL and each of its member firms are legally separate and independent entities. imposing its decision on matters of procedures and interpretation of Personal Income Tax on any State for the purpose of conforming with agreed procedures or interpretation. To ensures effective and optimum collection of all taxes and penalties due to the government under relevant laws. iii. It has thus been a concept that some investors have struggled with when they are advised to operate an RO in Nigeria, they will need to comply with the requirement of the companies legislation under the provisions of section 54. Stamp duties. Keep abreast of changes in all aspects of the laws and regulation of taxes in Nigeria, as it affects the business. Promoting civic responsibility, patriotism by citizens and social responsibility by corporate citizens. This person will manage employee records, organize files, answer calls, and provide support for the entire company. Protection of lives and property. These employees are called civil servants. exercising the powers or duties conferred on it by the PITA and other Acts. b) the directors and Head of departments of Federal Inland Revenue Service. Deloitte Private is exclusively dedicated to serving private companies of all sizes including local entrepreneurs, small and medium-sized enterprises (SME), startups, family businesses, large private companies, private equity funds including portfolio companies, and individuals. Please enable JavaScript to view the site. iii. iv. The Nigerian tax system has undergone several reforms geared at enhancing tax collection and administration with minimal enforcement cost. Job Description Responsible for preparation / filing of corporate tax returns… / indirect tax returns Responsible for review of Accenture deliverables Review of statutory fiscal accounts to meet filing deadlines Timely preparation / review ... We are recruiting to fill the position of a Tax & Regulatory Officer in Nigeria… See all verified tax manager jobs in Nigeria today. He is an alumnus of University of Dundee (UK). c) The secretary, who shall be ex-officio appointed by the Federal civil service Commission; d) The Legal Adviser of FIRS acts as the legal Adviser to the the JTB. There are various Act in respect of each type of tax under consideration which are; i) Companies Income Tax Act,Cap. iv) Petroleum Profit Tax Act, Cap. C21, LFN 2004: The company income tax imposes tax on the incomes of companies other than corporation soles and companies engaged in petroleum operations (upstream sector). The Inland Revenue Board of each state comprises of: a) the chairman, who is the executive head of the SIRS appointed by the governor of the state. The Act replaced the Education Tax Fund Act Cap. In effect, the operation of an RO is a matter of function to be ascribed to the subsidiary and not of legal structure under Nigerian law. Excise Duty is a tax paid on goods manufactured and used within the country. v. To account for the amount collected in a manner prescribed by the Minister of Finance. Section 1 (1) of CITA vested the administration of the taxation of profit of incorporated companies to FIRS which is the operational arm of FBIR. One of the limited direct presence options is the use of Representative Office (RO). C1, LFN 2004: this is a tax on capital gains arising from disposal of chargeable assets. In South Africa, the Stamp Duties Act 1968 was repealed on 1st April 2009, which effectively abolished the application of stamp duties in South Africa. It shall be the duty of the importer’s bank through which the e-Form “M” was processed to collect … Entities must carefully consider their unique circumstances and risk exposures and consider the impact the outbreak may have on their financial reporting. It is the government that is closer to the people. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. Direct and Indirect taxes have both advantages and disadvantages; MERITS OF DIRECT TAXES: Cheapness of Collection; Facilitation of planning and They account for all amount collected in a manner prescribed by the state commissioner of finance. The State Board of Internal Revenue was created by Section 87 of Personal Income Tax Act. Notice: Effective the 30th of September 2020, you will no longer have access to your existing NGCareers account. Companies that are Incorporated are expected to register within eighteen months of incorporation or six month after the end of its first accounting period. When shipping something internationally, your shipment may be subject to import duties and taxes. under relevant laws. By inspecting these cases, a tax compliance officer can tell if an individual or business owes money in taxes. ii. They are responsible for Capital Gain Tax, Educational Tax, Value Added tax, Withholding tax, Companies Income Tax, Personal Income tax. V1, LFN 2004 imposes tax on the supply of goods and services made by incorporated companies and other business organisations. Import and Export duties together make up what is known as a customs duty. Job descriptions Sample Templates How to do it yourself Words and Meanings Interview questions and answers Tax Job Vacancies in Nigeria 2021 Tax Officer at JKLC Professional Services At JKLC Professional Services, we offer high-quality accountancy services, audit & assurance services, tax services, advisory services and human resources services. Nigeria may therefore need to re-assess its strategy and focus on the SDA for driving improved revenue generation. Various tax authorities are vested with the job of tax administration depending on the type of tax under consideration. To advice the Federal Government of Nigeria through the Minster of Finance on tax matters including amendment to tax laws. Apply for available job vacancies and latest jobs in tax manager in all states in Nigeria, 2020. 1. a) Executive Chairman of the Federal Inland Revenue Service who is also the Chairman of the board. Providing sustainable finance and funding for governance, public and social services and economic development. Importer shall continue to pay an administrative charge of 1% of FOB value of all imports based on the exchange rate on the approved e-Form “M”. Section 86 of the Personal Income Tax Act establishes the Joint Tax Board. In effect, the operation of an RO is a matter of function to be ascribed to the subsidiary and not of legal structure under Nigerian law. Companies Income Taxes (CIT) CIT is one of the major types of taxes collected by FIRS. The Joint Tax Board (JTB) is saddled with the responsibilities of: i. promoting uniformity both in application of personal income Act and in the incidence of tax. Legal officers are in charge of various legal aspects of the company ranging from fighting lawsuits on behalf of the company to overseeing merger deals and purchase of real estate. ii. It is a 30% tax charged on profits made by companies registered in Nigeria. Stimulating priority social and economic activities and … Merits And Demerit Of Taxes In Nigeria. 6. 2. advicing Federal Government in respect of double taxation arrangement. Operating a Representative Office in Nigeria: Any Real Advantage? Get all latest content delivered straight to your inbox. Making recommendation on tax policy, tax reform, tax registration, tax treaties and exemptions to JTB as may be required from time to time. Monthly Salary -N711,498 Annual Salary -N8,537,976 This is in reference to the assessment and collection of tax section of the act, This section states that Under the Stamp Duty Act, stamp duty is payable on any agreement executed in Nigeria or relating, whatsoever, to any property situated in or to any matter or thing done in Nigeria. b) the Directors and Head of department within the SIRS, e) three other persons nominated by the state commissioner for finance on their personal merit. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. DTTL and each of its member firms are legally separate and independent entities. The Local Government authorities in states also perform some functions related to tax administration. imposing its decision on matters of procedures and interpretation of Personal Income Tax on any State for the purpose of conforming with agreed procedures or interpretation. vi) Value Added Tax Act, Cap. Types Of Taxes In Nigeria 1. c) two other persons experience in revenue matters to be nominated by the chairman of the Local Governments. Education Tax in Nigeria: All You Need to Know. All imports shall continue to be assessed for duty at the C. I. F. value of the goods using the rate of exchange on the approved e-Form “M”. iv. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Taxation, Nigeria (CI... More, Seye is a Legal and Chartered Tax Practitioner. Operating a Representative Office in Nigeria has been saved, Operating a Representative Office in Nigeria has been removed, An Article Titled Operating a Representative Office in Nigeria already exists in Saved items. Stamp Duties may include instruments such as financial transaction, article of association … Tax is a compulsory Levy imposed on individuals and business organization by the government of a country. e) a member of the Board of the National Revenue Mobilization Allocation and Fiscal Commission. b) A representative from each 36 states of the federation who are experienced in tax. Instruments that are required to be stamped under the Stamp Duties Act … ii. The proceeds from tax are used to provide social amenities for the citizens and residents of that country. Full guide on main duties of citizen in Nigeria - … vii) Stamp Duties Act, Cap. The Joint Tax Board (JTB) is saddled with the responsibilities of: i. promoting uniformity both in application of personal income Act and in the incidence of tax. The Board of inland revenue comprises of; a) the Executive Chairman experience in tax administration and appointed by the president of the federal republic of Nigeria. Legal officer job description and profile. The recent reforms include the introduction of TIN, (unique Taxpayer’s Identification Number), automated tax system that facilitates tracking of tax positions and issues by individual taxpayers, e-payment system which enhances smooth payment procedure … The manners in which they discharge their duties affect the degree of confidence voters have in the electoral process and in INEC. Excise Duty. To ensures effective and optimum collection of all taxes and penalties due to the govt. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. d) an officer from NNPC not below the rank of an Executive Director. The choice of an optimal entry vehicle into a new market or economy is one of the perennial concerns of investors. iii) capital Gains Tax, Cap. S8, LFN 2004 charges duties on specified instruments listed in the Acts. P8, LFN 2004: it imposes tax on the incomes of productive individuals and corporation soles. The Federal Board Of Inland Revenue is responsible for administration and collection of taxes on behalf of the federal government of Nigeria. v) Personal Income Tax Act, Cap. Things to know about duties & taxes. The Fund was set up to administer and disburse education tax collections to the Federal and State tertiary educational institutions in Nigeria. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. According to Federal Inland Revenue Service (FIRS); the body in charge of tax regulations in Nigeria, there are nine (9) types of taxes in Nigeria. iii. iii. See Terms of Use for more information. Find out the salaries and salary structures of various oil companies in Nigeria such as Shell (SPDC), Chevron, Mobil, NLNG, Schlumberger and others. One of the duties of the police is to protect the lives and properties … A revenue officer (RO) is an individual who collects revenues, such as taxes and duties, on behalf of the government. h) Register-General of Corporate Affairs Commission. IMPORT DUTY PAYMENT. Responsible for the management of tax records of BATMN group. The administrative officer is responsible for the majority of administrative duties in the company. The Inspector General is the most senior officer and as well the head of the police force in Nigeria. Stamp Duties in Nigeria (A Comparative Analysis of the Principal Act and the Amendment Bill, and Implications for Stakeholders) DR. (MRS.) TITILAYO FOWOKAN (FCTI, FCA, CFE, FFAR, ACIS) CITN SEMINAR ON STAMP DUTIES, NEW TIN REGISTRATION, POLICE TRUST FUND AND VALUE ADDED TAX 18 OCTOBER 2019 (b) State Inland Revenue Board. f) a Director from the Nigeria Customs Services. Unincorporated companies and body of individuals are expected to register with the relevant tax authority within 3 months of the year. The Tertiary Education Trust Fund (TETFUND) was established by an Act of the National Assembly in June 2011. g) a Director from the National Planning Commission. Appointing, promoting, transfering and discipline of employees of the SIRS. Providing innovative tax planning and reviewing complex income tax returns; Job brief. Depending on the investment drivers and the stage of the evolution of the target market or economy, direct presence or indirect presence options may be evaluated and adopted. Tax compliance officers are assigned tax cases by the IRS to examine. Making recommendation on tax policy, tax reform, tax registration, tax treaties and exemptions to JTB as may be required from time to time. The Deloitte Center for Corporate Governance offers a number of resources for executives, directors, and others who are active in governance. ii. Educational Tax (EDT): Stamp Duties (STD): Items or persons subject to Stamp Duties tax are written documents relating things between individuals or companies or group of soles. He is an alumnus of The University of Manchester (UK) and Fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and Chartered Institut... More. Accounting for all amount collected in a manner prescribed by the state commissioner of finance. To administer the Companies Income Tax Act and other Tax Acts and other taxes that are vested on them. ii) Education Tax Act, Cap. It is also trite that a foreign company seeking or intending to carry on business in Nigeria is required to incorporate a local subsidiary under the companies legislation. In a country such as Nigeria, the indirect taxes constitute the primary source of fiscal revenue. A secretary shall be nominated by the Board from within the FIRS. The specific duties of a revenue officer depend on … The typical functions that may be assigned to the RO without creating a tax consequence for the non-resident investor are: Fatai is the Chief Executive and West Africa Leader of Deloitte Nigeria. E4 laws of the Federation of Nigeria 2004 and Education Tax Fund (Amendment) Act No 17, 2003. the employee works fully (or partially) in Nigeria or; the employer is in Nigeria or; the employer has a fixed base in Nigeria. a) the supervisor for finance who is also the Chairman. These additional charges are calculated based on the item type and its value. To assess and collect companies income tax. Please see www.deloitte.com/about for a detailed description of DTTL and its member firms. Thus, an employee would be tax resident if. Personal Income Tax (Amendment) Act, 2011 (“PITAM”) is the principal act for the taxation of employees in Nigeria. We are looking for an experienced Tax Manager to lead and manage multiple operations of the tax practice area and to deliver quality tax services, that will increase firm’s reputation. E4, LFN 2004 which levies education tax on the assessable profits of companies registered in Nigeria. © 2019. Where any capital … To issue directives or guidelines on the interpretation of the provisions of the CITA and other Tax Laws. Please see, Telecommunications, Media & Entertainment, Storage or display of goods or merchandise, Collection of information including analysis, Market intelligence including leads on business opportunities, Provision of local logistics ancillary for the foregoing. P13, LFN 2004 levies tax on the profits of companies engaged in oil exploration. List Of ICAN Accredited Study Centers In Lagos State With Their Contacts, Relationship Between Accounting And Other Disciplines, ICAN March 2020 Diet Professional Exam Fees And Timetable, Financial Accounting Scheme Of Work For SS1 For 2020/2021 Session, ICAN Exemption Guidelines, Requirements And Fees. It is trite that a branch is not a permitted legal vehicle to carry on business under Nigerian law. c) Director of planning, research and statistics in the Federal Ministry of Finance. What we mean here is some of this taxes are referred to as direct tax while others are referred to as indirect taxes.An example of indirect taxes are Value added tax,excise duties,stamp duties.Example of direct taxes are company income tax,capital gains tax etc. The operational arm of the SBIR is State Internal Revenue Service (SIRS). Government ministries are headed by ministers at Federal level or commissioners at state level and assisted by directors-general (permanent secretaries), as well as other departmental heads. Without doubt, the oil and gas industry is perhaps the most lucrative industry in terms of salary structure in Nigeria to pursue a career in. iv. Taxation in Nigeria (Summary) There you have it; an overview of taxation in Nigeria, history, terms and tax policies, problems, and tax rate. The direct presence options maybe full or limited. Permitted legal vehicle to carry on business under Nigerian law up to administer and disburse tax. See www.deloitte.com/about for a detailed description of dttl and each of its member firms are legally separate independent. Services and economic development section of the Federation of Nigeria through the Minster of finance in taxes in reference the! 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No longer have access to your inbox laws and regulation of taxes on of... Entities must carefully consider their unique circumstances and risk exposures and consider the impact outbreak. To ensures effective and optimum collection of taxes collected by FIRS Executive of. Corporate governance offers a number of resources for executives, directors, and others who are experienced in tax in... The SDA for driving improved revenue generation fines and rates under its.. Responsible for administration and collection of tax records of BATMN group duties in the company individual business... A detailed description of dttl and each of its member firms each 36 states of the is! Funding for governance, public and social responsibility by corporate citizens request, in respect each! States that administrative officer is responsible for the amount collected in a manner by... Section 90 creates Local Government Area of a state in Nigeria six month after the end of its firms... 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