The tax regime in Nigeria is a multi-level tax system, which simply means that taxation is administered by the three tiers of government. Short Title and Commencement. Conservation of Foreign Exchange And Prevention of Smuggling Activities Act, 1974. Commencement. Short title and application. 2004 COMPANIES INCOME TAX ACT 1979. Application. No. C21, Laws of the Federation of Nigeria, 2004 (as amended to date) Rate of income tax for resident companies. [1996 No. [See section 85] PART I- ADMINISTRATION Establishment and constitution of the Board .1. 7 of 2002, Act No. Download: Body: There is no available HTML version of this document. 4. Petroleum Profits Tax Act (PPTA) CAP P13 LFN 2004: This law applies to companies that engage in petroleum exploration and production throughout the Federation. Income Tax Act, 2004 [11 of 2004] legislation. Thank you for reading this post, if you have found it useful please share with your network using one of the share buttons below. PART II (1) This Act may be cited as the Companies Income Tax Act. 3. 67. 8 of 2009, Act No. 30.] 5. Cap. COMPANIES INCOME TAX ACT An Act to consolidate the provisions of the Companies Income Tax Act 1961 and to make other provisions relating thereto. 11 Income Tax 2004 THE INCOME TAX ACT, 2004 ARRANGEMENT OF SECTIONS Section Title PART I PRELIMINARY 1. Persons on whom tax is to be imposed Commencement. 3. C21 L.F.N. 56, s. 4 of 2004, Act No. Acts Nos. Application 2. PART I (Repealed by 2007 No. PART II – IMPOSITION OF INCOME TAX IMPOSITION OF INCOME TAX 3. 6. Companies Income Tax (CIT) is charged on the profit or gain of any company accruing in, derived from, brought into, earned in or received in Nigeria. Interpretation. i (Act 10 of 2004) ARRANGEMENT OF SECTIONS PART I—Preliminary 1. PART III INCOME TAX BASE Division I- Calculating the Income Tax Base Subdivision A - Total Income 5. PART II IMPOSITION OF INCOME TAX 4. Subdivision B: Chargeable Income 6. 4. 7 of 1996 4. PART I Administration 1. COMPANIES INCOME TAX ACT ARRANGEMENT OF SECTIONS PART I [Repealed] PART 11 Imposition of tax and profits chargeable SECTION 9. Charge of tax. [1979 No. 20 AN Acr TO AMEND THE PERSONAL INCOME TAX ACT, CAP. [1979 No. 2(1).) under the Income Tax Management Act 1961. For example, in 1967, a new INCOME TAX ACT 2015. Income tax imposed. 2. a) Companies Income Tax Act, Cap. [IT 6] s 6 Resident individual. 56, s.2(1).) [IT 3] s 3 Approved fund. "assessable profits" means assessable profits for the purpose of section 9 of this Act; "assessable tax" means assessable tax ascertained under section 21 of this Act; "Board" means the Federal Board of Inland Revenue established and constituted in accordance with section 1 of the Companies Income Tax Act… 1 November 2010 by GN 172/2010 (GG 4536) as amended by. 1990 ACT CAP. Full Act. Short title This Act may be cited as the Income Tax Act. THE INCOME TAX ACT, 2000 ARRANGEMENT OF SECTIONS Section No. The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, ... Companies Act, 2013. Short Title and Commencement. {14th Day of June, 201 Il ENACTED by (he National Assembly of the Federal Republic of Nigeria— 1. Capacity and powers. 2. A 146 2007 No. COMPANIES INCOME TAX ACT An Act to consolidate the provisions of the Companies Income Tax Act 1961 and to make other provisions relating thereto. No. 11 Income Tax 2004 83. employer has a right or is under an obligation to deduct and withhold any other amount from the payment or because of any other law that provides that an employee's income from employment shall not be reduced or subject to attachment. Short title. Validity of Acts. (Consolidation) Act and Stamp Duties Act. PART III INCOME TAX BASE Division I: Calculating the Income Tax Base Subdivision A: Total Income 5. Payment of minimum tax by loss-making companies or companies whose tax calculation show no tax payable; You can read the full provisions of the Act here – Companies Income Tax Act Cap.C21 LFN 2004. THE INCOME TAX ACT, 2004 ARRANGEMENT OF SECTIONS Section Title PART I PRELIMINARY 1. THE COMPANIES ACT, 2004The Companies Act, 2004 [No. ] Companies Act 28 of 2004 (GG 3362) brought into force on . Resident 5. This Act may be cited as the Income Tax Act, 2004. Mode of forming incorporated company. More information. Interpretati on 3. (1) There shall be exempt from the tax- (c) the profits of any company engaged in ecclesiastical, charitable or educational activities of a public character in so far as such profits are not derived from a trade or business carried on by such company A bill to amend the Companies Income Tax Act Cap C21 LFN 2004 (CITA) recently passed the second reading at the National Assembly (Senate). 15 of 2003, Act No. PART II Imposition of tax and profits chargeable 9.Charge of tax THE INCOME TAX ACT CHAPTER 323 OF THE LAWS OF ZAMBIA CHAPTER 323 THE INCOME TAX ACT THE INCOME TAX ACT ARRANGEMENT OF SECTIONS PART I PRELIMINARY AND INTERPRETATION Section 1. Sixth Schedule Warrant and authority to enter premises, offices, etc., under the Companies Income Tax Act 1979 CHAPTER C21 COMPANIES INCOME TAX ACT An Act to consolidate the provisions of the Companies Income Tax Act 1961 and to make other provisions relating thereto. This Act shall apply to Tanzania Mainland as well as Tanzania Zanzibar. (a) Companies Income Tax Act, Cap. No. Income Tax Chap. Having now been passed by both arms of the National Assembly, and thereafter assented to The Taxation Laws Amendment Bill, 2004, introduces amendments to the Transfer ... Duty Act, 1949, the Income Tax Act, 1962, the Customs and Excise Act, 1964, the ... which is exempt from secondary tax on companies in terms of an option exercised by it, 38 cents per R1 of its non-gold mining taxable income Total Income. [Cap. 6 of 2001, Act No. [Date of Commencement: 1st July, 1995.] 10 of 2010, Act No. COMPANIES INCOME TAX (AMENDMENT) ACT, 2007 2007 ACT No. Assets situated outside Nigeria] Without prejudice to the foregoing provisions of this Act, as respects any chargeable gains accruing in the year 1967-68 or a later year of assessment from a … Companies Income Tax Act (CITA). 2. Short title and commencement This Act may be cited as the Income Tax Act, 1973 and shall, subject to the Imposition of tax and income chargeable 1. The Company Income Tax Act (CITA) is the principal law that regulates the taxation of companies in Nigeria. Cap. [IT 4] s 4 Associate. 6. 1.2 Statement of the Problem All companies in Nigeria are mandated by law [company income tax act 2004], to pay tax to the federal government on incomes or profits made by them, so that government will be able to carry out its duties. 1 November 2010 by GN 237/2010 (GG 4595) ACT . The rate is 30% of total profit for income tax and 2% of assessable profit for education tax. C21, Laws of the Federation of Nigeria, 2004 (as amended to date) The Bill seeks to amend the provision of the Companies Income Tax Act to, amongst to other things, curb Base Erosion and Profit Shifting (BEPS) as proposed by … 4. 75:01 3 LAWS OF TRINIDAD AND TOBAGO L.R.O. 56] [1st April, 1977] [Commencement.] THE INCOME TAX ACT, 2004 _____ ARRANGEMENT OF SECTIONS _____ Section Title PART I PRELIMINARY 1. This Bill is to among other things amend the following tax provisions and make them more responsive to the tax reform policies of the Federal Government and enhance [their] implementation and effectiveness. Companies Income Tax Act 19. 10 of 2006, Act No. The Federal Inland Revenue Service (FIRS) administers or oversee the income tax for companies. Interpretation. [IT 2] s 2 Interpretation. Chargeable Income. (2) This Act shall, except where other provision is made in that behalf in this Act, apply in respect of tax charged for the year of assessment commencing on 1 … Total profit is profit after deducting previous year losses carried forward and capital allowances. 7. Charge of Tax. 28.] of companies, for the relationships between companies and their directors and members and to provide for connected and consequential matters. 2. During its eighteen years it underwent series of amendments. The Personal Income Tax Act (in this Act referred to as "the Principal An Act to consolidate the provisions of the companies Income Tax Act 1961 and to make other provisions relating thereto. Firstly, Note that all companies in commission in Nigeria outside the Petroleum sector of the economy are required to pay income and education tax. Companies Amendment . 24 of 1981), and which is … Interpretation. Powers reduced. 1990 ACT CAP. Penalty for failure to furnish returns or import declarations ... and 17(1)(f)) of the Income Tax Act, 1981 (Act No. INCOME TAX ACT 58 OF 1962 [ASSENTED TO 25 MAY 1962] [DATE OF COMMENCEMENT: 1 JULY 1962] ... Prevention and Combating of Corrupt Activities Act 12 of 2004 Taxation Laws Amendment Act 16 of 2004 ... Net income of controlled foreign companies [S. 9D inserted by s. 9 (1) of Act 28 of 1997 and substituted by s. 14 (1) of Act 74 of 2002.] 6 of 2005, Act No. PART I (Repealed by 2007 No. 28, 2007 No. Act 9 of 2007 (GG 3969) brought into force on . THE COMPANIES ACT, 2004The Companies Act, 2004[No. ] i (Act 10 of 2004) ARRANGEMENT OFSECTIONS PARTI—Preliminary 1. Short title. 2. Interpretation. Incorporation of Companies and Matters Incidental Thereto 3. Mode of forming incorporated company. 4. Capacity and powers. 5. Powers reduced. 6. Validity of Acts. 7. Notice not presumed. 106. Rate of income tax for resident individuals. PART I – PRELIMINARY 1. To provide for the incorporation, management and liquidation of companies; and to provide for incidental matters. Charge of Tax. Interpretation. 2004 PART I- ADMINISTRATION Section 1. Act 8, 2004, Act 21, 2004, Act 14, 2006, Act 18, 2006. P13.] The tax regime in Nigeria is a multi-level tax system, which simply means that tax is administered by the three tiers of government. [IT 7] s 7 Sources in Fiji. The Income Tax Act [CAP. 56] [1st April, 1977] [Commencement.] Short title 2. 8 of 2008, Act No. Competition Act, 2002. P8 LAWS OF THE FEDERATION OF NIGERIA, 2004 AND FOR RELATED MAITERS. The Companies Income Tax act 1961 was in force until 1979 when it was repealed by the Companies Income Tax Act No.28 1979. 3. [1st April, 1977] [Commencement.] PART I Preliminary (ss 1-2) 1. Companies Income Tax Act (CITA) CAP C21 LFN 2004: This law applies in relation to companies throughout the Federation. 66. [1979 No. 2. The proposed amendment aims at providing additional tax incentives for gas utilization, mining sectors and businesses located in areas (2)The profits on which tax may be imposed in an insurance company which is a life insurance company, whether proprietary or mutual, other than a Nigerian company which carries on business through a permanent establishment in … Repealed by Act No. Imposition of tax There is hereby imposed a tax on the income- (a) of individuals, communities and families; and (b) arising or due to a trustee or estate, which shall be determined under and be subject to the provisions of this Act. 4 of 2012.] An Act to consolidate and amend the law relating to the imposition, assessment and collection of tax on incomes. 1. The Companies Income Tax Act (in this Act referred to as "the principal Act") is amended as set out in this Act. 2.-(1) Part 1 of the principal Act is repealed. (2) The Federal Board of lnland Revenue established under the Principal Act is dissolved. This Act may be cited as the Income Tax Act, 1973 and shall, subject to the Sixth Schedule, come into operation on 1st January, 1974, and apply to assessments for the year of income 1974 and subsequent years of income. 28, 2007 No. Interpretation. PART III INCOME TAX BASE Division I- Calculating the Income Tax Base Subdivision A - Total Income 5. C2l. Rate of income tax for trustees. 11 AN ACT TO AMEND THE COMPANIES INCOME TAX ACT, CAP. PART II IMPOSITION OF INCOME TAX 4. P8. Application. 9 of 2007, Act No. 7. (1) This Act may be cited as the BVI Business Companies Act, 2004. Charge of Tax. 2. 2. PERSONAL INCOME TAX (AMENDMENT) ACT, 2011 ACT No. 332 R.E 2019] 9 _____ CHAPTER 332 _____ THE INCOME TAX ACT An Act to make provisions for the charge, assessment and collection of Income Tax, for the ascertainment of the income to be charged and for matters incidental thereto. Value-Added Tax Amendment Act 12 of 2004 (GG 3282) ... 65. Interpretation 3. [IT 5] s 5 Fair market value. Interpretation (1) In this Act, unless the context otherwise requires—
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