Tax law pdf

However, the information given does not cover every situation and is not intended to replace the law or change its meaning. All material in this publication may be reprinted freely. The tax that is levied directly on the income or wealth of a person is called direct tax. Income tax is one of form of direct taxes. The income tax is charged on the Total Income.

The FIRS Compendium of Tax and Related Laws is one of several documentation projects Foreword initiated by the former Executive Chairman, Mrs. Ifueko Omoigui Okauru, which I have the pleasure of bringing to conclusion. Most of the laws in the compendium are contained in the various volumes of the Laws of the Federation of Nigeria. This is an overview chapter. Read it with the goal of gaining a broad understanding of tax purposes and principles.

Although the history is interesting, for Unit 01. Professor William Kratzke teaches tax law courses at the University of Memphis. He has taught courses across the curriculum. In addition to tax courses, he has taught trademarks, torts, civil pro-cedure, world trade law , economic analysis, and other courses.

Titles in bold have been changed since the last release point. A User Guide and the USLM Schema and stylesheet are provided for the United States Code in XML. AN OVERVIEW OF REVENUE LAW IN NIGERIA. CFCs), that is, corporations con- trolled by nationals, as if they were nationals themselves. Specializing in assisting tax preparers with starting their own tax business from scratch.

Prevent new tax liens from being imposed on you. An income tax is a tax that governments impose on income generated by businesses and individuals within. By law , taxpayers must file an income tax return annually to determine their tax obligations.

Structure of Tax Administration Law A. Enactment of a Tax Law The procedures for enactment of tax legislation are the same as those for any other federal legislation, with the exception that all revenue measures are constitutionally required to be introduced in the House of Representatives. For most taxes, the burden of payments is often shifte either directly or indirectly to others. Your state tax returns are equally important and typically need to be filed around the same time as your federal taxes. While many state tax codes mirror the federal code, there are often key differences between each state which are important.

Perhaps the most contentious area of controversy lies in the nature and function of both civil and criminal sanctions. Average tax rate is the total amount of tax paid divided by income. Example: Suppose that your total income is $50and that you pay $10in taxes. Marginal Tax Rate is the tax rate that you pay on any additional income you earn.

The provisions of the attached law shall apply with respect to the income tax. Tax base (Article 6) The Tax base of a capital company is determined independently from its shareholders, partners or its subsidiaries, irrespective of whether the accounts of the capital company are consolidated or not. If the last day to respect provisions of the tax law is a holiday, the provisions of the law shall be respected on the following working day.

One of the few faculty-edited journals in the legal academy, the TLR is committed to peer-selection and peer-editing. Due Tax : Tax that is calculated and charged pursuant to this Decree- Law. Payable Tax : Tax that is due for payment to the Authority.

The Capital Gains Tax is a tax imposed on Capital Gains arising from a sale, exchange or other disposition of properties known as chargeable assets.