PRINCIPLES OF TAXATION
This course is designed to expose students to the principles and practice of the Nigerian Tax System.
On completion of this module the students should be able to:
- Understand the general principles of taxation.
- Know the administrative machinery and Income tax regulations in Nigeria.
- Understand the Determination of Residence.
- Know the Personal reliefs and allowances.
- Know the sources of Income and those exempted from tax.
- Know allowable and disallowable deductions and how to compute adjust income.
- Know basis of Assessment.
- Know commencement and cessation provisions.
- Know the effects of change in accounting dates.
- Understand Relief for losses.
- Know capital allowances initial, annual balancing allowances and balancing charge.
- Know the computation of chargeable and tax liabilities relating to individuals, partnerships, settlements, trusts and estates.
- Understand the basic tax computation of a company.
- Understand withholding tax.
- Know Value Added Tax administration, determination and assessment.
- Know Education Tax Provisions.
- Understand procedures for income tax.
All information and data for this course material are generated from various secondary sources such as the ICAN study pack, tertiary institution course material, online journals and articles, and other relevant webpages.
This course material is very fundamental to student of tertiary institution in the pursuit of academic excellence, as well as in workplace. The aim of this study material is to provide relevant insight for developing their knowledge and to carry out assignments.
Under no circumstance should the course material be used for illegal purposes whatsoever. They are all structurally design for reading conveniences and to create introductory knowledge for student who may wish to venture into accounting field of study.
Incase you need the softcopy or hardcopy of this course material,
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- ALLOWABLE AND NON-ALLOWABLE DEDUCTIONS UNDER PITA
- BASES OF ASSESSMENT IN NIGERIA
- COMPANY INCOME TAX
- EDUCATION TAX
- INTRODUCTION TO TAXATION
- LOSS RELIEF
- METHODS OF ASSESSING PERSONAL INCOME
- PERSONAL INCOME TAX ADMINISTRATION
- PROCEDURE OF TAX COLLECTION AND ASSESSMENT IN NIGERIA IN CASE OF PERSONAL INCOME TAX
- SOURCES OF TAX LAWS
- STRUCTURE OF THE NIGERIA TAX SYSTEM
- TAX ADMINISTRATION IN NIGERIA
- TAX JURISDICTION/ TAX COLLECTION IN NIGERIA AND TAX REGISTRATION
- TAX RETURNS
- TAXATION OF INCOME OF PARTNERSHIPS
- TYPES OF ASSESSMENTS IN NIGERIA
- VALUE ADDED TAX
- CAPITAL ALLOWANCES