Tax Legislations & Tax Policy
Tax legislation is the act or process of enacting tax
laws and the body of laws that provide for the levying of taxes and tax
administration.
laws and the body of laws that provide for the levying of taxes and tax
administration.
The following are the existing tax legislation in
Nigeria, as at 2016:
Nigeria, as at 2016:
- Associated
Gas Re-Injection Act - Capital
Gains Tax Act - Companies
Income Tax Act - Deep
Offshore and Inland Basin Production Sharing Contracts Act - Tertiary
Education Trust Fund Act - Federal
Inland Revenue Service (Establishment) Act - Income
Tax (Authorised Communications) Act - Industrial
Development (Income Tax Relief) Act - Industrial
Inspectorate Act - National
Information Technology Development Act - Nigerian
Export Processing Zones Act - Nigeria
LNG (Fiscal Incentive Guarantees and Assurances) Act - Oil and
Gas Export Free Zones Act - Personal
Income Tax Act - Petroleum
Profits Tax Act - Value
Added Tax Act - Stamp
Duties Act - Taxes and
Levies (Approved List for Collection) Act - Casino
Act
Reviews, amendments and modifications to tax
legislations are continuous, evolving with global best practices and in keeping
with the local socio-economic realities. The review and amendment of tax
legislation is in keeping with the formal tax amendment process as provided for
in the Nigerian constitution.
legislations are continuous, evolving with global best practices and in keeping
with the local socio-economic realities. The review and amendment of tax
legislation is in keeping with the formal tax amendment process as provided for
in the Nigerian constitution.
As a result of the need to continuously review and
amend tax legislation, the following tax laws were amended in the respective
years indicated hereunder:
amend tax legislation, the following tax laws were amended in the respective
years indicated hereunder:
- Companies
Income Tax Act – 2007 - Value
Added Tax Act- 2007 - Personal
Income Tax Act – 2011
The Petroleum Industry Bill (PIB) is presently before
the National Assembly and when passed into law will replace the Petroleum
Profits Tax Act. In addition, there is an on-going process to overhaul all
existing tax laws and the Service has consequently initiated the Tax Law
Redrafting Project to achieve this.
the National Assembly and when passed into law will replace the Petroleum
Profits Tax Act. In addition, there is an on-going process to overhaul all
existing tax laws and the Service has consequently initiated the Tax Law
Redrafting Project to achieve this.
The Public will be notified as soon as any further
change to any or all of the tax laws is concluded.
change to any or all of the tax laws is concluded.
Ed’s Note: This article was culled from the website of the Federal Inland Revenue Service and was originally posted here