It is no secret that the Nigerian
government is seeking to utilize tax paid by citizens in advancing the country
due to the fact that all citizens are liable to pay the tax.
government is seeking to utilize tax paid by citizens in advancing the country
due to the fact that all citizens are liable to pay the tax.
Furthermore, in this
process, obligation falls to the Lawyer as well – the duty of a legal
practitioner to tax payment can initially be captured by his role as a
Nigerian. According to S.24 (f) of the
constitution and Section 41(5) of the personnel income tax 1993, which confers
more specific duty on all Legal Practitioners to take the returns of the income
and claims for reliefs and allowances relating to their income and claims for
reliefs and allowances relating to the preceding year within 90 days from the
beginning of the every year. Such lawyer is to obtain and complete the required
forms from the government designated banks and makes payment in line with the
minimum tax payable for his category.
process, obligation falls to the Lawyer as well – the duty of a legal
practitioner to tax payment can initially be captured by his role as a
Nigerian. According to S.24 (f) of the
constitution and Section 41(5) of the personnel income tax 1993, which confers
more specific duty on all Legal Practitioners to take the returns of the income
and claims for reliefs and allowances relating to their income and claims for
reliefs and allowances relating to the preceding year within 90 days from the
beginning of the every year. Such lawyer is to obtain and complete the required
forms from the government designated banks and makes payment in line with the
minimum tax payable for his category.
Furthermore, law firms have
an obligation, subject to section 80 of PITA to deduct appointment tax from the
total emoluments of employees and remit same to the relevant tax authority on
or before the 10th day of the following month.
an obligation, subject to section 80 of PITA to deduct appointment tax from the
total emoluments of employees and remit same to the relevant tax authority on
or before the 10th day of the following month.
In addition to the above, firms
also have an advisory duty to clients to submit for assessments, transactions
on sale of assets that attract capital gains tax and issues of stamp duties. All
these and much more would be discussed at the Annual General Conference of the
NBA coming up on between the 23rd and 29th of August,
2019.
also have an advisory duty to clients to submit for assessments, transactions
on sale of assets that attract capital gains tax and issues of stamp duties. All
these and much more would be discussed at the Annual General Conference of the
NBA coming up on between the 23rd and 29th of August,
2019.
It is important that lawyers
are on hand to join the discuss and participate. The issues of double taxation
of companies will also be examined at the breakout session and it is important
that all lawyers participate.
are on hand to join the discuss and participate. The issues of double taxation
of companies will also be examined at the breakout session and it is important
that all lawyers participate.
See you at the AGC.
@Legalnaija.