NIGERIAN TAX SYSTEM.
Tax is a compulsory payment to the government.
PURPOSE OF TAX..
-Is a means of generation of revenue to fund expenditure.
-Is used as an  instrument to control the economy and influence business and Consumer behavior.

FORM OF TAXATION.
-PROGRESSIVE-Tax increases as income increases and vice-Versa.
-REGRESSIVE-Tax decreases as Income increases and vice versa.
-PROPORTIONAL TAX-tax remains constant irrespective of income.
-AD-VALEREUM -based on value.

TYPES OF TAXES.

 DIRECT TAXES
-Company income tax -CIT.
-Petroleum profit tax-PPT.
-Capital Gain Taxes-CGT.
-Personal Income Tax(PIT)
-Education tax-ED.
-Information Technology Tax.

INDIRECT TAX.
-VAT

SOURCES OF TAX LAWS.
-STATUTE LAW -Act of parliament.
-CASE LAWS (judicial precedence)
-Customary laws.
-Circular by minister of Finance.
-Practices, Circulars and recommendations by tax authorities.
-Recommendations  by tax professional body.

CANNON OF TAXATION.
-EQUITY.
-ECONOMY.
-SIMPLICITY
-CONVENIENT.
-CERTAINTY

Disclaimer: Obi Azubuike is not by this publication(or post) acting as a professional advisers and therefore not liable for any damage whatsoever for your acting or refraining to act based on  this publication(post). Consult your professional for advice. 

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