In effect, the operation of an RO is a matter of function to be ascribed to the subsidiary and not of legal structure under Nigerian law. In effect, the operation of an RO is a matter of function to be ascribed to the subsidiary and not of legal structure under Nigerian law. According to Federal Inland Revenue Service (FIRS); the body in charge of tax regulations in Nigeria, there are nine (9) types of taxes in Nigeria. One of the limited direct presence options is the use of Representative Office (RO). The State Board of Internal Revenue was created by Section 87 of Personal Income Tax Act. Operating a Representative Office in Nigeria: Any Real Advantage? Administrative Officer Job Summary. Some of the social amenities include: good roads, quality education, quality health system, payment of salaries, portable water and constant electricity, etc. E4, LFN 2004 which levies education tax on the assessable profits of companies registered in Nigeria. The main source of income available to the Fund is the 2% education tax paid from the assessable profit of comp… Accounting for all amount collected in a manner prescribed by the state commissioner of finance. The Inland Revenue Board of each state comprises of: a) the chairman, who is the executive head of the SIRS appointed by the governor of the state. iv. Apply for available job vacancies and latest jobs in tax manager in all states in Nigeria, 2020. V1, LFN 2004 imposes tax on the supply of goods and services made by incorporated companies and other business organisations. The Tertiary Education Trust Fund (TETFUND) was established by an Act of the National Assembly in June 2011. Stamp duties. Section 86 of the Personal Income Tax Act establishes the Joint Tax Board. the employee works fully (or partially) in Nigeria or; the employer is in Nigeria or; the employer has a fixed base in Nigeria. The functions of state board of internal revenue are: i. Education Tax in Nigeria: All You Need to Know. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. The Joint Tax Board (JTB) is saddled with the responsibilities of: i. promoting uniformity both in application of personal income Act and in the incidence of tax. ii. iv) Petroleum Profit Tax Act, Cap. They are responsible for Capital Gain Tax, Educational Tax, Value Added tax, Withholding tax, Companies Income Tax, Personal Income tax. Job Description Responsible for preparation / filing of corporate tax returns… / indirect tax returns Responsible for review of Accenture deliverables Review of statutory fiscal accounts to meet filing deadlines Timely preparation / review ... We are recruiting to fill the position of a Tax & Regulatory Officer in Nigeria… h) Register-General of Corporate Affairs Commission. To administer the Companies Income Tax Act and other Tax Acts and other taxes that are vested on them. Thus, an employee would be tax resident if. The typical functions that may be assigned to the RO without creating a tax consequence for the non-resident investor are: Fatai is the Chief Executive and West Africa Leader of Deloitte Nigeria. The Joint Tax Board (JTB) is saddled with the responsibilities of: i. promoting uniformity both in application of personal income Act and in the incidence of tax. Tax compliance officers are assigned tax cases by the IRS to examine. When shipping something internationally, your shipment may be subject to import duties and taxes. To advice the Federal Government of Nigeria through the Minster of Finance on tax matters including amendment to tax laws. The Inspector General is the most senior officer and as well the head of the police force in Nigeria. A revenue officer (RO) is an individual who collects revenues, such as taxes and duties, on behalf of the government. Nigeria may therefore need to re-assess its strategy and focus on the SDA for driving improved revenue generation. Every country taxes items differently – see how duties are applied in Nigeria Capital Gains Tax (CGT): This is a tax charged where there is a disposal of assets. Entities must carefully consider their unique circumstances and risk exposures and consider the impact the outbreak may have on their financial reporting. Government ministries are headed by ministers at Federal level or commissioners at state level and assisted by directors-general (permanent secretaries), as well as other departmental heads. The choice of an optimal entry vehicle into a new market or economy is one of the perennial concerns of investors. v. To account for the amount collected in a manner prescribed by the Minister of Finance. Taxation in Nigeria (Summary) There you have it; an overview of taxation in Nigeria, history, terms and tax policies, problems, and tax rate. b) the Directors and Head of department within the SIRS, e) three other persons nominated by the state commissioner for finance on their personal merit. iv. Instruments that are required to be stamped under the Stamp Duties Act … The proceeds from tax are used to provide social amenities for the citizens and residents of that country. In Nigeria, the Local Government is the last tier of government. Stamp Duties in Nigeria (A Comparative Analysis of the Principal Act and the Amendment Bill, and Implications for Stakeholders) DR. (MRS.) TITILAYO FOWOKAN (FCTI, FCA, CFE, FFAR, ACIS) CITN SEMINAR ON STAMP DUTIES, NEW TIN REGISTRATION, POLICE TRUST FUND AND VALUE ADDED TAX 18 OCTOBER 2019 The direct presence options maybe full or limited. Keep abreast of changes in all aspects of the laws and regulation of taxes in Nigeria, as it affects the business. One of the first things you should know about the education tax is that it is payable within two months of an assessment notice from the Federal Inland Revenue Service (FIRS). under relevant laws. Get all latest content delivered straight to your inbox. See all verified tax manager jobs in Nigeria today. 1. Without doubt, the oil and gas industry is perhaps the most lucrative industry in terms of salary structure in Nigeria to pursue a career in. Both direct and indirect taxes are far from progressive in Nigeria. Please enable JavaScript to view the site. Please see www.deloitte.com/about for a detailed description of DTTL and its member firms. ii. To ensures effective and optimum collection of all taxes and penalties due to the govt. The core functions of the federal board of inland revenue are: i. b) the directors and Head of departments of Federal Inland Revenue Service. The Act replaced the Education Tax Fund Act Cap. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Deloitte Private is exclusively dedicated to serving private companies of all sizes including local entrepreneurs, small and medium-sized enterprises (SME), startups, family businesses, large private companies, private equity funds including portfolio companies, and individuals. b) A representative from each 36 states of the federation who are experienced in tax. S8, LFN 2004 charges duties on specified instruments listed in the Acts. It is a 30% tax charged on profits made by companies registered in Nigeria. To issue directives or guidelines on the interpretation of the provisions of the CITA and other Tax Laws. c) two other persons experience in revenue matters to be nominated by the chairman of the Local Governments. Import and Export duties together make up what is known as a customs duty. f) a Director from the Nigeria Customs Services. iv. DTTL and each of its member firms are legally separate and independent entities. These employees are called civil servants. To ensures effective and optimum collection of all taxes and penalties due to the government under relevant laws. Unincorporated companies and body of individuals are expected to register with the relevant tax authority within 3 months of the year. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Taxation, Nigeria (CI... More, Seye is a Legal and Chartered Tax Practitioner. Importer shall continue to pay an administrative charge of 1% of FOB value of all imports based on the exchange rate on the approved e-Form “M”. g) a Director from the National Planning Commission. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. The manners in which they discharge their duties affect the degree of confidence voters have in the electoral process and in INEC. Protection of lives and property. The typical functions that may be assigned to the RO without creating a tax consequence for the non-resident investor are: Storage or display of goods or merchandise Collection of information including analysis Promoting civic responsibility, patriotism by citizens and social responsibility by corporate citizens. Please see, Telecommunications, Media & Entertainment, Storage or display of goods or merchandise, Collection of information including analysis, Market intelligence including leads on business opportunities, Provision of local logistics ancillary for the foregoing. C21, LFN 2004: The company income tax imposes tax on the incomes of companies other than corporation soles and companies engaged in petroleum operations (upstream sector). All imports shall continue to be assessed for duty at the C. I. F. value of the goods using the rate of exchange on the approved e-Form “M”. All incorporated companies in Nigeria shall register with Federal Board Of Inland Revenue (FBIR) while unincorporated entities, individuals and body of individuals shall register with State Board Of Internal Revenue (SBIR) in the various states of operation. A secretary shall be nominated by the Board from within the FIRS. c) The secretary, who shall be ex-officio appointed by the Federal civil service Commission; d) The Legal Adviser of FIRS acts as the legal Adviser to the the JTB. Operating a Representative Office in Nigeria has been saved, Operating a Representative Office in Nigeria has been removed, An Article Titled Operating a Representative Office in Nigeria already exists in Saved items. exercising the powers or duties conferred on it by the PITA and other Acts. The Deloitte Center for Corporate Governance offers a number of resources for executives, directors, and others who are active in governance. vi) Value Added Tax Act, Cap. Excise Duty is a tax paid on goods manufactured and used within the country. P8, LFN 2004: it imposes tax on the incomes of productive individuals and corporation soles. iii) capital Gains Tax, Cap. e) a member of the Board of the National Revenue Mobilization Allocation and Fiscal Commission. It is the government that is closer to the people. Depending on the investment drivers and the stage of the evolution of the target market or economy, direct presence or indirect presence options may be evaluated and adopted. ii) Education Tax Act, Cap. (b) State Inland Revenue Board. The recent reforms include the introduction of TIN, (unique Taxpayer’s Identification Number), automated tax system that facilitates tracking of tax positions and issues by individual taxpayers, e-payment system which enhances smooth payment procedure … List Of ICAN Accredited Study Centers In Lagos State With Their Contacts, Relationship Between Accounting And Other Disciplines, ICAN March 2020 Diet Professional Exam Fees And Timetable, Financial Accounting Scheme Of Work For SS1 For 2020/2021 Session, ICAN Exemption Guidelines, Requirements And Fees. In a country such as Nigeria, the indirect taxes constitute the primary source of fiscal revenue. imposing its decision on matters of procedures and interpretation of Personal Income Tax on any State for the purpose of conforming with agreed procedures or interpretation. They account for all amount collected in a manner prescribed by the state commissioner of finance. ii. The Nigerian tax system has undergone several reforms geared at enhancing tax collection and administration with minimal enforcement cost. E4 laws of the Federation of Nigeria 2004 and Education Tax Fund (Amendment) Act No 17, 2003. ii. Providing innovative tax planning and reviewing complex income tax returns; Job brief. Social login not available on Microsoft Edge browser at this time. The operational arm of the SBIR is State Internal Revenue Service (SIRS). Monthly Salary -N711,498 Annual Salary -N8,537,976 The committee is saddled with the responsibilities of assessing and collecting all taxes, fines and rates under its jurisdiction. c) Director of planning, research and statistics in the Federal Ministry of Finance. d) an officer from NNPC not below the rank of an Executive Director. Excise Duty. The Federal Board Of Inland Revenue is responsible for administration and collection of taxes on behalf of the federal government of Nigeria. It shall be the duty of the importer’s bank through which the e-Form “M” was processed to collect … iii. It is trite that a branch is not a permitted legal vehicle to carry on business under Nigerian law. Civil service, being a part of public service in Nigeria is a body of employees responsible for planning, giving advice and implementing policies in government ministries and departments. a) Executive Chairman of the Federal Inland Revenue Service who is also the Chairman of the board. The Fund was set up to administer and disburse education tax collections to the Federal and State tertiary educational institutions in Nigeria. Section 1 (1) of CITA vested the administration of the taxation of profit of incorporated companies to FIRS which is the operational arm of FBIR. Where any capital … The specific duties of a revenue officer depend on … Merits And Demerit Of Taxes In Nigeria. C1, LFN 2004: this is a tax on capital gains arising from disposal of chargeable assets. To assess and collect companies income tax. He is an alumnus of University of Dundee (UK). Tax is a compulsory Levy imposed on individuals and business organization by the government of a country. Various tax authorities are vested with the job of tax administration depending on the type of tax under consideration. iii. Stimulating priority social and economic activities and … Companies Income Taxes (CIT) CIT is one of the major types of taxes collected by FIRS. advicing Federal Government in respect of double taxation arrangement. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. Making recommendation on tax policy, tax reform, tax registration, tax treaties and exemptions to JTB as may be required from time to time. Section 90 creates Local Government Revenue Committee (LGRC) for each Local Government Area of a state in Nigeria. Find out the salaries and salary structures of various oil companies in Nigeria such as Shell (SPDC), Chevron, Mobil, NLNG, Schlumberger and others. What we mean here is some of this taxes are referred to as direct tax while others are referred to as indirect taxes.An example of indirect taxes are Value added tax,excise duties,stamp duties.Example of direct taxes are company income tax,capital gains tax etc. Personal Income Tax (Amendment) Act, 2011 (“PITAM”) is the principal act for the taxation of employees in Nigeria. The Board of inland revenue comprises of; a) the Executive Chairman experience in tax administration and appointed by the president of the federal republic of Nigeria. Companies that are Incorporated are expected to register within eighteen months of incorporation or six month after the end of its first accounting period. These additional charges are calculated based on the item type and its value. Things to know about duties & taxes. By inspecting these cases, a tax compliance officer can tell if an individual or business owes money in taxes. Direct and Indirect taxes have both advantages and disadvantages; MERITS OF DIRECT TAXES: Cheapness of Collection; Facilitation of planning and One of the duties of the police is to protect the lives and properties … Making recommendation on tax policy, tax reform, tax registration, tax treaties and exemptions to JTB as may be required from time to time. Responsible for the management of tax records of BATMN group. We are looking for an experienced Tax Manager to lead and manage multiple operations of the tax practice area and to deliver quality tax services, that will increase firm’s reputation. vii) Stamp Duties Act, Cap. Full guide on main duties of citizen in Nigeria - … P13, LFN 2004 levies tax on the profits of companies engaged in oil exploration. The administrative officer is responsible for the majority of administrative duties in the company. See Terms of Use for more information. Employees pay tax based on residency. IMPORT DUTY PAYMENT. Direct Taxes: These are those levied on private individuals, corporations, and property; and Indirect Taxes: These include; import and export duties. v) Personal Income Tax Act, Cap. Obviously, everything about the Nigerian taxation cannot be covered in this article, so try to click the links provided on certain text to get a wider scope and explanation. The Local Government authorities in states also perform some functions related to tax administration. iii. a) the supervisor for finance who is also the Chairman. He is an alumnus of The University of Manchester (UK) and Fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and Chartered Institut... More. He is a Member of the Nigerian Bar Association and Fellow of the Chartered Institute of Taxation of Niger... More, Yomi is the West Africa Tax Leader at Deloitte. Educational Tax (EDT): Stamp Duties (STD): Items or persons subject to Stamp Duties tax are written documents relating things between individuals or companies or group of soles. imposing its decision on matters of procedures and interpretation of Personal Income Tax on any State for the purpose of conforming with agreed procedures or interpretation. Job descriptions Sample Templates How to do it yourself Words and Meanings Interview questions and answers Tax Job Vacancies in Nigeria 2021 Tax Officer at JKLC Professional Services At JKLC Professional Services, we offer high-quality accountancy services, audit & assurance services, tax services, advisory services and human resources services. Appointing, promoting, transfering and discipline of employees of the SIRS. Providing sustainable finance and funding for governance, public and social services and economic development. DTTL and each of its member firms are legally separate and independent entities. It is also trite that a foreign company seeking or intending to carry on business in Nigeria is required to incorporate a local subsidiary under the companies legislation. Notice: Effective the 30th of September 2020, you will no longer have access to your existing NGCareers account. This is in reference to the assessment and collection of tax section of the act, This section states that ii. Stamp Duties may include instruments such as financial transaction, article of association … This person will manage employee records, organize files, answer calls, and provide support for the entire company. 2. Types Of Taxes In Nigeria 1. Legal officer job description and profile. There are various Act in respect of each type of tax under consideration which are; i) Companies Income Tax Act,Cap. 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