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Tax nigeria fiscal guide 2012 13 kpmg


    In many rich countries, tax constitutes 30-40 percent of the GDP (Golit. 2008 and TIN, 2012). Nigeria with a budget of N4,97 trillion for the year 2011, representing 12% increase of 2010 annual budget ( Uneghu and Irefin, 2011) shows that taxation is one of the ways of funding infrastructural developments specified in the budget.

  • Nigeria - Corporate - Significant developments

    Nigeria formally released the Income Tax (Country-by-Country Reporting) Regulations in 2018. This follows Nigerias signing of the MCAA for the automatic exchange of CbC reports in January 2016 and subsequent ratification in August 2016. Groups headquartered in Nigeria will be required to prepare and file a CbC report with the FIRS annually.

  • Nigeria Economy: Population, GDP, Inflation, Business

    Nigerias economic freedom score is 58.7, making its economy the 105th freest in the 2021 Index. Its overall score has increased by 1.5 points, primarily because of an improvement in judicial

  • Risk Management Triggers: From the Tax Risk Pitfalls to

    Jan 01, 2014· (Fiscalis Guide, 2006, p.13) 3. Operational risk In a 2010 KPMG survey, companies stated that following as the most significant tax risks they were facing: "unintended tax consequences of company transactions" and the "risk of noncompliance with tax laws".

  • Deferred tax a Chief Financial Officers guide to

    Overview of the guide 1 Section 1: Calculating a deferred tax balance the basics 3 Section 2: Allocating the deferred tax charge or credit 12 Section 3: Disclosures 17 Section 4: Avoiding pitfalls the manner of recovery and the blended rate 22 Section 5: Avoiding pitfalls business combinations and consolidated accounts 28 Section 6: Avoiding pitfalls share-based payments 33

  • A Guide to Doing Business in Nigeria 2015 - PwC

    Nigeria is the thirteenth largest producer of crude oil with 2.4million bbl/ day in 2013 and has the 2nd largest crude oil reserves in Africa with 37.2 billion barrels and natural gas reserves of 5.12 billion cubic metres contributing 2.98% of the world total

  • Deloitte International Tax Source

    The Deloitte International Tax Source (DITS) is an online database featuring tax rates and information for 66 jurisdictions worldwide and country tax highlights for more than 130 jurisdictions. DITS includes current rates for corporate income tax; domestic withholding tax; withholding tax on dividends, interest and royalties under tax treaties; value added tax/goods and services tax/sales tax


    Central Bank of Nigeria Annual Report2011 119 igerias fiscal policy thrust in 2011 was to ensure fiscal consolidation, improve physical infrastructure, boost employment generation, and foster inclusive economic growth. At N11,116.9 billion or 31.4 per cent of GDP, the Federation Account revenue (gross)

  • Nigeria - Corporate - Withholding taxes

    Double tax treaties (DTTs) Nigeria has DTTs with the countries listed in the table below. Nigeria also has tax treaties with Kenya, Mauritius, and Poland; however, these treaties have not been ratified by the Nigerian National Assembly. The tax treaties with South Korea, Spain, and Sweden are still in the process of being ratified.

  • OECD Transfer Pricing Guidelines for Multinational

    Data and research on transfer pricing e.g. Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations, transfer pricing country profiles, business profit taxation, intangibles, This 2017 edition of the OECD Transfer Pricing Guidelines incorporates the substantial revisions made in 2016 to reflect the clarifications and revisions agreed in the 2015 BEPS Reports on Actions

  • IBFD Your Portal to Cross Border Tax Expertise

    IBFD, your portal to international tax expertise and independent research on cross border taxation, offering online products, books, services and training. We've updated our Terms and Conditions . IBFD uses cookies for functional and statistical purposes: for more information, see our Cookie Policy .

  • Worldwide tax summaries: Tax: Services: PwC

    Worldwide Tax Summaries cuts through those complexities. This useful online tool will help you make informed decisions with the most up-to-date and relevant details about tax systems in more than 150 territories worldwide. Our Worldwide Tax Summaries online tool features: New Quick Charts, providing territory specific tax information

  • Countries With Zero Income Taxes - CNBC

    Jul 11, 2012· Tech Guide; Politics. White House; We've put together a list of 10 countries that have no income tax, based on KPMG's 2012 survey of 114 countries. rose 30 percent to $13.7 billion from

  • (PDF) A Tax Base Erosion and Profit Shifting through

    a huge tax revenue contribution to Nigeria Gross Domestic Product (GDP), yet in their pursuit of profit maximization goal, engage in tax avoidance strategies inform of profit shifting, through tax

  • Guidance effective for calendar year-end public companies

    SRCs: Fiscal years beginning after December 15, 2023, and interim periods within those fiscal years Yes, but only as of the beginning of a fiscal year beginning after December 15, 2020. In depth Podcast Financing guide

  • Nigeria Fiscal Guide 2020

    Saturday November 21, 2020 / 02:30 PM / by KPMG Nigeria / Header Image Credit: NCR . Income Tax. Companies (other than those engaged in petroleum operations) are subject to companies' income tax (CIT) on their taxable profits. There are three (3) CIT rates applicable to

  • Tax revenue (% of GDP) Data

    Tax revenue (% of GDP) International Monetary Fund, Government Finance Statistics Yearbook and data files, and World Bank and OECD GDP estimates. License : CC BY-4.0

  • Journal of Business and Management - Chapman University

    design and implementation, and tax-related services. This segment of external auditing in Nigeria constitutes more than 90% of the entire population (13 large/medium-sized and 903 small firms) (Nairametrics, 2012). Hence there is a need to understand the phenomenon of client portfolio structuring in this sector. Audit Firm Portfolio Risk Management

  • A Guide To The Payments and Fintech Landscape in Nigeria

    The year 2018 has been an interesting one for FinTech startups in Africa. From major funding announcements to ground breaking events to new policy directions, the space has clearly been a busy one. Across the continent, over $560million was invested in tech companies in 2017.

  • Nigeria Fiscal Guide 2020 -

    Document Classification: KPMG Confidential Nigeria Fiscal Guide 2020 5 Capital Gains Tax (CGT) CGT is imposed at a rate of 10% on capital gains accruing from the disposal of any asset, corporeal or not, irrespective of where it is situated, and whether it is owned by an individual or corporate entity.


    The legal basis for this tax is found in the provisions of the Personal Income Tax Decree [now Act]. 104 of 1993. Every taxpayer in Nigeria is liable to pay tax on the aggregate amount of his income whether derived from within or outside Nigeria, the salaries, wages, fees, allowances, and

  • Onyekachukwu Serena Mordi - Senior Supervisor - KPMG

    September 13, 2016. WORKPLACE POLITICS: THE GOOD, THE BAD AND THE VERY UGLY - PART 2 Fiscal Policy Partner and Africa Tax Leader at PwC Nigeria. Nancy Njotto. Nancy Njotto Graduate Tanzania Risk & Compliance at KPMG Nigeria. Senior Supervisor at KPMG Nigeria

  • Tax News, Tax Articles and Information - Tax Notes

    Products Tax Professionals Trust. We provide the tax news and insight you need to stay ahead on critical issues. Covering U.S. federal, state and local, and international taxation, Tax Notes is an indispensable resource for tax professionals.

  • Details of Public Revenues - Nigeria

    Non-tax revenue: Miscellaneous and unidentified revenue: 6 440: 19 490: 16 670: 22 290: 27 860: 44 530: 24 130: 0: 1 123 910: Total non-tax revenue excluding grants: 4 272 770: 6 148 080: 4 549 790: 4 059 630: 4 337 610: 2 667 190: 2 031 566: 2 731 060: 3 760 180: Total tax and non-tax revenue excluding grants: 8 296 366.845: 12 293 418.296: 11

  • Taxation in Iran - Wikipedia

    Taxation in Iran is levied and collected by the Iranian National Tax Administration under the Ministry of Finance and Economic Affairs of the Government of Iran.In 2008, about 55% of the government's budget came from oil and natural gas revenues, the rest from taxes and fees. An estimated 50% of Iran's GDP was exempt from taxes in FY 2004. There are virtually millions of people who do not pay

  • Biden Tax Plan: Details & Analysis Tax Foundation

    Oct 22, 2020· Bidens tax plan is estimated to raise about $3.33 trillion over the next decade on a conventional basis, and $2.78 trillion after accounting for the reduction in the size of the U.S. economy. While taxpayers in the bottom four quintiles would see an increase in after-tax incomes in 2021 primarily due to the temporary CTC expansion, by 2030 the plan would lead to lower after-tax income for

  • COVID-19: Insights on Tax Impacts - KPMG

    May 03, 2021· KPMG International Global Tax webcast Features professionals from KPMG International member firms around the world who will share insights on COVID-19s impact on the asset management industry at the investor, fund, and portfolio company levels, and cover the impact on current investment trends, opportunities and hurdles for financial

  • KPMG-Investment-in-the-CR-2012 by Enterprise Europe

    Title: KPMG-Investment-in-the-CR-2012, Author: Enterprise Europe Network - St. Petersburg branch, Name: KPMG-Investment-in-the-CR-2012, Length: 108 pages, Page: 1, Published: 2013-02-06

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    Nigeria Fiscal Guide 2015/2016 4 VAT is a consumption tax levied on the supply of all goods and services supplied in or imported into Nigeria, except those specifically exempted from the tax by the VAT Act and the FIRS Information Circular No 2007/02. The current rate of VAT is 5%.

  • Foreign Account Tax Compliance Act U.S. Department of

    Joint Communiqué on the Occasion of the Publication of the Model Agreement (France, Germany, Italy, Spain and the UK) (7-25-2012) Joint Statement from the US and Japan (6-21-2012) Joint Statement from the US and Switzerland (6-21-2012) Joint Statement from the US, France, Germany, Italy, Spain and the UK (2-7-2012)

  • national tax final 2 for pdf - The iGuides

    the National Tax Policy, as well as the officers of the Federal Ministry of Finance that worked assiduously to enrich the document. I assure you that your immense contributions towards effective tax administration will remain indelible in the annals of the history of tax system development in Nigeria. Dr. Ngozi Okonjo-Iweala, CFR April 2012 iii

  • Nigeria Fiscal Guide 2020 - KPMG Nigeria

    Nov 20, 2020· Nigeria Fiscal Guide 2020 Nigeria Fiscal Guide 2020 Introduction: Nigeria Fiscal Guide 2020 Share. 1000. Companies resident in Nigeria are assessed to tax on their worldwide income, a partnership registered in Nigeria and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited

  • Guide to fiscal information Key economies in Africa 2018

    Deloitte Africa Tax & Legal Morocco Ahmed Benabdelkhalek +212 661 13 6457 [email protected] Mozambique Dércio da Barca +258 21 320 955 [email protected] Deloitte Guide to fiscal information Key economies in Africa 2018 ()) (Information

  • Nigeria Fiscal Guide 2021 - KPMG Nigeria

    Mar 29, 2021· Nigeria Fiscal Guide 2021 March 2021. Nigeria Fiscal Guide 2021 March 2021 withholding tax (WHT) is the final tax for such a NRC that derives profit from the provision of technical, management, consultancy, or professional services to persons resident in Nigeria, provided it does not have a fixed base, or engages in any other trade or

  • A guide to UK taxation

    Source: KPMG Global Tax Rates Online 03. Withdrawn 17 May 2019. Joint lowest . corporation tax rate in In the World Economic Forums 2012-13 Global A guide to UK taxation 07. Withdrawn 17 May 2019. A guide to UK taxation. The UK corporate . tax regime.

  • Nigeria: FHC Overturns TAT Judgment On The Basis For

    The Federal High Court (FHC or "the Court") Lagos Division, on Monday 28 September 2020, overturned the judgment of the Tax Appeal Tribunal (TAT or "the Tribunal) in the appeal between the Federal Inland Revenue Service (FIRS or "the Appellant") and Total E&P Nigeria Limited (Total or "the Respondent") by ruling that petroleum investment allowance (PIA) should be included in the computation of


    employers duty to deduct income tax 8 3. purpose of employers guide to pay as you earn 8 4. regulations 8 5. definitions of terms used 9 6. employment benefits 11 7. low interest rate employment benefit/fringe benefit 13 8. housing - section 5(3) 16 9. car benefit - sec 5(2b) 17 10. tax free remuneration 18 11. passages 18 12.

  • Shipping Tax Guide - Deloitte

    A tax credit of 2,100 is available for employment income up to 21.000 (however, if the tax due is lower, the credit will be correspondingly decreased). For income exceeding 21.000, the 2.100 credit is decreased by 100 for every Shipping Tax Guide - Greece

  • Country by Country Reporting - Handbook on effective tax

    tax authorities to understand the structure of a group's business in a way that has not been practical guide to the key elements that countries need to keep in mind when introducing CbC Reporting, including technical issues related to the filing, exchange and use of CbC fiscal


    KPMG (2012) focusing on the cited in Ogbonna and Ebimobowei,2012). Tax is that enforced proportional contributions. what we are experiencing today in Nigeria is fiscal indiscipline,

  • Big Four accounting firms - Wikipedia

    The Big Four is the nickname used to refer collectively to the four largest professional services networks in the world, consisting of the global accounting networks Deloitte, Ernst & Young, KPMG and PwC.The four networks are often grouped together for a number of reasons; they are each comparable in size relative to the rest of the market, both in terms of revenue and workforce; they are each

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