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TAX DEFINITION. Tax can be defined as a compulsory contribution to state revenue levied by the government on workers income and business profits, or added to the cost of some goods and services and transaction. It can also be said to be a charge by the government on the income

HISTORY OF TAX Taxation is as old as civilization itself and its history stretches across thousand years into the past, with many ancient civilizations levying taxes on their citizens to pay for military expenses and public services. Taxes were also paid by weaker or

TAX PAYMENT IN NIGERIA. While in the past there were relatively fewer taxes to pay, a rising need of revenue to combat and better the state of the economy has given way for a plethora of taxes which sometimes overwhelms the paying party. It comes as no surprise that tax evasion

Under Incidence, we have; 1. Direct taxation; which is assessed directly on the income of the tax payer. In this case, that tax payer is assessed directly on his income, property, rent and so on. Typical types of taxes under the direct form of taxation are the Companies income

ADMINISTRATION OF TAXES IN NIGERIA. When it comes to the administration of taxes in current Nigeria, the responsibility falls to three tax authorities namely. 1. Federal Internal Revenue Service. They collect taxes dues to the Federal Government such as Companies income tax,

BENEFITS OF TAXATION. 1. Tax is the income for government. The government plan for all sorts of expenditures ranging from general administration to infrastructure and as such need revenue to be able to carry out it plans. 2. It helps discourage certain activities. There are

LIMITATIONS OF TAX For all the good that taxes represent there are many disadvantages especially in Nigeria one of the main reason been that the laws governing taxes are somewhat draconian. Also the number of taxes one is expected to pay in a system that doesn’t provide much is

3. Tax clearance certificate. Taxpayers are required to obtain a tax clearance certificate (TCC) annually which is often needed to conduct many business transactions. Tax officials often use this as a tool to harass taxpayers by bringing up issues outside the period covered or

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@Street__lawyer This is helpful thanks man.

@Street__lawyer Tax is the debt we owe our government for the smooth running of our country... I wish our government is making judicious use of it sir

@Street__lawyer Really broke it down well, a lot of people actually don’t know half of this about tax. Thank you for this ❤️

@Street__lawyer Thanks for sharing boss

@Street__lawyer Informative 💯

@Street__lawyer Maybe is good to leave low key life ...

@Street__lawyer I’m listening 👂

@Street__lawyer Thanks for sharing

@Street__lawyer Thank you

@Street__lawyer Doesn’t even make sense man