duties of a tax officer in nigeria

Stimulating priority social and economic activities and … 1. Administrative Officer Job Summary. Monthly Salary -N711,498 Annual Salary -N8,537,976 V1, LFN 2004 imposes tax on the supply of goods and services made by incorporated companies and other business organisations. Under the Stamp Duty Act, stamp duty is payable on any agreement executed in Nigeria or relating, whatsoever, to any property situated in or to any matter or thing done in Nigeria. vi) Value Added Tax Act, Cap. Merits And Demerit Of Taxes In Nigeria. It shall be the duty of the importer’s bank through which the e-Form “M” was processed to collect … When shipping something internationally, your shipment may be subject to import duties and taxes. Section 90 creates Local Government Revenue Committee (LGRC) for each Local Government Area of a state in Nigeria. A secretary shall be nominated by the Board from within the FIRS. The manners in which they discharge their duties affect the degree of confidence voters have in the electoral process and in INEC. 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. Tax is a compulsory Levy imposed on individuals and business organization by the government of a country. Please see www.deloitte.com/about for a detailed description of DTTL and its member firms. To administer the Companies Income Tax Act and other Tax Acts and other taxes that are vested on them. One of the limited direct presence options is the use of Representative Office (RO). Stamp Duties may include instruments such as financial transaction, article of association … The Fund was set up to administer and disburse education tax collections to the Federal and State tertiary educational institutions in Nigeria. Full guide on main duties of citizen in Nigeria - … To issue directives or guidelines on the interpretation of the provisions of the CITA and other Tax Laws. 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. S8, LFN 2004 charges duties on specified instruments listed in the Acts. The Nigerian tax system has undergone several reforms geared at enhancing tax collection and administration with minimal enforcement cost. Protection of lives and property. See all verified tax manager jobs in Nigeria today. These additional charges are calculated based on the item type and its value. Nigeria may therefore need to re-assess its strategy and focus on the SDA for driving improved revenue generation. Various tax authorities are vested with the job of tax administration depending on the type of tax under consideration. 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. IMPORT DUTY PAYMENT. E4, LFN 2004 which levies education tax on the assessable profits of companies registered in Nigeria. Direct and Indirect taxes have both advantages and disadvantages; MERITS OF DIRECT TAXES: Cheapness of Collection; Facilitation of planning and There are various Act in respect of each type of tax under consideration which are; i) Companies Income Tax Act,Cap. It is the government that is closer to the people. 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. c) two other persons experience in revenue matters to be nominated by the chairman of the Local Governments. 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. In a country such as Nigeria, the indirect taxes constitute the primary source of fiscal revenue. Both direct and indirect taxes are far from progressive in Nigeria. 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. The administrative officer is responsible for the majority of administrative duties in the company. 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. P13, LFN 2004 levies tax on the profits of companies engaged in oil exploration. 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. Excise Duty is a tax paid on goods manufactured and used within the country. Import and Export duties together make up what is known as a customs duty. 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. d) an officer from NNPC not below the rank of an Executive Director. ii. See Terms of Use for more information. The specific duties of a revenue officer depend on … iii. DTTL and each of its member firms are legally separate and independent entities. iv) Petroleum Profit Tax Act, Cap. He is an alumnus of University of Dundee (UK). v. advising Government on request, in respect of double taxation arrangement with other countries. Responsible for the management of tax records of BATMN group. Companies that are Incorporated are expected to register within eighteen months of incorporation or six month after the end of its first accounting period. 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. To ensures effective and optimum collection of all taxes and penalties due to the government under relevant laws. To advice the Federal Government of Nigeria through the Minster of Finance on tax matters including amendment to tax laws. 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… Direct Taxes: These are those levied on private individuals, corporations, and property; and Indirect Taxes: These include; import and export duties. They are responsible for Capital Gain Tax, Educational Tax, Value Added tax, Withholding tax, Companies Income Tax, Personal Income tax. The main source of income available to the Fund is the 2% education tax paid from the assessable profit of comp… DTTL (also referred to as “Deloitte Global”) does not provide services to clients. 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”. ii) Education Tax Act, Cap. The core functions of the federal board of inland revenue are: i. DTTL and each of its member firms are legally separate and independent entities. Legal officers are in charge of various legal aspects of the company ranging from fighting lawsuits on behalf of the company to overseeing merger deals and purchase of real estate. vii) Stamp Duties Act, Cap. Find out the salaries and salary structures of various oil companies in Nigeria such as Shell (SPDC), Chevron, Mobil, NLNG, Schlumberger and others. 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. Promoting civic responsibility, patriotism by citizens and social responsibility by corporate citizens. the employee works fully (or partially) in Nigeria or; the employer is in Nigeria or; the employer has a fixed base in Nigeria. Making recommendation on tax policy, tax reform, tax registration, tax treaties and exemptions to JTB as may be required from time to time. Operating a Representative Office in Nigeria: Any Real Advantage? iii) capital Gains Tax, Cap. exercising the powers or duties conferred on it by the PITA and other Acts. The proceeds from tax are used to provide social amenities for the citizens and residents of that country. Making recommendation on tax policy, tax reform, tax registration, tax treaties and exemptions to JTB as may be required from time to time. C1, LFN 2004: this is a tax on capital gains arising from disposal of chargeable assets. A revenue officer (RO) is an individual who collects revenues, such as taxes and duties, on behalf of the government. iv. Employees pay tax based on residency. Types Of Taxes In Nigeria 1. iv. b) the directors and Head of departments of Federal Inland Revenue Service. Providing innovative tax planning and reviewing complex income tax returns; Job brief. The choice of an optimal entry vehicle into a new market or economy is one of the perennial concerns of investors. 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. Accounting for all amount collected in a manner prescribed by the state commissioner of finance. P8, LFN 2004: it imposes tax on the incomes of productive individuals and corporation soles. 6. Education Tax in Nigeria: All You Need to Know. e) a member of the Board of the National Revenue Mobilization Allocation and Fiscal Commission. By inspecting these cases, a tax compliance officer can tell if an individual or business owes money in taxes. a) the supervisor for finance who is also the Chairman. Entities must carefully consider their unique circumstances and risk exposures and consider the impact the outbreak may have on their financial reporting. The direct presence options maybe full or limited. iii. The Inspector General is the most senior officer and as well the head of the police force in Nigeria. In Nigeria, the Local Government is the last tier of government. (b) State Inland Revenue Board. Section 86 of the Personal Income Tax Act establishes the Joint Tax Board. Notice: Effective the 30th of September 2020, you will no longer have access to your existing NGCareers account. 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. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Some of the social amenities include: good roads, quality education, quality health system, payment of salaries, portable water and constant electricity, etc. 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. They account for all amount collected in a manner prescribed by the state commissioner of finance. To assess and collect companies income tax. 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. b) A representative from each 36 states of the federation who are experienced in tax. Where any capital … ii. In South Africa, the Stamp Duties Act 1968 was repealed on 1st April 2009, which effectively abolished the application of stamp duties in South Africa. Get all latest content delivered straight to your inbox. 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 2. iv. Taxation in Nigeria (Summary) There you have it; an overview of taxation in Nigeria, history, terms and tax policies, problems, and tax rate. 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 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). It is a 30% tax charged on profits made by companies registered in Nigeria. 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 operational arm of the SBIR is State Internal Revenue Service (SIRS). Apply for available job vacancies and latest jobs in tax manager in all states in Nigeria, 2020. The State Board of Internal Revenue was created by Section 87 of Personal Income Tax Act. 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 … Tax compliance officers are assigned tax cases by the IRS to examine. Unincorporated companies and body of individuals are expected to register with the relevant tax authority within 3 months of the year. 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. ii. iii. ii. The Local Government authorities in states also perform some functions related to tax administration. 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. 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). One of the duties of the police is to protect the lives and properties … Excise Duty. Capital Gains Tax (CGT): This is a tax charged where there is a disposal of assets. h) Register-General of Corporate Affairs Commission. The functions of state board of internal revenue are: i. advicing Federal Government in respect of double taxation arrangement. It has thus been a concept that some investors have struggled with when they are advised to operate an RO in Nigeria, they will need to comply with the requirement of the companies legislation under the provisions of section 54. 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. The Act replaced the Education Tax Fund Act Cap. 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. 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. It is trite that a branch is not a permitted legal vehicle to carry on business under Nigerian law. © 2019. Providing sustainable finance and funding for governance, public and social services and economic development. 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. Please enable JavaScript to view the site. Personal Income Tax (Amendment) Act, 2011 (“PITAM”) is the principal act for the taxation of employees in Nigeria. Social login not available on Microsoft Edge browser at this time. Legal officer job description and profile. This is in reference to the assessment and collection of tax section of the act, This section states that E4 laws of the Federation of Nigeria 2004 and Education Tax Fund (Amendment) Act No 17, 2003. iii. Appointing, promoting, transfering and discipline of employees of the SIRS. g) a Director from the National Planning Commission. Companies Income Taxes (CIT) CIT is one of the major types of taxes collected by FIRS. 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. These employees are called civil servants. under relevant laws. 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. 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. 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. The rank of the Inspector General is the highest in the Nigeria Police Force. Stamp duties. ii. 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. Thus, an employee would be tax resident if. Things to know about duties & taxes. 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. c) Director of planning, research and statistics in the Federal Ministry of Finance. The Federal Board Of Inland Revenue is responsible for administration and collection of taxes on behalf of the federal government of Nigeria. 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. 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. 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. The Tertiary Education Trust Fund (TETFUND) was established by an Act of the National Assembly in June 2011. v) Personal Income Tax Act, Cap. Instruments that are required to be stamped under the Stamp Duties Act … Every country taxes items differently – see how duties are applied in Nigeria 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”. To ensures effective and optimum collection of all taxes and penalties due to the govt. a) Executive Chairman of the Federal Inland Revenue Service who is also the Chairman of the board. 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. f) a Director from the Nigeria Customs Services. Keep abreast of changes in all aspects of the laws and regulation of taxes in Nigeria, as it affects the business. v. To account for the amount collected in a manner prescribed by the Minister of Finance. This person will manage employee records, organize files, answer calls, and provide support for the entire company. 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. 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To import duties and taxes of each type of tax administration permitted legal vehicle to carry on business under law... With the relevant tax authority within 3 months of incorporation or six month after the end of its firms.

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