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… Stamp duties. The Fund was set up to administer and disburse education tax collections to the Federal and State tertiary educational institutions in Nigeria. exercising the powers or duties conferred on it by the PITA and other Acts. the employee works fully (or partially) in Nigeria or; the employer is in Nigeria or; the employer has a fixed base in Nigeria. 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 Tertiary Education Trust Fund (TETFUND) was established by an Act of the National Assembly in June 2011. E4 laws of the Federation of Nigeria 2004 and Education Tax Fund (Amendment) Act No 17, 2003. Keep abreast of changes in all aspects of the laws and regulation of taxes in Nigeria, as it affects the business. iv. Direct Taxes: These are those levied on private individuals, corporations, and property; and Indirect Taxes: These include; import and export duties. 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. 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. ii. P13, LFN 2004 levies tax on the profits of companies engaged in oil exploration. They account for all amount collected in a manner prescribed by the state commissioner of finance. Full guide on main duties of citizen in Nigeria - … iii) capital Gains Tax, Cap. IMPORT DUTY PAYMENT. 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 It is the government that is closer to the people. 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. Import and Export duties together make up what is known as a customs duty. The Nigerian tax system has undergone several reforms geared at enhancing tax collection and administration with minimal enforcement cost. In Nigeria, the Local Government is the last tier of government. V1, LFN 2004 imposes tax on the supply of goods and services made by incorporated companies and other business organisations. e) a member of the Board of the National Revenue Mobilization Allocation and Fiscal Commission. Merits And Demerit Of Taxes In Nigeria. The functions of state board of internal revenue are: i. 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. Things to know about duties & taxes. Social login not available on Microsoft Edge browser at this time. DTTL and each of its member firms are legally separate and independent entities. Legal officer job description and profile. See Terms of Use for more information. Unincorporated companies and body of individuals are expected to register with the relevant tax authority within 3 months of the year. Nigeria may therefore need to re-assess its strategy and focus on the SDA for driving improved revenue generation. There are various Act in respect of each type of tax under consideration which are; i) Companies Income Tax Act,Cap. Please see www.deloitte.com/about for a detailed description of DTTL and its member firms. 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). 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 … The Act replaced the Education Tax Fund Act Cap. Tax is a compulsory Levy imposed on individuals and business organization by the government of a country. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. 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. Excise Duty is a tax paid on goods manufactured and used within the country. 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). iv. 2. Personal Income Tax (Amendment) Act, 2011 (“PITAM”) is the principal act for the taxation of employees 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. Protection of lives and property. 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. 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. 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. Direct and Indirect taxes have both advantages and disadvantages; MERITS OF DIRECT TAXES: Cheapness of Collection; Facilitation of planning and h) Register-General of Corporate Affairs Commission. 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. E4, LFN 2004 which levies education tax on the assessable profits of companies registered in Nigeria. ii. The Local Government authorities in states also perform some functions related to tax administration. Taxation in Nigeria (Summary) There you have it; an overview of taxation in Nigeria, history, terms and tax policies, problems, and tax rate. 1. The core functions of the federal board of inland revenue are: i. Entities must carefully consider their unique circumstances and risk exposures and consider the impact the outbreak may have on their financial reporting. iii. Companies that are Incorporated are expected to register within eighteen months of incorporation or six month after the end of its first accounting period. The operational arm of the SBIR is State Internal Revenue Service (SIRS). 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 assess and collect companies income tax. To issue directives or guidelines on the interpretation of the provisions of the CITA and other Tax Laws. Providing innovative tax planning and reviewing complex income tax returns; Job brief. 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. vi) Value Added Tax Act, Cap. Excise Duty. These additional charges are calculated based on the item type and its value. b) A representative from each 36 states of the federation who are experienced in tax. Responsible for the management of tax records of BATMN group. Making recommendation on tax policy, tax reform, tax registration, tax treaties and exemptions to JTB as may be required from time to time. These employees are called civil servants. Accounting for all amount collected in a manner prescribed by the state commissioner of finance. To administer the Companies Income Tax Act and other Tax Acts and other taxes that are vested on them. advicing Federal Government in respect of double taxation arrangement. 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. 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. 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. He is an alumnus of University of Dundee (UK). 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 Deloitte Center for Corporate Governance offers a number of resources for executives, directors, and others who are active in governance. The main source of income available to the Fund is the 2% education tax paid from the assessable profit of comp… Appointing, promoting, transfering and discipline of employees of the SIRS. Promoting civic responsibility, patriotism by citizens and social responsibility by corporate citizens. The administrative officer is responsible for the majority of administrative duties in the company. DTTL and each of its member firms are legally separate and independent entities. 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. Tax compliance officers are assigned tax cases by the IRS to examine. Making recommendation on tax policy, tax reform, tax registration, tax treaties and exemptions to JTB as may be required from time to time. ii. Please enable JavaScript to view the site. Stimulating priority social and economic activities and … This person will manage employee records, organize files, answer calls, and provide support for the entire company. 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. C1, LFN 2004: this is a tax on capital gains arising from disposal of chargeable assets. g) a Director from the National Planning Commission. 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. 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. b) the directors and Head of departments of Federal Inland Revenue Service. S8, LFN 2004 charges duties on specified instruments listed in the Acts. 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. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Where any capital … The manners in which they discharge their duties affect the degree of confidence voters have in the electoral process and in INEC. 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. The State Board of Internal Revenue was created by Section 87 of Personal Income Tax Act. iii. iv. 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. 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. ii. Administrative Officer Job Summary. The committee is saddled with the responsibilities of assessing and collecting all taxes, fines and rates under its jurisdiction. One of the limited direct presence options is the use of Representative Office (RO). To ensures effective and optimum collection of all taxes and penalties due to the govt. Stamp Duties may include instruments such as financial transaction, article of association … 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”. Get all latest content delivered straight to your inbox. 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. Apply for available job vacancies and latest jobs in tax manager in all states in Nigeria, 2020. vii) Stamp Duties Act, Cap. 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. One of the duties of the police is to protect the lives and properties … (b) State Inland Revenue Board. A revenue officer (RO) is an individual who collects revenues, such as taxes and duties, on behalf of the government. 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