PERSONAL INCOME TAX ACT (PITA). Statutory framework. Taxable persons and income. Offences and penalties. Administration of PITA THE STATUTORY FRAMEWORK FOR PERSONAL INCOME TAX: :: The collection of tax on income is vested on the Federal government by virtue of Item 59 of the Exclusive Legislative List. By Item D7 and D8, the States […]
WITHHOLDING TAX. :: This is not a separate tax but an aspect of administering income tax-see Section 69-73 of the PITA. Individuals, corporate bodies, organisations etc. are liable to withholding tax-Paragraph 1 of the Withholding Tax Regulation. :: WHT is an anti-evasion technique which seeks to ensure advance payment of tax. :: This tax is […]
PROPERTY TAX. This Section shall briefly discuss: The nature of property tax. The Land Use Charge Law of Lagos State. Pre-existing Laws (which include): Land Rates law. Neighbourhood improvement Charge Law. Tenement Charge Law. Occupier, offences and receivership. Appeal procedure. The Nature of Property Tax: :: The economists see property as anything that can generate […]
