How can I find plastic bottles for recycling? There are various channels to acquire plastic bottles:
Now we move on to the payable taxes category proper: This may also be referred to as corporate tax or business tax. This tax is payable by any company resident in Nigeria based on their worldwide income.
For companies that are non-resident in Nigeria, the CIT must be paid on all incomes from Nigerian sources. There can be decreases in the rates for low-income companies and other categories.
These will be discussed in the next section. This tax is paid in place of the CIT by companies operating in the petroleum sector and involved in the extraction and transportation of petroleum products. Tertiary Education Trust Fund Tax: Non-resident companies are exempt from this task.
This is the tax deducted from the profits accrued from the sale of assets and securities by Nigerians. This is the tax deducted from the income of Nigerian residents through the PAYE mechanism previously discussed.
It is important to note that workers living in Nigeria for greater than 6 months are considered tax residents, also, foreigners in possession of a Nigerian residence permit are considered tax residents too.
More Useful Information Asides those mentioned above, there are various other tax acts such as Casino tax act, Stamp duties act, Industrial Development Income tax relief act, and Industrial Inspectorate act.
Some are industry-specific, such as the Associated Gas Re-injection act, deep offshore and Inland Basin Production sharing contracts act, and others that apply to the oil and gas industry. Before we leave this section, it is important to note that in Nigeria, there are three tiers of Government.
These tiers of government are responsible for the collection of the various types of taxes as shown below: The Federal Government is responsible for the collection of: The state governments are responsible for the collection of: The local governments are not entitled to tax collections in any forms, however, local levies, fines, and license fees are payable to Local government administrations.
These rates apply to resident companies for their worldwide income, and to non-resident foreign companies for all income made within the Nigerian economy. For small companies with no taxable profits for the year under review or with taxes that are less than the minimum tax range, there is a provision called minimum tax which is defined as follows: This article has been edited for style and substance.
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