It is common knowledge that taxation plays a vital role in the economic development of every country whether developed, developing or under developed, and
Nigeria is no exception. Government at all levels depends on the tax it collects to run the affairs of the State and it is the duty of every taxable citizen to contribute their quota to this effect. Without taxes, there can be no country.
Every taxpayer has certain rights such as: right to non-discrimination, transparency and accountability, adequate notice and information, redress, compliance assistance amongst others. But with these rights come responsibilities and obligations that must be fulfilled in compliance with the country’s tax laws. Some taxpayers fall short in fulfilling their tax obligations not necessarily because they want to but for lack or poor understanding of these obligations.
It is also the obligation of a taxpayers to file tax returns within the prescribed timelines. Individuals are required to file their Personal Income Tax returns annually, while companies must file their Corporate Income Tax returns within six months after the end of their financial year. Other tax returns, such as VAT returns and WHT returns, may also be required depending on the taxpayer’s activities.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tax rights and tax obligations: Two sides of the same coinGovernment at all levels depends on the tax it collects to run the affairs of the State and it is the duty of every taxable citizen to contribute their quota to this effect
Read more »
Workers In Nigerian Agency, NSITF Protest In Abuja Over Delay In New Salary Implementation, Others | Sahara ReportersThe Nigerian Social Insurance Trust Fund (NSITF) workers from various branches on Monday stormed the head office of the organisation in Abuja to protest over a delay in the implementation of their salary adjustment by the management of the organisation. The workers also demanded that the NSITF management remit all statutory deductions, tax, pension and NHF estimated to be about billions of Naira to the appropriate authorities and deserving beneficiaries.
Read more »
Mr Tinubu, you must get it right at the EFCC | TheCableIn serious matters like this, there is no need to be coy. The Economic and Financial Crimes Commission (EFCC) has become a national caricature with its dismal performance and the
Read more »
Dating Game ‘Hello Mr Right’ Season 2 Kicks Off With N20m PrizeThe second season of the dating Game Show, ‘Hello Mr Right’ has kicked of on StarTimes television channel with a twenty million naira available for
Read more »
Tinubu, Akpabio On Right Track – South-South APCThe South-South zonal organizing secretary of the All Progressives Congress (APC), Blessing Agbomhere has said that president Bola Ahmed Tinubu and senate
Read more »
Akpata to young lawyers: We must be deliberate, intentional in choosing the right leaders | The Guardian Nigeria News - Nigeria and World NewsThe immediate past president of the Nigerian Bar Association (NBA), Mr Olumide Akpata, has enjoined Nigerian legal practitioners to be intentional and deliberate in determining how they proceed as an association in a bid to ensure that the right set of people are put in place to pilot the affairs of the Bar. Akpata made […]
Read more »