[Gazetted 29th December, 2004] ENACTED by the Legislature of the Virgin Islands as follows: PART I PRELIMINARY PROVISIONS 1. Interpretation. The Federal Inland Revenue Service (FIRS) administers or oversee the income tax for companies. [1979 No. 11 AN ACT TO AMEND THE COMPANIES INCOME TAX ACT, CAP. [IT 2] s 2 Interpretation. [Date of Commencement: 1st July, 1995.] Full Act. "assessable profits" means assessable profits for the purpose of section 9 of this Act; "assessable tax" means assessable tax ascertained under section 21 of this Act; "Board" means the Federal Board of Inland Revenue established and constituted in accordance with section 1 of the Companies Income Tax Act… P13.] Short Title and Commencement. 4. Short title. 60 L.F.N. 60 L.F.N. 1 November 2010 by GN 237/2010 (GG 4595) ACT . 6 of 2001, Act No. The Company Income Tax (CIT) has become a major source of revenue in many developed countries (Ajakaiye, 2000). 9 of 2007, Act No. Cap. 8 of 2008, Act No. Interpretation. 106. Having now been passed by both arms of the National Assembly, and thereafter assented to Note on Maternity Leave Pay Tax Deduction Section 11 of the Maternity Protection Act, … PART II Imposition of tax and profits chargeable 9.Charge of tax Acts Nos. 1. The Companies Income Tax Act (in this Act referred to as "the principal Act") is amended as set out in this Act. 2.-(1) Part 1 of the principal Act is repealed. (2) The Federal Board of lnland Revenue established under the Principal Act is dissolved. COMPANIES INCOME TAX ACT An Act to consolidate the provisions of the Companies Income Tax Act 1961 and to make other provisions relating thereto. Commencement. The rate is 30% of total profit for income tax and 2% of assessable profit for education tax. For example, in 1967, a new The Finance Act introduces changes to the Companies Income Tax Act, Value Added Tax Act, Petroleum Profits Tax Act, Personal Income Tax Act, Capital Gains Tax Act, Customs and Excise Tariff Etc. Income Tax Act, 2004 [11 of 2004] legislation. Thank you for reading this post, if you have found it useful please share with your network using one of the share buttons below. 15 of 2003, Act No. C21, Laws of the Federation of Nigeria, 2004 (as amended to date) The Bill seeks to amend the provision of the Companies Income Tax Act to, amongst to other things, curb Base Erosion and Profit Shifting (BEPS) as proposed by … COMPANIES INCOME TAX ACT ARRANGEMENT OF SECTIONS PART I [Repealed] PART 11 Imposition of tax and profits chargeable SECTION 9. Charge of tax. Act 8, 2004, Act 21, 2004, Act 14, 2006, Act 18, 2006. PART III INCOME TAX BASE Division I: Calculating the Income Tax Base Subdivision A: Total Income 5. Persons on whom tax is to be imposed Cap. Interpretation. Commencement. Payment of minimum tax by loss-making companies or companies whose tax calculation show no tax payable; You can read the full provisions of the Act here – Companies Income Tax Act Cap.C21 LFN 2004. PART III INCOME TAX BASE Division I- Calculating the Income Tax Base Subdivision A - Total Income 5. Rate of income tax for trustees. Chargeable Income. Companies Amendment . Charge of Tax. Short title This Act may be cited as the Income Tax Act. 2. Application. PART I Preliminary (ss 1-2) 1. 1990 ACT CAP. Interpretation. FINANCE ACT 2019. (1) There shall be exempt from the tax- (c) the profits of any company engaged in ecclesiastical, charitable or educational activities of a public character in so far as such profits are not derived from a trade or business carried on by such company Sixth Schedule Warrant and authority to enter premises, offices, etc., under the Companies Income Tax Act 1979 CHAPTER C21 COMPANIES INCOME TAX ACT An Act to consolidate the provisions of the Companies Income Tax Act 1961 and to make other provisions relating thereto. The Federal Inland Revenue Service (FIRS) administers or oversee the income tax for companies. Short title and application. [1st April, 1977] [Commencement.] Interpretation (1) In this Act, unless the context otherwise requires— 4 of 2012.] Subdivision B- Chargeable Income 6. P8 LAWS OF THE FEDERATION OF NIGERIA, 2004 AND FOR RELATED MAITERS. PART 1 PRELIMINARY [ss 1–7] [IT 1] s 1 Short title and commencement. Powers reduced. (2)The profits on which tax may be imposed in an insurance company which is a life insurance company, whether proprietary or mutual, other than a Nigerian company which carries on business through a permanent establishment in … Offences by companies . Incorporation of Companies and Matters Incidental Thereto 3. PART III INCOME TAX BASE Division I- Calculating the Income Tax Base Subdivision A - Total Income 5. An Act to consolidate and amend the law relating to the imposition, assessment and collection of tax on incomes. PART II IMPOSITION OF INCOME TAX 4. 5. The Companies Income Tax Act (in this Act referred to as "the principal Act") Short Title and Commencement. 4 of 2004, Act No. 75:01 3 LAWS OF TRINIDAD AND TOBAGO L.R.O. THE INCOME TAX ACT CHAPTER 323 OF THE LAWS OF ZAMBIA CHAPTER 323 THE INCOME TAX ACT THE INCOME TAX ACT ARRANGEMENT OF SECTIONS PART I PRELIMINARY AND INTERPRETATION Section 1. [See section 85] PART I- ADMINISTRATION Establishment and constitution of the Board .1. The Company Income Tax Act (CITA) is the principal law that regulates the taxation of companies in Nigeria. COMPANIES INCOME TAX ACT An Act to consolidate the provisions of the Companies Income Tax Act 1961 and to make other provisions relating thereto. 1 November 2010 by GN 172/2010 (GG 4536) as amended by. No. Validity of Acts. Short Title and Commencement. 2(1).) [1996 No. The Personal Income Tax Act (in this Act referred to as "the Principal INCOME TAX ACT 58 OF 1962 [ASSENTED TO 25 MAY 1962] [DATE OF COMMENCEMENT: 1 JULY 1962] ... Prevention and Combating of Corrupt Activities Act 12 of 2004 Taxation Laws Amendment Act 16 of 2004 ... Net income of controlled foreign companies [S. 9D inserted by s. 9 (1) of Act 28 of 1997 and substituted by s. 14 (1) of Act 74 of 2002.] [Cap. [IT 4] s 4 Associate. The Companies Income Tax act 1961 was in force until 1979 when it was repealed by the Companies Income Tax Act No.28 1979. 7 of 2002, Act No. C21 L.F.N. A 146 2007 No. No. 11 Income Tax 2004 83. employer has a right or is under an obligation to deduct and withhold any other amount from the payment or because of any other law that provides that an employee's income from employment shall not be reduced or subject to attachment. PART II IMPOSITION OF INCOME TAX 4. 56, s.2(1).) This Act may be cited as the Income Tax Act, 1973 and shall, subject to the Sixth Schedule, come into operation on 1st January, 1974, and apply to assessments for the year of income 1974 and subsequent years of income. Companies Income Tax Act (CITA). An Act to consolidate the provisions of the companies Income Tax Act 1961 and to make other provisions relating thereto. Capacity and powers. {14th Day of June, 201 Il ENACTED by (he National Assembly of the Federal Republic of Nigeria— 1. 2. Charge of Tax. 332 R.E 2019] 9 _____ CHAPTER 332 _____ THE INCOME TAX ACT An Act to make provisions for the charge, assessment and collection of Income Tax, for the ascertainment of the income to be charged and for matters incidental thereto. 66. Total Income. 67. 10 of 2010, Act No. Short title and commencement This Act may be cited as the Income Tax Act, 1973 and shall, subject to the 56, s. 8 of 2009, Act No. THE INCOME TAX ACT, 2004 ARRANGEMENT OF SECTIONS Section Title PART I PRELIMINARY 1. PART I – PRELIMINARY 1. 2. THE COMPANIES ACT, 2004The Companies Act, 2004[No. ] i (Act 10 of 2004) ARRANGEMENT OFSECTIONS PARTI—Preliminary 1. Short title. 2. Interpretation. Incorporation of Companies and Matters Incidental Thereto 3. Mode of forming incorporated company. 4. Capacity and powers. 5. Powers reduced. 6. Validity of Acts. 7. Notice not presumed. This Bill is to among other things amend the following tax provisions and make them more responsive to the tax reform policies of the Federal Government and enhance [their] implementation and effectiveness. Companies Act 28 of 2004 (GG 3362) brought into force on . The Company Income Tax Act (CITA) is the principal law that regulates the taxation of companies in Nigeria. 2004 COMPANIES INCOME TAX ACT 1979. 4. C21, Laws of the Federation of Nigeria, 2004 (as amended to date) Penalty for failure to furnish returns or import declarations ... and 17(1)(f)) of the Income Tax Act, 1981 (Act No. Companies Income Tax (CIT) is charged on the profit or gain of any company accruing in, derived from, brought into, earned in or received in Nigeria. Penalty for failure to register . 3. Total Income. C21 L.F.N. Charge of Tax. 3. The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, ... Companies Act, 2013. 20 AN Acr TO AMEND THE PERSONAL INCOME TAX ACT, CAP. Rate of income tax for resident individuals. COMPANIES INCOME TAX ACT CAP. Company Secretaries Act, 1980. 10 of 2006, Act No. Imposition of tax and income chargeable 1. 2. THE COMPANIES ACT, 2004The Companies Act, 2004 [No. ] 28.] 4. THE INCOME TAX ACT, 2000 ARRANGEMENT OF SECTIONS Section No. (1) This Act may be cited as the Companies Income Tax Act. Income tax imposed. Interpretation 3. Interpretation. PART II IMPOSITION OF INCOME TAX 4. 28, 2007 No. PART II – IMPOSITION OF INCOME TAX IMPOSITION OF INCOME TAX 3. PART II Interpretati on 3. 60 LFN, 1990 ; AND FOR RELATED MATTERS [16th Day of April, 2007] ENACTI'D by the National Assembly of the Federal Republic of Nigeria- 1. P8. of companies, for the relationships between companies and their directors and members and to provide for connected and consequential matters. The proposed amendment aims at providing additional tax incentives for gas utilization, mining sectors and businesses located in areas Assets situated outside Nigeria] Without prejudice to the foregoing provisions of this Act, as respects any chargeable gains accruing in the year 1967-68 or a later year of assessment from a … 7. Receipt of income PART II ADMINISTRATION [1979 No. 2. 6. INCOME TAX ACT 2015. 28, 2007 No. Subdivision B: Chargeable Income 6. 11 Income Tax 2004 THE INCOME TAX ACT, 2004 ARRANGEMENT OF SECTIONS Section Title PART I PRELIMINARY 1. Total profit is profit after deducting previous year losses carried forward and capital allowances. 30.] (1) This Act may be cited as the BVI Business Companies Act, 2004. The Taxation Laws Amendment Bill, 2004, introduces amendments to the Transfer ... Duty Act, 1949, the Income Tax Act, 1962, the Customs and Excise Act, 1964, the ... which is exempt from secondary tax on companies in terms of an option exercised by it, 38 cents per R1 of its non-gold mining taxable income 1.2 Statement of the Problem All companies in Nigeria are mandated by law [company income tax act 2004], to pay tax to the federal government on incomes or profits made by them, so that government will be able to carry out its duties. (2) This Act shall, except where other provision is made in that behalf in this Act, apply in respect of tax charged for the year of assessment commencing on 1 … 7. [1979 No. 2004 PART I- ADMINISTRATION Section 1. i (Act 10 of 2004) ARRANGEMENT OF SECTIONS PART I—Preliminary 1. To provide for the incorporation, management and liquidation of companies; and to provide for incidental matters. No. 7 of 1996 4. (Consolidation) Act and Stamp Duties Act. 2. 6 of 2005, Act No. Companies Income Tax Act 19. Companies Income Tax Act or the Petroleum Profits Tax Act. 3. 56] [1st April, 1977] [Commencement.] under the Income Tax Management Act 1961. Petroleum Profits Tax Act (PPTA) CAP P13 LFN 2004: This law applies to companies that engage in petroleum exploration and production throughout the Federation. COMPANIES INCOME TAX (AMENDMENT) ACT, 2007 2007 ACT No. Competition Act, 2002. Application. This Act shall apply to Tanzania Mainland as well as Tanzania Zanzibar. THE INCOME TAX ACT, 2004 _____ ARRANGEMENT OF SECTIONS _____ Section Title PART I PRELIMINARY 1. Short title 2. [IT 3] s 3 Approved fund. Firstly, Note that all companies in commission in Nigeria outside the Petroleum sector of the economy are required to pay income and education tax. Establishment and constitution of the Board • (1) There shall continue to be a Board of which the official name shall be the Repealed by Act No. 2. A bill to amend the Companies Income Tax Act Cap C21 LFN 2004 (CITA) recently passed the second reading at the National Assembly (Senate). The tax regime in Nigeria is a multi-level tax system, which simply means that taxation is administered by the three tiers of government. 6. [IT 7] s 7 Sources in Fiji. Companies Income Tax (Last reviewed December 2007) COMPANIES INCOME TAX ACT CAP. Imposition of tax There is hereby imposed a tax on the income- (a) of individuals, communities and families; and (b) arising or due to a trustee or estate, which shall be determined under and be subject to the provisions of this Act. Application 2. More information. 24 of 1981), and which is … 5. PERSONAL INCOME TAX (AMENDMENT) ACT, 2011 ACT No. PART I (Repealed by 2007 No. PART I (Repealed by 2007 No. Application. C2l. This Act may be cited as the Income Tax Act, 2004. Value-Added Tax Amendment Act 12 of 2004 (GG 3282) ... 65. Resident 5. PART I – PRELIMINARY 1. (a) Companies Income Tax Act, Cap. Notice not presumed. PART I Administration 1. [IT 6] s 6 Resident individual. During its eighteen years it underwent series of amendments. Download: Body: There is no available HTML version of this document. The Income Tax Act [CAP. Mode of forming incorporated company. 28. The tax regime in Nigeria is a multi-level tax system, which simply means that tax is administered by the three tiers of government. Companies Income Tax Act (CITA) CAP C21 LFN 2004: This law applies in relation to companies throughout the Federation. 11 Companies Income Tax (Amendment) Act. Rate of income tax for resident companies. a) Companies Income Tax Act, Cap. 2. 56] [1st April, 1977] [Commencement.] 1990 ACT CAP. Conservation of Foreign Exchange And Prevention of Smuggling Activities Act, 1974. Income Tax Chap. [IT 5] s 5 Fair market value. Total Income. Act 9 of 2007 (GG 3969) brought into force on .
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