An appraisal of the legal framework for the taxation of companies income in nigeria

• TITLE PAGE – –DECLARATION – –CERTIFICATION – –ACKNOWLEDGEMENT –DEDICATION – –LIST OF ABBREVIATIONS TABLE OF STATUTES –TABLE OF CASES – –TABLE OF CONTENTS –ABSTRACT – –

Chapter ONE

INTRODUCTION

• GENERAL INTRODUCTION – –
• 1.1BACKGROUND OF THE STUDY –
• 1.2LITERATURE REVIEW1.3 STATEMENT OF THE PROBLEM –
• 1.4OBJECTIVES OF THE RESEARCH1.6 SCOPE OF RESEARCH –
• 1.7RESEARCH METHODOLOGY1.7 JUSTIFICATION OF THE RESEARCH-
• 1.8ORGANIZATIONAL LAYOUT –

Chapter TWO

LITERATURE REVIEW

• HISTORICAL DEVELOPMENT OF CORPORATE TAX LAW IN NIGERIA 18
• 2.1INTRODUCTION – – – – – – 18
• 2.2HISTORY OF CORPORATE TAX LAW IN NIGERIA – – 21 2.
• 2.1THE PERIOD OF TAX CONSCIOUSNESS – – – – 19 2.
• 2.2THE PERIOD OF FISCAL MEASURE – – – – – 20 2.
• 2.3THE PERIOD OF FISCAL CENSURE – – – – – 22 2.
• 2.5THE PERIOD OF TAX AS INSTRUMENT OF SOCIAL REFORM – 24
• 2.3THE CURRENT APPLICABLE LAWS TO CORPORATE TAXATION IN NIGERIA – – – – – – – – – 27
• 2.4NATIONAL TAX POLICY AND CORPORATE TAXATION IN NIGERIA 27 2.
• 4.1MEANING OF NATIONAL TAX POLICY – – – – 29

Chapter THREE

RESEARCH METHODOLOGY

• THE BASIC CONCEPTS OF CORPORATE TAX LAWS AND TAXING JURISDICTIONS IN NIGERIA – – – – – – 31
• 3.1INTRODUCTION – – – – – – – 31
• 3.2THE BASIC CONCEPT AND RATIONAL FOR CORPORATION TAX – 31 3.
• 2.1INTRODUCTION
• 3.3RATIONALE FOR CORPORATION TAX – – – – 33
• 3.4DEFINING A COMPANY FOR TAX PURPOSE – – – – 34
• 3.5CATEGORIES OF COMPANIES – – – – – – 37
• 3.6DISTINGUISHING FEATURES OF CORPORATE TAXATION IN NIGERIA 41
• 3.7TAX ON PROFITS OR TURNOVER OF COMPANIES – – – 34
• 3.8EXERCISE OF TAXING JURISDICTION – – – – 34 3.
• 8.1STATUS JURISDICTION – – – – – – – 44 3.8.
• 2.BUSINESS JURISDICTION – – – – – – 45

Chapter FOUR

DATA PRESENTATION AND ANALYSIS

• CHARGEABLE INCOMES OF COMPANIES – – – – 51
• 4.1INTRODUCTION – – – – – – – – 51 4.
• 1.0LAW AND REVENUE PRACTICE – – – – – – 52 4.
• 1.1RULE OF CONVENIENCE – – – – – – – 54 4.
• 1.2RULE OF CONCESSION – – – – – – – 55
• 4.2MEANING OF INCOME – – – – – – – 55 4.
• 2.1RECURRENT QUALITY TEST – – – – – – 56 4.
• 2.2ORDINARY COURSE OF BUSINESS TEST – – – – 57 4.
• 2.3DESIGNATED SOURCE TEST – – – – – – 59 4.
• 2.4PRACTICAL APPROACH – – – – – – – 60
• 4.3IMPOSITION OF TAX – – – – – – – 61 4.
• 3.1RENT AND PREMIUM – – – – – – – 64 4.
• 3.2DIVIDEND AND ANNUITY – – – – – – 65 4.
• 3.3SECURITY – – – – – – – – – 67
• 4.4ASSESSMENT – – – – – – – – 69ADDITIONAL ASSESSMENT – – – – –CURRENCY OF ASSESSMENT – – – – –
• 4.5RATES OF TAX AND LEGISLATIVE EQUIVALENCY DOCTRINE – 75

Chapter FIVE

SUMMARY, CONCLUSION AND RECOMMENDATIONS

• MODALITIES FOR THE TAXATION OF CORPORATE BODIES IN NIGERIA
• 5.1 INTRODUCTION – – – – – – – – 77
• 5.2 MODALITIES – – – – – – – – – – 77
• 5.3SOURCE OF ACCRUAL BASIS AND BASIS OF LIA BILITY TO NIGERIAN TAXATION – – – – – 78
• 5.4TYPES OF INCOME ASSESSABLE TO TAX – – – 79 5.
• 4.1TRADE PROFITS – – – – – – – – 79 5.
• 4.2INVESTMENT INCOME – – – – – – – 80 5.
• 4.3INTEREST – – – – – – – – – 80 5.
• 4.4DEDUCTION OF TAX FROM INTEREST AND RENTS – – 81 5.
• 4.5ALLOWANCES, DUE AND FEES – – – – – – 82
• 5.5INCOME EXEMPTED FROM TAXATION – – – – 82
• 5.6CONDITIONS TO QUALIFY FOR PIONEER STATUS – – – 84 5.
• 6.1PIONEER CERTIFICATE – – – – – – 85 5.
• 6.2OPERATIONS OF PIONEER COMPANIES – – – 85 5.
• 6.3COMMENCEMENT OF BUSINESS OR TRADE BY PIONEER COMPANIES – – – – – – 85 5.
• 6.4POWERS OF F.B.I.R. IN RESPECT OF PIONEER COMPANIES – – 85 5.
• 6.5RESTRICTIONS OF PIONEER COMPANY – – – 86
• 5.7COMPUTATION OF TOTAL PROFITS OF A COMPANY – – – 86 5.
• 7.1COMMENCEMENT OF A TRADE OR BUSINESS – – – 87 5.
• 7.2CESSATION/TERMINATION OF TRADE OR BUSINESS – – 87 5.
• 7.3PAYMENT RECEIVED AFTER THE TERMINATION OF BUSINESS OR TRADE- – – – – – – 88 5.
• 7.4TRANSFER OR SALE OF BUSINESS OR TRADE – – – – 88 5.
• 7.5TAKEOVER, MERGER, TRANSFER OR RESTRUCTURING OF BUSINESS – – – – – – – – – 89 5.
• 7.6THE BASIC RULES FOR CALCULATING A COMPANY’S PROFITS – – – – – – – – – 89 5.
• 7.7WHERE THERE IS NO ASSESSABLE PROFITS – – – 89 5.
• 7.8DEDUCTIONS ALLOWED IN COMPUTING PROFITS OF A COMPANY – – – – – – – – 90 5.
• 7.9DISALLOWABLE DEDUCTION FROM PROFIT – – – – 91
• 5.8OTHER CATEGORIES OF DEDUCTIONS ALLOWED FROM PROFITS – – – – – – – – 92
• 5.9LOSSES DEDUCTIBLE FROM INCOME FOR TAX PURPOSES – – 92
• 5.10CAPITAL ALLOWANCES AS DEDUCTIBLE FROM INCOME FOR TAX PURPOSES – – – – – – 93
• 5.11TAXATION OF DORMANT COMPANIES – – – – – 95
• 5.12TAXATION OF DIVIDENDS – – – – – – 95 CHAPTER SIX: SUMMARY AND CONCLUSIONS
• 6.1SUMMARY – – – – – – – – 104
• 6.2FINDINGS – – – – – – – – – 106
• 6.3RECOMMENDATIONS – – – – – – – 108 BIBLIOGRAPHY – – – – – – – – 116