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Technical note
Reference no. 107-055-6
Published by:
Lagos Business School (2007)
10 pages
Data source:
Published sources
The aim of this material is to highlight the fundamentals of tax planning and management and its impact on business strategy towards the attainment of business objectives of the firm and its stakeholders. It is useful to MBA, EMBA and participants at the various executive education programmes of business schools. It provides definition of key and relevant terms to aid understanding. The material also discusses the basic concepts of taxation for a charge to be qualified as a tax and are that it is: (1) imposed under the authority of the legislature; (2) levied by a public body; and (3) intended for public purposes. The note also emphasises that the Nigerian tax law is purely statutory. Various governments in the country seek to charge and collect tax using various tax statutes. Almost all the major taxes are within the exclusive legislative jurisdiction of the federal government, but in practice, the power to collect is often delegated to the states. The practice is for the federal taxing authorities to collect tax from corporate bodies while the state authorities collect from individuals and unincorporated bodies. All the statutes except the Sales Tax Law are federal statutes and are consolidated in the Law of Federation of Nigeria (LFN), 2004. General principles of tax planning are to: (1) maximise non-taxable receipts; (2) minimise non-deductible expenses; (3) apply capital receipts in the acquisition of qualifying capital expenditure; and (4) avoid outright default of tax provisions to eliminate payment of interest and penalties. Relevant business areas of tax planning are discussed and include tax planning in: (1) establishing and terminating a business; (2) financing a business; (3) running a business; (4) acquiring fixed assets; (5) compensating suppliers of capital; and (6) paying tax. The material concludes by discussing the legal position on tax avoidance and evasion, highlighting the general anti-avoidance provisions and specific anti-avoidance provisions.
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