THE LEGAL FRAMEWORK FOR DOUBLE TAXATION IN NIGERIA

  • Type: Project
  • Department: Law
  • Project ID: LAW0609
  • Access Fee: ₦5,000 ($14)
  • Pages: 98 Pages
  • Format: Microsoft Word
  • Views: 269
  • Report This work

For more Info, call us on
+234 8130 686 500
or
+234 8093 423 853

GENERAL INTRODUCTION

1.0.0: INTRODUCTION
Taxation is a significant consideration for foreign investors that seek to do business in Nigeria, in addition to other factors such as security, rule of law, access to appropriate infrastructure (e.g. electric power), etc. Strategically leveraging Nigeria’s status as the 26th largest economy in the world, and the biggest in Africa , through beneficial economic partnerships in the form of tax treaties within Africa and on a global level may help to increase foreign direct investment in the country.
Investors continue to search for new markets offering the best margins for return on investment, which leads multinationals to continue to invest in various economies outside their home countries/markets. One inevitable risk for multinational companies with cross-border investments and/or operations is double taxation due to differences between residence-based and source-based taxation – two principles that drive the taxation of corporate players in international markets/economies. Double taxation typically arises where both the country in which a taxpayer is resident and the country in which income is sourced claim taxing rights. Developed and developing countries worldwide use tax treaties as a means to reduce tax impediments to cross-border trade and investment and to mitigate the risk of double taxation. 
Tax treaties typically also allocate taxing rights between the treaty partners, reduce withholding tax on cross-border investments, exempt certain short-term activities in the source state from income tax provide a basis for information sharing and dispute resolution and prevent tax evasion.
In the current era of cross -border transactions across the world, due to unique growth in international trade and commerce and increasing interaction among the nations, residents of one country extend their sphere of business operations to other countries where income is earned. One of the most significant results of globalization is the noticeable impact of one country’s domestic tax policies on the economy of another country. This has led to the need for incessantly assessing the tax regimes of various countries and bringing about indispensable reforms. International double taxation has adverse effects on the trade and services and on movement of capital and people. Taxation of the same income by two or more countries would constitute a prohibitive burden on the tax-payer. 
In a developing country , nobody would propose unrestricted grants in aid from his country to a developed one. And yet, the practical effect of the present network of double taxation agreements between developed and developing countries is to shift substantial amounts of income tax revenues to which developing countries have a strong legitimate and equitable claim from their treasuries to those of developed countries. Concomitantly, these double taxation agreements result in a very considerable and unnecessary loss of badly needed foreign exchange reserves for developing countries. In other words, the present system of tax agreements creates the anomaly of aid in reverse-from poor to rich countries.
The reason for this anomaly is that the tax agreements currently in force generally give the country of a taxpayer's residence either the exclusive or more substantial right to tax income as against the country in which the income arose (the "source country") and in income generating transactions between developed and developing countries the former is invariably the country of residence and the latter the country of source.




TABLE OF CONTENTS

CHAPTER 1
GENERAL INTRODUCTION
1.0.0: INTRODUCTION
.1.1.0:BACKGROUND OF THE STUDY
1.2.0:OBJECTIVES OF THE STUDY
1.3.0:FOCUS OF THE STUDY
1.4.0:SCOPE OF THE STUDY
1.5.0:METHODOLOGY
1.6.0:LITERATURE REVIEW
1.7.0DEFINITION OF TERMS
1.0.0CONCLUSION

CHAPTER 2
CONCEPTUAL APPRAISAL OF TAXATION IN NIGERIA
2.0.0:INTRODUCTION
2.1.0:BRIEF HISTORY OF TAXATION IN NIGERIA
2.2.0: TYPES OF TAXATION
2.3.0:REASONS FOR TAXATION
2.4.0:PROBLEMS ASSOCIATED WITH TAXATION
2.5.0: CONCLUSION

CHAPTER THREE
THE CONCEPT OF DOUBLE TAXATION
3.0.0:INTRODUCTION 
3.1.0:MEANING OF DOUBLE TAXATION
3.2.0REASONS/CAUSES OF DOUBLE TAXATION
3.3.0EFFECTS OF DOUBLE TAXATION
.3.4.0REMEDIES AGAINST DOUBLE TAXATION
3.5.0CONCLUSION


CHAPTER 4
LEGAL FRAMEWORK FOR DOUBLE TAXATION IN NIGERIA
4.0.0INTRODUCTION
4.1.0LAWS REGULATION TAXATION IN NIGERIA
1.2.0THE LEGALITY OR OTHERWISE OF DOUBLE TAXATION IN NIGERIA
4.3.0DOUBLE TAXATION TREATIES BETWEEN NIGERIA AND OTHER COUNTRIES
4.4.0CRITICISM AGAINST DOUBLE TAXATION AS IT AFFECTS THE TAX PAYER
4.5.0CONCLUSION

THE LEGAL FRAMEWORK FOR DOUBLE TAXATION IN NIGERIA
For more Info, call us on
+234 8130 686 500
or
+234 8093 423 853

Share This
  • Type: Project
  • Department: Law
  • Project ID: LAW0609
  • Access Fee: ₦5,000 ($14)
  • Pages: 98 Pages
  • Format: Microsoft Word
  • Views: 269

500
Leave a comment...

    Related Works

    ABSTRACT Men and women are entitled to the full protection of their rights because they are human beings. At its most basic level, ‘human rights’ are safeguarded prerogative granted because a person is alive. A right is therefore a claim to something (by the right of the holder) that can be exercised and enforced under a set of grounds or... Continue Reading
    This research examines the legal framework for human trafficking in Nigeria. The phenomenon of human trafficking, particularly in Nigeria has assumed alarming proportion. Nigeria’s poverty coupled with high rate of unemployment, massive devaluation of the local currency and civil and political unrest, are some of the factors responsible for a... Continue Reading
    INTRODUCTION The European Union Water Framework Directive, defines pollution as: '... the direct or indirect introduction, as a result of human activity, of substances or heat into the water or land which may be harmful to human health or the quality of aquatic ecosystems or terrestrial ecosystems directly depending on aquatic ecosystems, which... Continue Reading
    ABSTRACT This project deals with the legal and institutional framework for the control of Environmental Pollution in Nigeria. Pollution of the environment leads to the degradation of the environment, which is a consequence of industrialization. In Nigeria,... Continue Reading
    This research examines the legal framework for human trafficking in Nigeria. The phenomenon of human trafficking, particularly in Nigeria has assumed alarming proportion. Nigeria’s poverty coupled with high rate of unemployment, massive devaluation of the local currency and civil and political unrest, are some of the factors responsible for a... Continue Reading
    INTRODUCTION The European Union Water Framework Directive, defines pollution as: '... the direct or indirect introduction, as a result of human activity, of substances or heat into the water or land which may be harmful to human health or the quality of aquatic ecosystems or terrestrial ecosystems directly depending on aquatic ecosystems, which... Continue Reading
    ABSTRACT Taxation in Nigeria is one of the major source of revenue for it an be said that it generates between 75% to 80% of Nigerian revenue. Taxation in Nigeria is however bedeviled with a lot of problem one of which is double taxation. It is the practice in Nigeria for income tax to be imposed both on worldwide income derived by residents of... Continue Reading
    ABSTRACT Taxation in Nigeria is one of the major source of revenue for it an be said that it generates between 75% to 80% of Nigerian revenue. Taxation in Nigeria is however bedeviled with a lot of problem one of which is double taxation. It is the practice in Nigeria for income tax to be imposed both on worldwide income derived by residents of... Continue Reading
    TABLE OF CONTENTS DECLARATION ..................................................................................................................... .i APPROVAL ............................................................................................................................ ii . . ACKNOWLEDGEMENT... Continue Reading
    CONTENTS DECLARATION ......................................................................................................................................... ii APPROVAL ............................................................................................................................................... iii DEDICATION... Continue Reading
    Call Us Get this work