TAXATION - INTRODUCTION TO TAXATION

To join the ZOOM class, kindly visit www.icanonlinetutors.com.ng/ican or WhatsApp 08080665292 or 08185993275 This is a TAXATION class for ICAN students writing the Foundation level of the Institute of Chartered Accountants of Nigeria Exams at the Foundation Level. The class was taken by ICAN Online Tutors lecturer Bamidele Abdul'Ghaniyy who has many years of experience in lecturing students both at the ATS and the Professional level. In this video, he lectured students on the INTRODUCTION TO TAXATION. In this video, you would learn the following; INTRODUCTION TO TAXATION DEFINITIONS OF TAX OBJECTIVES AND PURPOSES OF TAXATION Objectives to be considered when designing a tax policy Revenue generation: Redistribution of income and wealth: Management of the economy: Harmonisation of economic objectives: Harmonisation of economic objectives: TYPES OF TAXES AND TAX SYSTEM Proportional Tax: Progressive Tax: Regressive Tax: Incidence Tax: Direct Tax: Personal income tax; Companies income tax; Capital gains tax; Tertiary Education tax; and Petroleum Profits tax. Indirect Taxes: Value-added tax; Stamp duties; Excise duties; and Customs duties. BASIC CONCEPTS IN TAXATION Tax Base: Tax Yield: Tax Rate: Tax Incidence: Tax Burden: Tax Impact: Tax Shift: Tax Effect: DISTINCTION BETWEEN TAXES AND LEVIES PRINCIPLES/CANONS OF TAXATION (PACC – SEF) Equity: Certainty: Convenience: Administrative efficiency: Simplicity: Productive: Flexibility and stability: SOURCES OF NIGERIAN TAX LAWS Customary Laws: Ishakole : Osusu- Nkwu: Zakat: Statute Laws: The Personal Income Tax (Amendment) Act 2011 The Companies Income Tax Act CAP C21 LFN 2004 (as amended) Case Laws: Circulars issued by and practices of the Inland Revenue. Opinions of tax experts and authors insofar as the courts take judicial notice of them. Budget and pronouncement of relevant ministries The Constitution of the Federal Republic MULTIPLE TAXES Nature of Multiple Taxes Types of Multiple Taxes Entertainment tax Road Tax Permit for the closure of streets Refuse collection tax Market taxes and levies Loading and offloading levies. Collection of Multiple Taxes Mounting of Roadblocks: Use of Revenue Agents/Consultants: Federal Government’s Solution to Problem of Multiplicity of Taxes The 1999 Constitution and Multiplicity of Taxes If you wish to be part of our PREMIUM zoom class, kindly register on www.icanonlinetutors.com.ng/ican Also, follow us on our various social media channels: LinkedIn:   / ican-online-tutors   IG: instagram.com/icanonlinetutors FB: fb.com/icanonlinetutors TW: twitter.com/icanonlinetutor ​ To join the premium class, kindly WhatsApp 08080665292 or 08185993275 #icanonlinetutors #ICAN #ICANEXAMS #TAXATION #NIGERIANTAX #NIGERIANTAXLAW #CITN #TAXLAW #INSTITUTEOFCHARTERDACCOUNTANTSOFNIGERIA