TAXATION - INTRODUCTION TO TAXATION

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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

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