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different forms of tax in mineral sector in nigeria

different forms of tax in mineral sector in nigeria

OIL, GAS AND OTHER MINERALS TAXATION

TAXATION IN THE SOLID MINERALS INDUSTRY IN NIGERIA ... State and Local Governments impose one form of tax/levy or the other with each having its boundaries spelt out in the various legislations . Mrs. J. O. David -West 6 22nd May, 2013 . INTRODUCTION (Cont’d) Capital Gains Tax Value Added Tax Education Tax Petroleum Profits Tax Withholding Tax Customs and Exile Duty Mrs. J. O. David

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Taxation of Nigeria's Solid Mineral Resources: Prospects ...

19/05/2017  This article examines the taxation of mineral resources (solid minerals in particular) in Nigeria vis-à-vis the various taxes payable by the various entities. In doing this, the various extant tax laws on are examined. The article further examines the challenges and the prospects of mineral taxation in Nigeria. It is discovered that though there are many opportunities in the mineral sectors ...

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(PDF) Taxation of Solid Mineral Mining in Nigeria ...

The Federal Government collected a further sum of N 26,120,477,004.00 as tax revenue from the solid minerals sector in same 2010. The total of these revenues generated in 2011 do not portray the probable revenue than can be generated from the quantum of solid mineral reserves available in Nigeria.

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Mineral royalties and other mining- specific taxes

special taxes which apply specifically to the mining sector in mineral-rich countries, with emphasis on current arrangements in Australia. Mineral royalties have traditionally been considered a form of compensation to the community for the depletion of non-renewable resources. Special mining taxes including royalties are additional to the general income taxes and other forms of taxation levied ...

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Nigeria's Solid Minerals as a source of Economic ...

The vastness of Nigeria's minerals resources cannot and should not be over emphasised. We began to explore and exploit her natural mineral resources in 1902 and in its prime, the solid minerals sector was one of the largest producers of tin and coal, as well as a producer of a considerable 1.4 tons of gold annually. The history is now well known due to ill-effected policy changes and lack of ...

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Breakdown of tax legislation in Nigeria Nigeria 2016 ...

Mining of solid minerals; and/or; Wholly export, and from which its trade and earning total gross sales (turnover) of less than N1m ($3160 at the time of printing) for the year. The time limit may be extended by two years where the company can provide evidence of good records and management and has remained in the sectors already mentioned. This concessional rate of tax is not applicable to a ...

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Impact of Tax Administration on Government Revenue in a ...

Nigeria is richly blessed with oil and gas among other mineral resources, but the over dependence on oil revenue for the economic development of the country has left much to be deserved. According to Ariyo (1997) Nigeria's over dependence on oil revenue to the total neglect of other revenue source was encouraged by the oil boom of 1973/74. This is unsustainable due to the fluctuation in the ...

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NAPIMS >> Nigeria Dynamic Fiscal Regime

01/06/2021  The Nigeria government has always had anticipate the global oil and gas industry by ensuring a dynamic approach to drawing up rules and fiscal regimes which make the industry one of the most competitive and investor friendly throughout the world. In 1991, a Memorandum of Understanding (MOU) was signed between the Nigerian National Petroleum Corporation (NNPC), representing the

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Tax Types in Nigeria by FIRS - Federal Inland Revenue ...

Companies incorporated in Nigeria and organizations limited by guarantee pay Companies Income Tax through any of the designated banks. Once payment has been captured by the bank collecting system, an e-ticket is issued is issued the company, this e-ticket is proof of payment and when presented at the Integrated Tax Office with jurisdiction an e-receipt will be issued.

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Home Ministry of Mines and Steel Development

View Reports and Statistics on performance in the Minerals and Steel sectors. Latest News. View. Minister of Mines Assures Local Barite Investors of Support: Date: 9/13/2019 View(s): 1685: View. FG and Russia To Synergize in Revamping Ajaokuta Steel Company: Date: 9/13/2019 View(s): 1274: View. Minister Advocates PPP For Growth in The Mining Sector: Date: 9/13/2019 View(s): 1433: View.

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Mining industry of Nigeria - Wikipedia

The mining of minerals in Nigeria accounts for only 0.3% of its gross domestic product, due to the influence of its vast oil resources. The domestic mining industry is underdeveloped, leading to Nigeria having to import minerals that it could produce domestically, such as salt or iron ore.Rights to ownership of mineral resources is held by the Federal government of Nigeria, which grants titles ...

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Sectors of the Nigerian economy Legit.ng

18/04/2017  Minerals provide a great part of the national income of Nigeria. The first mining products for export in Nigeria were tin ore and coal. Since 1904, mining of cassiterite and tin ore on Jos plateau has always been in hands of private companies, and coal mining in Enugu district under the control of Central government. After setting up tin-melting plant in 1962, a larger part of tin began to be ...

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REVENUE GENERATION AS A MAJOR SOURCE OF INCOME FOR

serious threat to effective tax administration in Nigeria especially, when such practices are capable of having demoralizing effect on the honest tax payers. These problems range from one class of revenue to another. For this reason, this study intends to investigate the effect of revenue generation as a source of income for the state government and solve the problem of corruption ...

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Nigeria Income Tax Calculator Deloitte Inside Tax

In its bid to make easy and hassle-free the process of determining the income tax payable by employees or individuals in the formal or informal sector, Akintola Williams Deloitte has developed an Income Tax Calculator for Nigeria. The Calculator is a very simple application that helps to calculate tax due in line with the Nigerian Income Tax law. The Nigeria Income Tax Calculator (NITC) shows ...

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List of Solid Minerals in Nigeria and their Locations

Nigeria is rich in solid minerals. This have attracted many foreign nationals. These solid minerals drive the economic sector of Nigeria. In this article, I will share with you the list of solid minerals in Nigeria and their states of location. I will also discuss the major solid minerals. 1) Abia: salt, oil/gas, limestone, zinc, lead, zinc. 2) Abuja: Cassiterite, dolomite, clay, gold, lead ...

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Impact of Tax Administration on Government Revenue in a ...

Nigeria is richly blessed with oil and gas among other mineral resources, but the over dependence on oil revenue for the economic development of the country has left much to be deserved. According to Ariyo (1997) Nigeria's over dependence on oil revenue to the total neglect of other revenue source was encouraged by the oil boom of 1973/74. This is unsustainable due to the fluctuation in the ...

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Breakdown of tax legislation in Nigeria Nigeria 2016 ...

Mining of solid minerals; and/or; Wholly export, and from which its trade and earning total gross sales (turnover) of less than N1m ($3160 at the time of printing) for the year. The time limit may be extended by two years where the company can provide evidence of good records and management and has remained in the sectors already mentioned. This concessional rate of tax is not applicable to a ...

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Nigerian VAT rates and VAT compliance - Avalara

Nigeria VAT rates: Rate: Type: Which goods or services: 7.5%: Standard: All taxable goods and services: 0%: Zero: Zero rate applies to goods and services including: non-oil exports; commercial aircraft and spare part imports; certain humanitarian initiatives; machinery and equipment used in the solid minerals sector; exports; agricultural equipment; commercial vehicles; basic foodstuffs ...

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Home Ministry of Mines and Steel Development

View Reports and Statistics on performance in the Minerals and Steel sectors. Latest News. View. Minister of Mines Assures Local Barite Investors of Support: Date: 9/13/2019 View(s): 1685: View. FG and Russia To Synergize in Revamping Ajaokuta Steel Company: Date: 9/13/2019 View(s): 1274: View. Minister Advocates PPP For Growth in The Mining Sector: Date: 9/13/2019 View(s): 1433: View.

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Home Ministry of Mines and Steel Development

View Reports and Statistics on performance in the Minerals and Steel sectors. Latest News. View. Minister of Mines Assures Local Barite Investors of Support: Date: 9/13/2019 View(s): 1677: View. FG and Russia To Synergize in Revamping Ajaokuta Steel Company: Date: 9/13/2019 View(s): 1269: View. Minister Advocates PPP For Growth in The Mining Sector: Date: 9/13/2019 View(s): 1430: View.

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FIRS – It pays to pay your tax!

August 31st Payment. “ FIRS extends tax debt payments to August 31st . The Federal Inland Revenue Service (FIRS) has further extended the closing date of its waiver of penalty and interest window on tax debts owed by individuals and businesses from June 30, 2020 to August 31st, 2020.

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REVENUE GENERATION AS A MAJOR SOURCE OF INCOME FOR

serious threat to effective tax administration in Nigeria especially, when such practices are capable of having demoralizing effect on the honest tax payers. These problems range from one class of revenue to another. For this reason, this study intends to investigate the effect of revenue generation as a source of income for the state government and solve the problem of corruption ...

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List of Mineral Resources in Nigeria and Their Location ...

27/01/2021  The national iron ore company was founded in 1979. 3billion tonnes of Iron ore is said to be available in Nigeria, iron ore is present in different states in Nigeria, like the FCT Abuja, Enugu, Kogi, and the Niger state. It should also be known as a fact that Nigerians has two (2) steel companies, although they are not functional, one is located at Aladja in Delta state, while the other is in ...

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ECONOMIC DEVELOPMENT IN NIGERIA THROUGH THE

(solid minerals) over the period of 1970-2005. This involves the analysis of the relevance of the health care and education sectors and examination of impediments to past economic development, a development model applicable to Nigeria, the efforts made and the challenges facing the country in achieving the MDGs, and the role of foreign development partners in complementing Nigeria’s ...

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Types of Tax in UK - Economics Help

28/11/2016  Main types of tax. This shows the biggest source of tax revenue is income tax and NIC (a form of income tax) – these raise 46% of total tax revenue. VAT accounts for 18%. Changes in tax composition. Source: IFS Green Budget 2014. This shows that income tax is rising as a share of tax revenue. Fuel duty is falling from 2000 to 2018.

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Corporate Tax 2021 Laws and Regulations Nigeria ICLG

12/10/2020  Yes, general anti-avoidance rules (“GAAR”) in tax legislation in Nigeria are contained specifically in Section 17 of the Personal Income Tax Act 2004 (“PITA”), Section 22 of CITA and Section 15 of the Petroleum Profits Tax Act 2004. The aforementioned sections provide for the adjustment of any transaction which is deemed to produce a result artificially reducing taxable income in Nigeria.

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NAPIMS >> Nigeria Dynamic Fiscal Regime

01/06/2021  The Nigeria government has always had anticipate the global oil and gas industry by ensuring a dynamic approach to drawing up rules and fiscal regimes which make the industry one of the most competitive and investor friendly throughout the world. In 1991, a Memorandum of Understanding (MOU) was signed between the Nigerian National Petroleum Corporation (NNPC), representing the

Get Price

REVENUE GENERATION AS A MAJOR SOURCE OF INCOME FOR

serious threat to effective tax administration in Nigeria especially, when such practices are capable of having demoralizing effect on the honest tax payers. These problems range from one class of revenue to another. For this reason, this study intends to investigate the effect of revenue generation as a source of income for the state government and solve the problem of corruption ...

Get Price

Nigeria - Corporate - Taxes on corporate income

28/01/2021  Investment income paid by a Nigerian resident to a non-resident is sourced in Nigeria and subject to withholding tax (WHT) at source, which serves as the final tax. In respect of business profits, a non-resident company that has a fixed base or a permanent establishment (PE) in Nigeria is taxable on the profits attributable to that fixed base. Non-resident digital companies that have a ...

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joint ventures in the Nigeria oild and industry

04/09/2020  In Nigeria, the permanent sovereignty and ownership over mineral resources (oil and gas) found in its geographical ... Types of Joint Ventures in the Oil and Gas Industry . Operational Joint Ventures: this venture exist where two or more companies create a new entity that holds full complements of operating assets and capabilities necessary for developing and executing an oil and

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Major Mineral Resources in Nigeria: Full List Locations ...

22/09/2019  Mineral resources are materials of economic interest found in or on the earth’s crust in such quality, quantity and form that can be considered for economic extraction. In Nigeria, mineral resources play a great role in the economic sector. In fact, the Nigerian economic is skewed toward the exploration of minerals specifically petroleum. This makes []

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Nigeria Industry Sectors Economy Watch

Till the mid 20 th century, Nigeria’s industry sectors were dominated by agricultural production. The country’s fertile land and abundant mineral resources drove the economy. However, the 1970s oil boom changed the entire equation. The oil sector became the mainstay of the economy. As foreign currency began to pour in through the oil sector, the government neglected the agriculture and non ...

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Oil and Gas Royalties: 2020 Guide - Ranger Minerals

Different Kinds of Mineral Interests. In the oil and gas industry, “mineral interests” is an umbrella term for what can be a few different types of royalty payments associated with a resource drilling operation. Although the language has evolved over the years, the three most common kinds of mineral interests are: Royalty Interests; Overriding Royalty Interests; Working Interests (aka ...

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List of Natural Resources in Nigeria and Their Locations 2020

29/07/2020  And today over 200 types of mineral raw materials are used. Natural minerals become resources only after their extraction and use in industry and economy have been mastered. What are natural resources? Natural resources are commonly defined as the sources of wealth which appear naturally and are used by humans. They have a few classifications, which depend on different

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Types of Tax in UK - Economics Help

28/11/2016  Main types of tax. This shows the biggest source of tax revenue is income tax and NIC (a form of income tax) – these raise 46% of total tax revenue. VAT accounts for 18%. Changes in tax composition. Source: IFS Green Budget 2014. This shows that income tax is rising as a share of tax revenue. Fuel duty is falling from 2000 to 2018.

Get Price