Interesting

Who are those exempted from paying tax in Nigeria?

Who are those exempted from paying tax in Nigeria?

Dividends, interest, rents, and royalties earned abroad and brought into Nigeria through government-approved channels are exempt from Nigerian tax; otherwise, the income is taxable at the CIT rate applicable based on the classification of the company (i.e. small, medium, or large) and tertiary education tax at 2%.

Who is a taxable person in Nigeria?

A person is deemed resident in Nigeria if he or she resides in Nigeria for 183 days in any 12-month period; however, expatriates holding residence permits are also liable to tax in Nigeria even if they reside in the country for less than 183 days in any 12-month period.

How much is inheritance tax in Nigeria?

In Nigeria, upon the death of a testator, estate or inheritance tax at a rate of 10 per cent is paid.

What does fiscally transparent mean?

An entity is considered to be fiscally transparent with respect to the income to the extent the laws of that jurisdiction require the interest holder to separately take into account on a current basis the interest holder’s share of the income, whether or not distributed to the interest holder, and the character and …

Who are exempted from paying tax?

If your annual income does not exceed Rs 5 lakh, you are eligible for a tax rebate of up to Rs 12,500. Surcharge is applicable on annual incomes of Rs 50 lakh and above. The rates are: 10% on income between Rs 50 lakh and Rs 1 crore.

Who are persons in income tax?

In terms of Section 2 (31) of the Income Tax Act, 1961, a person has been defined to include (i) an individual, (ii) a Hindu undivided family, (iii) a company, (iv) a firm, (v) an association of person or a body of individuals, whether incorporated or not, (vi) a local authority, and (vii) every artificial juridical …

Who are the taxable persons?

A ‘taxable person’ under GST, is a person who carries on any business at any place in India and who is registered or required to be registered under the GST Act. Any person who engages in economic activity including trade and commerce is treated as a taxable person.

Which country has the highest inheritance tax?

The highest top estate tax rate to lineal heirs can be found in Japan, at 55 percent. South Korea (50 percent) and France (45 percent) also have rates higher than the U.S. At the low end, fifteen of the thirty-four countries in the OECD have no taxes on property passed to lineal heirs.

Is a trust fiscally transparent?

In respect of the beneficiary income of a trust, the trust is generally considered to be fiscally transparent, and the rules look through to the residence of the beneficiaries.

Can a foreign trust be a disregarded entity?

The IRS treats all revocable living trusts as disregarded entities. [i] This means that even though a trust legally owns the taxable property or taxable income, it does not need to file a separate tax return. This is because the IRS disregards the trust entity.

Who is non resident individual?

A non-resident is an individual who mainly resides in one region or jurisdiction but has interests in another region. In the region where they do not mainly reside, they will be classified by government authorities as a non-resident.