"Tertiary crushing in Nigeria tax"

TETFund: Why no support for private tertiary institutions ...

2021-9-1 · Hence, the establishment of the Fund, which collects 2 per cent of the tax remits of all registered private companies in Nigeria, towards the direct financing of tertiary institutions in the country.

N2.5tn injected in varsities, others in 10 years -FG ...

2021-8-12 · Ibrahim-Imam said that for 2021 alone, TETFund budgeted the sum of N300 billion to over 226 higher institutions across the country in 2021. According …

TETFund eyes N500bn education tax revenue in 2023

2021-8-13 · The Tertiary Education Trust Fund has promised ensure that intervention to the beneficiary higher institutions increased by 50 per cent next year and 100 per cent in two years, adding that it was ...

Expanding tax fund to support HE spending and priorities

2021-8-26 · Expanding tax fund to support HE spending and priorities. Okocha 26 August 2021. Tweet. The leaders of Nigeria''s Tertiary Education Trust Fund (TETFund) have unveiled spending priorities for a government agency that spent NGN300 billion (US$730 million) during the 2020-21 academic year. Speaking at the fund''s Taxpayers'' Forum in ...

Nigeria

2021-7-22 · Tertiary education tax. Tertiary education tax is imposed on every Nigerian company at the rate of 2% of the assessable profit for each year of assessment. The tax is payable within two months of an assessment notice from the FIRS. In practice, many companies pay the tax on a self-assessment basis along with their CIT.

PSN kicks as Senate plans 1% yearly tax on companies to ...

2021-2-11 · President, Pharmaceutical Society of Nigeria (PSN), Mazi Sam Ohuabunwa, has warned the Federal Government against multiple taxation on private businesses as it may end in driving investment away ...

2020 LIST OF GOODS AND SERVICES EXEMPTED FROM …

2020-8-7 · Value Added Tax (VAT) is a consumption tax levied at the rate of 7.5% on goods and services supplied to consumers for a fee. The primary law governing VAT in Nigeria is the Value Added Tax Act 1993 (the "Act"), which provides for the administration of VAT and states the Goods and Services exempted from it.

OIL, GAS AND OTHER MINERALS TAXATION

2013-6-19 · EDUCATION TAX (ET) ET is levied on all Nigeria companies'' assessable profits. The rate of tax is 2% of Assessable profits. This has now been replaced by the Tertiary Education Tax Mrs. J. O. David-West 10 22nd May, 2013

TETFund Celebrates 10 Years, Rewards SHIN, Others Fund …

2021-9-9 · Tertiary Education Trust Fund, abbreviated as TETFUND, is a scheme established by the Federal Government of Nigeria in 2011 to disburse, manage, and monitor education tax to …

How to Access the Tertiary Education ...

2018-4-6 · The Tertiary Education Trust Fund (TETFUND) was established by an Act of the National Assembly in June 2011. The Act replaced the Education Tax Fund Act Cap. E4 Laws of the Federation of Nigeria 2004 and Education Tax Fund (Amendment) Act No 17, 2003.

Withholding Tax (WHT) – FIRS

Withholding Tax (WHT) is a method used to collect Income Tax in advance. WHT is deducted at varying rates ranging from 5% to 10% depending on the transaction. The due date for filing WHT returns is 21st day of every succeeding month. Penalty for late filing of returns is N25, 000 for the first month it occurs and N5, 000 for each subsequent ...

Reducing Taxes – Ministry of Finance

Income Tax Reducing Your Income Tax. There are a number of ways you can reduce your personal tax liability. The government allows you to deduct certain payments and expenses from your declared income, which reduces the amount of tax you must pay. These deductions include: Tertiary education expenses. First time home ownership.

Taxation and Tertiary Education Enhancement in Nigeria: …

This Act repeals the Education Tax Act Cap E4 Laws of Federation of Nigeria 2004 and Education Tax Fund Act No. 17, 2003 and establishes the Tertiary Education Trust Fund – charged with the responsibility for imposing, managing and disbursing the tax to public tertiary institutions in Nigeria (TETfund News Panaroma, 2013).

TERTIARY EDUCATION TRUST FUND (ESTABLISHMENT) …

TERTIARY EDUCATION TRUST FUND (ESTABLISHMENT, ETC) ACT, 2011. EXPLANATORY MEMORANDUM. This Act repeals the Education Tax Act Cap. E4, Laws of the Federation of Nigeria, 2004 and Education Tax Fund Act No. 17, 2003 and establishes the Tertiary Education Trust Fund charged with the responsibility for imposing, managing and disbursing the tax to public tertiary …

Types of Taxes Paid In Nigeria And How They Are …

TERTIARY EDUCATION TRUST FUND (TETFund) ABOUT US. This Act repeals the Education Tax Act Cap. E4, Laws of the Federation of Nigeria, 2004 and Education Tax Fund Act No. 17, 2003 and establishes the Tertiary Education Trust Fund charged with the responsibility for imposing, managing and disbursing the tax to public tertiary institutions in Nigeria.

Nigerian Civil Service Salary Structures

2020-11-2 · It is a 15-grade salary structure with each scale consisting of a number of steps ranging from 15 for the lower grades to 9 for the highest grades. The new structure known as the Consolidated Tertiary Institutions Salary Structure (CONTISS) is …

GUIDELINES FOR ACCESSING TETFUND INTERVENTION …

2018-7-11 · The Tertiary Education Trust Fund (TETFUND) was established by an Act of the National Assembly in June 2011. The Act replaced the Education Tax Fund Act Cap. E4 Laws of the Federation of Nigeria 2004 and Education Tax Fund (Amendment) Act No 17, 2003. The Fund was set up to administer and disburse education tax

We''ve spent N2.5 trillion in varsities, others in 10 years ...

2021-8-12 · THE Tertiary Education Trust Fund, TETFund, said it has spent more than N2.5 trillion in infrastructure and staff development in public universities, polytechnics and colleges of education in ...

Taxes – Nigerian Investment Promotion Commission

Companies Income Tax (CIT) This is a tax chargeable on all resident and non-resident companies (other than those engaged in petroleum operations) incorporated in Nigeria. Also known as corporate tax, the CIT rate is 30% of the profit earned in the year preceding assessment. Resident companies are liable to CIT on their worldwide income (profits ...

THE IMPACT OF EDUCATION TAX FUND ON TERTIARY …

THE IMPACT OF EDUCATION TAX FUND ON TERTIARY INSTITUTION IN NIGERIA ABSTRACT The purpose of this study was to find out the impact of education tax fund (ETF) on tertiary institutions in Nigeria. The study examined how education tax funds as impacted on tertiary institution in Nigeria. Data were obtained using research questionnaire from (100)

Taxation and Tertiary Education Enhancement in Nigeria: …

Taxation and Tertiary Education Enhancement in Nigeria: An Evaluation of the Education Tax Fund (ETF) Between 1999-2010 This research undertakes an eleven-year period study of the activities of Education Tax Fund (ETF) upon Nigerian tertiary institutions with the target of revealing how Education Tax Fund has helped in enhancing the educational ...

GUIDELINES-ON-THE-COLLETION-PROCEDURE-FOR-WHT …

It also spells out the guidelines on the collection procedures for the two tax regimes. This information circular is a review of the information circular No. 9502 of 20th February, 1995. The purpose of the review is to update the content of the circular to meet …

Finance Act, 2020

2021-9-6 · Nigerian economy 2020 at a glance How Finance Act seeks to cushion the impact of COVID-19 Direct T ax Capital Gains Tax Act Companies Income Tax Act Industrial Development (Income Tax Relief) Act Tertiary Education Trust Fund (Establishment, etc.) Act Personal Income Tax Act Indirect T axes Valued Added Tax Act

Basic Principles Of Taxation In Nigeria

2019-12-2 · Recently, the Federal Government of Nigeria has approved a 50% increase in VAT for supply of goods and services, from 5% to 7.5%. The new rate is schedule to take effect from 2020. Capital Gains Tax (CGT): This is a tax charged where there is a disposal of assets.

FHC nullifies VAT Act, other taxes & levies

2021-9-16 · FHC nullifies VAT Act, other taxes & levies beyond the scope of the Constitution. 2 min read. The Federal High Court (FHC or "the Court") Port Harcourt Division, recently delivered judgement in the case between the Attorney General for Rivers State (AGRS or "the Plaintiff") and Federal Inland Revenue Service (FIRS or "1st Defendant ...

Types of Taxes Paid In Nigeria And How They Are …

9. Tertiary Education Taxes (EDT) EDT is governed by Tertiary Education Trust Fund Act, 2011. All companies registered in Nigeria are liable to pay the tax. It is 2% of assessable profit. The funds garnered are used for rehabilitation, restoration and consolidation of tertiary institution in Nigeria by the Tertiary Education Trust Fund (TETFUND)

ALL YOU MUST KNOW ABOUT TERTIARY EDUCATION TAX …

2017-2-11 · Consequently, Tertiary Education Tax (formally Education Tax) is a tax imposed on the assessable profits of all companies registered in Nigeria including companies subject to tax under Petroleum Profits Tax Act. It is charged at the rate of 2 …

Tertiary Education Tax (EDT) – FIRS

Tertiary Education Tax (EDT) It is now governed by Tertiary Education Trust Fund (Establishment, Etc.) Act 2011 Imposed on all companies registered in Nigeria. The rate of the tax is 2% of assessable profit. The due date for filing returns is the same as that of CIT and PPT. The tax is an allowable deduction in computing the assessable profits ...

Petroleum Industry Bill (PIB) 2021

2021-9-2 · Tax - Energy & Natural Resources and Managed Services KPMG in Nigeria The National Assembly has finally passed the Petroleum Industry Bill (PIB), 2021. The key objective of the PIB is to overhaul and transform the Nigerian oil gas industry. The Bill is …