principles of solid mineral taxation in nigeria

Elibrary - National Bureau of Statistics, Nigeria

Total Imports, Imported Agricultural goods, Raw materials imports, Solid minerals imports, Energy goods imports, Manufactured goods imports, Other oil products imports, Exports, Imports. 4104 Micro Small and Medium Enterprises in Nigeria, 2013/14

UNDERSTANDING THE BASICS OF TAXATION OF EXPATRIATES IN NIGERIA

Tax obligations of Expatriates in Nigeria. Expatriates in Nigeria are subject to the same taxes as Nigerian nationals on their personal income. An expatriate's assessable income for tax purposes with respect to income from his/her employment is the amount of the income of the particular year of assessment.

OIL, GAS AND OTHER MINERALS TAXATION

principles and practice of taxation taxation in the solid minerals industry in nigeria taxation in the oil and gas industry in nigeria petroleum industry bill mrs. j. o. david-west 2 …

Chapter 12: Presumptive Taxation

Tax Law Design and Drafting (volume 1; International Monetary Fund: 1996; Victor Thuronyi, ed.) Chapter 12, Presumptive Taxation - 2 - circumstances of each case. The focus in this chapter is the use of a presumption to supplant the entire tax base, or an entire category of taxable income.

COLONIAL ADMINISTRATION

Hence used them to rule the various parts in Nigeria. Left the Emir use the Kadhi courts However they started to erode the powers of the Caliph. The Igbo refused to be ruled and posed a serious challenge it was much later in 1940s that the Igbo were contained. Indirect rule created the current problem in Nigeria and Sudan.

(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.

[DOWNLOAD] SCUML New Registration Details - Requirements ...

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List of Solid Minerals in Nigeria and their Locations

Feasibility studies confirmed that Nigeria has about 3 billion tonnes of coal reserves in 17 identified coal fields. However only more than 6 million tonnes of proven reserves are available. The solid minerals is useful as a source of energy even though it is not very common in Nigeria due to the use of diesel and gas.

President Buhari inaugurates NEITI Governing Board – Voice ...

The president noted that Nigeria has witnessed phenomenal revenue growth from the oil, gas and solid minerals sector as a result of the meticulous implementation of the principles of the EITI by NEITI which has also initiated and driven most of the reforms witnessed in Nigeria's extractive sector in the past seventeen years.

TAXATION OF NIGERIA'S SOLID MINERAL RESOURCES: …

to realize those benefits. 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 taxations in Nigeria.

New roadmap for Nigeria's mining industry | Nigeria 2017 ...

In Nigeria, exploration for base metals is mainly the arena of larger consortiums. In August 2016 one such group, Comet Minerals, led by Australian mining veteran Hugh Morgan, announced a major nickel discovery in the north-western state of Kaduna.

DRAFT NATIONAL POLICY ON MICRO, SMALL AND MEDIUM …

sector in Nigeria has been given a further impetus to drive the national economy towards being among the first 20 industrialized economies in the world by the year 2020. In this regard, I will request for the support and cooperation of all stakeholders towards the achievement of the MSMEs sub-sector of our dream in Nigeria.

The Economic Structure Of Nigeria By Simon Kolawole ...

To make matters worse, the solid minerals that every state has in abundance have also been cornered by the Federal Government. Forever and ever, we keep saying Osun has gold and Ondo has bitumen. True, Nigeria has about 42 billion tonnes of bitumen—almost twice our crude oil reserves!

COMPANIES INCOME TAX ACT, CAP. 60 LFN; 1990

36. Mining of solid minerals. 37. Incomes in convertible currencies to be exempt. 38. Local plants and fabrication of spare parts. PART VI Incentives to gas industry 39. Gas utilisation (downstream operations). PART VII Rate of tax, deduction of tax from dividends and relief from double taxation 40. Rates of tax. 41. Replacement of obsolete ...

ECONOMIC RECOVERY GROWTH PLAN

Nigeria has the potential to become a major player in the global economy by virtue of its human and natural resource endowments. However, this potential has remained relatively untapped over the …

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

Nigeria | Extractive Industries Transparency Initiative

In September 2016, the Federal Government of Nigeria through the Ministry of Mines and Steel Development, re-launched the Solid Mineral Policy Roadmap, aimed at ensuring policy continuity and consistency in the sector. During the year, 2018, the total volume/quantity of actual mineral production was 46,680,658.24 tonne.

Nigerian Mining Sector Brief | 1 Nigerian Mining Sector Brief

5.4 Summary of Tax Considerations 20. CONTENTS. ... Nigeria is endowed with vast reserves of solid minerals, including, but not limited to, precious and base minerals, ... in the Federal Government of Nigeria (FGN). The Minerals and Mining Regulations and …

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.

NEITI Solid Minerals Contributed N43.2B to Government ...

The solid minerals sector contributed a total sum of N43.22billion to government coffers in 2016, reports the Nigeria Extractive Industries Transparency Initiative (NEITI). A breakdown of the figure shows that taxes collected by the Federal Inland Revenue Service (FIRS) accounted for N40.38 billion or 93.43%, while fees collected by the Mining ...

Nigeria: CITN Constitutes Body On Oil And Gas, Solid ...

The Chartered Institute of Taxation of Nigeria, (CITN) has constituted a broad based economic faculty with a view to appraising the taxation process in oil and gas, as well as the solid minerals ...

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

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.

THE CHARTERED INSTITUTE OF TAXATION OF NIGERIA

tax audit and investigation oil,gas & other mineral taxation strategy, risk & ethics date/time syllabus wednesday october 15th 2014 old 9.00a.m. —12.00noon international taxation 1.30p.m. – 4.30 p.m new old new tax prac.& business mgt case study taxation of e-commerce date/time tuesday october 14th 2014 solid minerals taxation

SOLID MINERALS AUDIT (SMA) 2018 REPORT FULL REPORT

6 Solid minerals sector –legal provisions 16 7 Taxes under federal administration 19 8 Type of mineral titles obtainable in the Nigeria solid minerals sector 21 9 Four-years trend of titles issued 22 10 Classification of MBC by mineral 23 11 Production by state 27 12 Production by company 28 13 Production by minerals 29 14 Analysis of ...

Nigeria: The Way to Take NEITI Forward - allAfrica.com

Audit report on solid mineral by NEITI covering three cycles over a period of 2007 to 2012 showed an accrual of revenue of 109.69 billion naira to …

Taxation in Nigeria: A Beginner's Guide To Nigeria's Tax ...

3. Value Added Tax (VAT): Any person or individual, corporate sole, organizations who consumes or buys any taxable product or service will have to pay a tax levy known as Value Added Tax (VAT) in Nigeria. 4. Personal Income Tax (PIT): The Personal Income Tax (PIT) is the most common tax type in the country.

AN ECONOMIC ANALYSIS OF NATURAL RESOURCES …

from solid minerals in comparison to Nigeria's 0.4%, during the same period. Recent increases in exploration and expansion of mines throughout Africa have concentrated on gold and diamonds but improving base metal prices has generated exceptional levels of

WTO | Trade policy review conclusions remarks - Nigeria 1998

Nigeria had begun a review of the Minerals Act to encourage foreign investment in the solid minerals sector, while the capital gains tax had already been abolished. Nigeria recognized the adverse environmental consequences associated with gas flaring and was providing incentives for producers to decrease such practices.

List of Accounting Project Topics and Materials in Nigeria ...

THE EFFECTS OF ACCOUNTING STANDARDS AND TAX PRINCIPLES ON SPECIAL COMPANIES OPERATING IN NIGERIA. ... FINANCIAL STATEMENT ANALYSIS OF MANUFACTURING COMPANY IN THE SOLID MINERAL SECTOR OF NIGERIA. ... Edustore.ng is an academic website built in Nigeria that is registered with the corporate affairs …

Experts list challenges facing solid minerals sector | The ...

He said geological and geophysical data on solid minerals in Nigeria were grossly inadequate, adding that the geoscientific data help in delineating mineral locations, among others, which are are ...

Digital Services Taxes: A Primer - AAF

Digital Services Taxes: A Primer. Given the rise of the digital economy, some countries are seeking to impose taxes on multinational tech companies based on their digital rather than physical presence. These unilateral taxes defy international tax norms and threaten to cede the U.S. tax base to nations imposing such taxes.

Government Revenue Allocation In Nigeria & Sharing Formula

Government revenue allocation is one aspect of governance that grabs the interests of politicians and citizens of the country. In our previous post on the major sources of government revenue and government expenditures, we've talked about how the Federal government derives its revenue from different sources.. The revenue realized is paid into a the …

(PDF) Property Valuation: Theory and Practice

18.3 Chronology of Statutes Gov er ning Compensation in Nigeria 21 2 18 .4 Procedure in Compulsory Acquisition 21 5 18 .5 Compensation Assessment under Nigerian Land …

Mining Industry Overview - IRS tax forms

General Tax Accounting Principles in the Mining Industry The mining industry maintains certain accounting practices and principles that are somewhat unique to the industry. The following descriptions attempt to briefly describe these principles. Mineral Property Concepts