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TAX SERIES BY ENIOLA – SEASON 1 ON THE LEGAL DIARY


 http://www.thelegaldiary.com/tax-series-by-eniola-season-i/#comment-134

Episode 1- Canons of Taxation

“You can have a Lord and you can have a King, but the man to fear is the Tax Collector.”

Eniola Akinoso

Many of us today still share this sentiment of the Iraqi from almost 4 millennia ago that Tax is a necessary evil. Tax however, has a human face and is founded on important principles.

Adam Smith in his work ‘Wealth of Nations’, [/b]propounded the Principles/Canons of an efficient tax system thus:

[b]1. Equity: [/b]Taxes should be imposed in proportion to Taxpayer’s ability to pay.

[b]2. Certainty: [/b]The amount Taxpayer pays, time of payment and manner of payment should be sufficiently ascertainable.

[b]3. Convenience: We would definitely feel better doing a snap test if we were given like two lecture-free days to prepare than on the last day of week 20 when we just want to burn our books and dance around the fire.

The Tax man should come when he will be welcome.

4. Administrative Efficiency: Efficiency in administration is so so crucial. Tax Administrators implement and enforce tax legislations. They gather information and intelligence, identify and register tax payers, inform about tax, collect tax, audit and investigate tax returns, enforce tax obligations, keep records and provide tax services to tax payers.

The Canons of Taxation are not infallible, for example, equitable taxing would not work for a tax like VAT (Value Added Tax) which is at a fixed rate of 5%. Regardless, the Canons are an important framework to ensure a lasting tax system.

 

TAX SERIES BY ENIOLA AKINOSO

Episode 2 – Reasons for Taxation

Why must we endure the Taxman?

1. Making Wakanda a reality: In case we didn’t notice, Vibranium doesn’t grow in Nigeria. So we gats gather that money.

2. Generation of Revenue: Oil money, Oil money. Taxes are imposed to raise money for government. You guessed right – Bulk of revenue of government is gotten from Petroleum Profit Tax.

3. Social Engineering: Not all governments are totally sane. One wonders at the sanity of government imposing taxes on naming your child without government consent like in Sweden. Also, the Pro-smoking Tax of China states essentially: ‘Smoke cigarettes or face a fine’. People are thus given a smoking quota such as 400 cartons of cigarettes per year. Beard Taxes, Breast Taxes and Window Taxes have also been collected at some point in some countries. These Taxes imposed to encourage or prevent acts to affect the behaviour of tax payers.

Personally, taxes should be imposed on people who sell food that is not sweet in this law school…

4. Control of the Economy: Rise and fall in rate of Tax imposed, Tax incentives, Tax exemptions, Tax holidays, Tax free zones, international and regional treaties among other things can be used to channel investment to certain areas, control inflation, stabilize our exchange rate etc.

5. Redistribution of Resources: In Lagos we hear ‘Ambode is working, Lagos is working, Pay your tax.. *Eko o ni baje o*’. In essence, Ambode is using our taxes to renovate general hospitals, build boreholes, to contract with initiatives like ‘Cleaner Lagos’ who’s work is being seen in places like Obalende, to build better roads and bridges like the Ajah flyover, among other things. This is redistribution of income from the Rich to the Poor.

Episode 3 – The Tripod of Taxation

What drives the Taxman?

For Nigeria’s taxes to succeed, each rung of the tripod must be in sync. They are; Tax Policies, Tax Laws and Tax Administration. If any is deficient, there is a *fundamental problem*. It’s like Jurisdiction.

1. Tax Policy: Tax Policy is the first aspect of the tripod. It means the basic principles underlying the regular development of the Tax Laws and Tax Administration.
The principles of Taxation explained above (Equity, Certainty, Convenience, Administrative Efficiency) can thus be included to form a sturdy Tax Policy. If the policies are inadequate, the entire system will be defective.

2. Tax Laws: [/b]Tax Legislation are created with the policies in mind to provide guiding steps for Tax administrators to take in performing their duties as explained above. The laws must be flexible, to adapt with social and economic circumstances.

3. Tax Administration: It is implementing the Tax Laws to achieve their objectives. Bad administration is detrimental. The three tiers of government are responsible for Tax administration and must have an efficient system to collect taxes.

[b]The following bodies are responsible for administration of Taxes in Nigeria:

1. Federal Inland Revenue Service: [/b]The Current Chairman is Babatunde Fowler. Only the FIRS assesses, collects, accounts for and administers all taxes for the Federal Government. They ensure tax compliance and enforce sanctions for non-compliance. Established by the Federal Inland Revenue Service (Establishment) Act of 2007.

[b]2. State Boards of Internal Revenue: They are established for each state by the Personal Income Tax Act (PITA). State Internal Revenue Service is the operational part of each SBIR e.g LIRS, OIRS etc. They ensure effective and optimum tax collection in the state and enforce penalties.

3. Joint Tax Board: Current JTB Chairman is Babatunde Fowler as well. Administration of Personal Income Tax is split between the Federal and State Tax Authorities. Some people like those in the Army or who live in FCT pay tax to the federal authorities while others pay to the state. The JTB consisting of representatives from the Federal Government and each of the 36 states acts as a meeting point for the two authorities administering the same tax to meet, discuss and resolve issues. It advises all tiers of Government on Tax, resolves areas of conflict, promotes uniformity in tax administration.

4. Joint State Revenue Committee: It is established for each state of the federation by the PITA. It implements decisions of the JTB, advices the JTB, State and Local governments on revenue matters and harmonises tax administration in the state.

5. Local Government Revenue Committee: It is established for each Local Government Council in the State. It assesses and collects all taxes, fines, rates under the jurisdiction of the local government.

Episode 4 – What is Tax?

Tax is a monetary charge imposed by the Government on persons, entities, transactions or properties to yield revenue.

It is also a compulsory levy imposed by government on goods, services, income and wealth primarily to obtain revenue.

Tax is never a voluntary payment or a donation. It is enforced and compulsory.

Tax is provided for in the Exclusive and Concurrent Legislative List of the 1999 Constitution.
Local governments also collect all levies and rates within their jurisdiction.

Tax can be direct or indirect.
Direct Taxes are imposed directly on Taxpayer and his property while Indirect taxes are paid by a person different from the person who created the obligation to pay the tax.

Taxes on Individuals in Nigeria:

1. Personal Income Tax
2. Development levy

Corporate Entities:

1. Companies Income Tax
2 Petroleum Profits Tax
3. Tertiary Education Tax
4. Technology Tax

On Transactions:

1. Capital Gains Tax
2. Value Added Tax
3. Stamp Duty
4. Excise Duty
5. Import Duty
6. Export Duty

On Assets:

1. Property Tax

These taxes, administration and means of calculation will be discussed in subsequent seasons.

Comments, questions and contributions on any of the Episodes are welcome!

Next week, we will discuss Tax Evasion and Avoidance.

Cheers!
Eniola Akinoso

#TSE
#TaxSeriesbyEniola
#NigeriaForever
http://www.thelegaldiary.com/tax-series-by-eniola-season-i/#comment-134

nwobiebuka:
please what are d chances one have in a law court about an agreement that was unfavourable to one party but the said party signed it out of in ability to comprehend what was penned down. it is clear from the contract that one party drafted such agreement to cheat another. does d aggrieved party have a chance of winning such case?

[b]It all depends on the facts of each case. Generally, parties are bound by their agreement and a party will not be allowed to scuttle out of such especially when it is proved that it was voluntarily entered into. However, there are instances such agreement will be vitiated by fraud, undue influence amongst other factors. If you are able to prove that the contract does not represent the agreement between you guys..why not? In fact, any ambiguity in such agreement will be construed against the party making the ambiguity. Therefore, NOBODY can determine whether ANY case will be won in Court, as it is a 50:50 chances. However, if there is a substantial case to be put forth, one can always try.

Be that as it may, I make bold to tell you that such situations are better settled by Alternative Dispute Resolution Mechanisms such as Meditation. Gentleman agreement, win-win situation, saves energy, saves time, less costly etc. I will therefore advice that you employ Mediation or any other alternative dispute resolution mechanism in settling it. If you need any help concerning this, you can always send me a mail.
Regards.[/b]

*DR. NWOBIKE, SAN SENTENCED TO ONE MONTH'S IMPRISONMENT*
http://www.thelegaldiary.com/nwobike-san-ends-april-2018-with-imprisonment/

All I will say is that not all that glitters is gold and this is a lesson for all of us!  The truth is: most of us are unconvicted convicts; many are just as guilt as Dr. Nwobike, SAN but we consider ourselves saints because we've not been caught. This reminds me of the Battle of Waterloo.

Yes! Mr. Judge that influences the case they assign to his court so he can either conspire with the parties to pervert the course of justice or victimize some lawyers and their clients.

You; Chief Lawyer that's always telling Mr. Judge to meet you at the Club and promising to sponsor his vacation if gives judgement in your favour.

Even you; Aunty Registrar that...

*DR. NWOBIKE, SAN SENTENCED TO ONE MONTH'S IMPRISONMENT*
http://www.thelegaldiary.com/nwobike-san-ends-april-2018-with-imprisonment/

All I will say is that not all that glitters is gold and this is a lesson for all of us!  The truth is: most of us are unconvicted convicts; many are just as guilt as Dr. Nwobike, SAN but we consider ourselves saints because we've not been caught. This reminds me of the Battle of Waterloo.

Yes! Mr. Judge that influences the case they assign to his court so he can either conspire with the parties to pervert the course of justice or victimize some lawyers and their clients.

You; Chief Lawyer that's always telling Mr. Judge to meet you at the Club and promising to sponsor his vacation if gives judgement in your favour.

Even you; Aunty Registrar that...

*DR. NWOBIKE, SAN SENTENCED TO ONE MONTH'S IMPRISONMENT*
http://www.thelegaldiary.com/nwobike-san-ends-april-2018-with-imprisonment/

All I will say is that not all that glitters is gold and this is a lesson for all of us!  The truth is: most of us are unconvicted convicts; many are just as guilt as Dr. Nwobike, SAN but we consider ourselves saints because we've not been caught. This reminds me of the Battle of Waterloo.

Yes! Mr. Judge that influences the case they assign to his court so he can either conspire with the parties to pervert the course of justice or victimize some lawyers and their clients.

You; Chief Lawyer that's always telling Mr. Judge to meet you at the Club and promising to sponsor his vacation if gives judgement in your favour.

Even you; Aunty Registrar that...

*DR. NWOBIKE, SAN SENTENCED TO ONE MONTH'S IMPRISONMENT*
http://www.thelegaldiary.com/nwobike-san-ends-april-2018-with-imprisonment/

All I will say is that not all that glitters is gold and this is a lesson for all of us!  The truth is: most of us are unconvicted convicts; many are just as guilt as Dr. Nwobike, SAN but we consider ourselves saints because we've not been caught. This reminds me of the Battle of Waterloo.

Yes! Mr. Judge that influences the case they assign to his court so he can either conspire with the parties to pervert the course of justice or victimize some lawyers and their clients.

You; Chief Lawyer that's always telling Mr. Judge to meet you at the Club and promising to sponsor his vacation if gives judgement in your favour.

Even you; Aunty Registrar that...

*DR. NWOBIKE, SAN SENTENCED TO ONE MONTH'S IMPRISONMENT*
http://www.thelegaldiary.com/nwobike-san-ends-april-2018-with-imprisonment/

All I will say is that not all that glitters is gold and this is a lesson for all of us!  The truth is: most of us are unconvicted convicts; many are just as guilt as Dr. Nwobike, SAN but we consider ourselves saints because we've not been caught. This reminds me of the Battle of Waterloo.

Yes! Mr. Judge that influences the case they assign to his court so he can either conspire with the parties to pervert the course of justice or victimize some lawyers and their clients.

You; Chief Lawyer that's always telling Mr. Judge to meet you at the Club and promising to sponsor his vacation if gives judgement in your favour.

Even you; Aunty Registrar that...

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IT'S FREE!

DOWNLOAD VENIMUS 2017: SELECTED LEGAL COMMENTARIES

JUST CLICK FREE PURCHASE

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FOLLOW TAX SERIES BY ENIOLA AKINOSO ON THELEGALDIARY.COM
*A hearty congratulations, dear reader, you not only steadily pay a Federal tax called Value Added Tax (VAT), as the final consumer/buyer, you bear the burden of the tax to a large extent. CHECK HOW YOU PAY*

http://www.thelegaldiary.com/tax-series-by-eniola-akinoso-season-4/

How does that affect the price of garri in the market?

Ok

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*CALL FOR VOLUNTEERS!!!*
Do you have some time to spare? Have you got some creativity? Are you inclined towards service to humanity? Are you legally minded?

Volunteers are required at *THE LEGAL DIARY* as Contributors, Editors, Web Administrators, Social Media Handlers, Graphics Designers and Cartoonists.

*THE LEGAL DIARY* is an online platform that seeks to educate people on their legal rights and duties by employing creative means. It involves relaying the Legal stories of people and proffering Legal advice as much as possible. This can be in form of decided cases, fresh briefs or even hypothetical cases you can learn from. All these can be accessed on www.thelegaldiary.com, Instagram, Facebook, Twitter, Nairaland amongst other social media.

*ROLES*
*Contributors*- shall be responsible for writing and submitting contents bordering on legal issues composed in a creative and simple manner that can sustain the interest of laymen.

*Editors*- shall be responsible for editing the contents submitted by the contributors.

*Administrators*– shall be responsible for overall running of the website and have complete power over posts, pages, plugins, comments, choice of themes, imports, settings, assign user roles.

*Social Media Managers* – shall be responsible for developing a social media strategy and setting goals to increase brand awareness and increase engagement; managing all social media channels such as Facebook, Twitter, Pinterest, Google + and Instagram; planning content and delivery; write engaging blog posts and articles asides from the regular content; creating engaging multimedia content such as videos, and/or outsourcing this effectively;
forming key relationships with influencers across the social media platforms; managing and facilitating social media communities by responding to social media posts and developing discussions.

*Graphics Designer* - shall be responsible for working with other volunteers to formulate and pitch concepts to effectively educate readers, developing, designing and producing graphic art that satisfies a creative legal brief, proficiency in programs such as Adobe Illustrator, Photoshop and InDesign as well as Knowledge of typography, color and production.

*Cartoonists* – shall be responsible for communicating and interpreting legal ideas through hand-drawn or computer aided graphics; conveying legal stories, reflecting public opinion, and providing social commentary by creating illustrations for the website and other social media, sketching and submitting cartoons or artistic images to other volunteers for review or approval, as the case many be.

Interested persons should send a mail to thelegaldiary@gmail.com with the following details:
1. Full Name
2. Phone number
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7. Samples of work (If available)
8. A short bio (Less than 300 words)
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@punchnewspapers My notice was drawn to this grave mistake today. I am Joseph Jagunmolu Ogunmodede and not Tolulope Ogunmodede as reported above. The Punch Newspaper and other Media outlets should take note. The Punch of all newspapers? Tell them they should always do their research well and get their facts correctly. In short, the name contained in Page 35 of The Punch titled "Graduate Breaks First Class Jinx at UI History Dept" by Punch Correspondence Olufemi Atoyebi is incorrect. I humbly urge all press men to do due diligence in gathering their facts. Besides, the name was contained in the Order of Proceedings.

The Punch Newspaper which used to be my best newspaper just lost my respect!

Premium Times Reported it correctly : https://www.premiumtimesng.com/regional/ssouth-west/249303-i-emerged-best-graduating-law-student-nigerias-premier-university.html

cosby02:
lol... Meanwhile, it takes a lawyer to charge and bail, a professor in your field cannot charge and bail.

Exactly my point too. People should read this. http://www.thelegaldiary.com/what-is-wrong-with-charge-and-bail-by-ogunmodede-joseph-jagun-lawyard/

comshots:
Charge-and-bail liewyers.To get admission into the law school is by connection.No wonder we have them quacks.

what are you said? Stop saying rubbish with confidence; get understanding from this link. http://www.thelegaldiary.com/what-is-wrong-with-charge-and-bail-by-ogunmodede-joseph-jagun-lawyard/

Good news!

Nice!

The Legal Diary celebrate HRM. http://www.thelegaldiary.com/