CHAPTER ONE
HISTORY OF DEVELOPMENT
In Nigeria their so many form of taxation dating back of the days of our great ground father whose by communities dated themselves through communal labour to prosecute community projects. Taxation is process on machinery by which group or communities made contribution from their income in some agree amount and method for the purpose providing amentias for the society. It is because of this it I often referred to as civic responsibility. It is important to note that the present tax has in Nigeria was been out of the Rouseman’s Commission of inquiry of last. But before that, we only had what was called the income tax ordinance for the colonies and which was very similar Raismars recombine nature was the basis for providing in section to, subsection of the Nigeria prospects for reform (Anarticle published in Business Time on May 20, 1786). Taxation can be divided in two basic profiles we have the direct taxation sand indirect tax is based on ascertainment of income rather on individual a group of individuals co-operate bodies and institution under this was have personal income tax and company income tax. The personal income is one which of individual is assessed and resident by the state on those individual resident in the state, which the companies income tax is cleared on corporate bodies is the responsibility of federal government through the federal board of inland revenue indirect taxation is lived on consumption of goods or services and each of consumption. In various countries, various government rely heartily on taxation on as in aid to encouraging capital formation policy. In a developing economy, tax may be collected strutted in such way that the high may be collected and even raise revenue for the economy of the country.
Taxes are one of the major sources or revenue for all government in Nigeria. The taxes collected income back to the tax payer in the form of social amenities, like building as school, hospital.
Nigeria tax is an assessment imposed by the State of Federal Government to enable them provide service for Nigeria citizens present day tax administration in Nigeria is guided by the following Act Decree:
1. Income tax management Act (ITNIA) 1961. This governs the taxation of individual. (Individuals, trustees, executors, partnership and families) the Act was amended by the finance (miscellaneous taxation provision) Decree 1986,1983,1990,1992, 1994 and 1996.
2. Company Income Tax act (CTA) 1979, this registered companies. It also suffered some amendments.
3. Petroleum Profit Tax Act (PPTA), 1959 as amended this Act regulates the assessment and collection of petroleum. Tax payable by entries that engage in the secretion and sale of petroleum oil in Nigeria.
4. Capital Gains Decrees (CGD), 1976, this was introduced by Decree 44 of 1967. it takes care of gain accruing to any person on or after 1st of April 1967 on the disposal of fiscal assets.
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