Companies income tax act 2004 pdf

Maltese companies are subject to tax at the rate of 35% on their world wide income and capital gains. As part of the efforts of the federal inland revenue service firs to promote voluntary tax compliance among taxpayers, by providing. This act may be cited as the income tax act, 2004, and shall come into operation on the 1st july, 2004. An examination of the laws on tax reliefs and exemption in. To provide for the incorporation, management and liquidation of companies.

C21, laws of the federation of nigeria, 2004 as amended to date. Minimum tax section 33 of companies income tax act cita cap c21 lfn, 2004 as emended. The companies income tax act in this act referred to as the principal act. More cita 2004, companies income tax act, cap c21, laws of the federation of nigeria 2004 cita.

Highlights of companies income tax c it cit is governed by companies income tax act c ita, cap c21, lfn 2004 as amended cit is a tax imposed on profit of a company from all sources the rate of tax is 30% of total profit of a company some profits are exempted from cit provided they are not derived from trade or. And for related matters 16th day of april, 2007 enactid by the national assembly of the federal republic of nigeria 1. Boards power to assess and charge on turnover of trade or business. It provides among other things for taxes and levies collected by federal inland revenue services firs such as petroleum profits tax ppt, companies income tax cit, value added tax vat, personal income tax pit for nonresidents, members of armed forces, police. Central area integrated tax office, technical session ican study pack 2009. Companies act 28 of 2004 gg 3362 brought into force on 1 november 2010 by gn 1722010 gg 4536 as amended by companies amendment act 9 of 2007 gg 3969 brought into force on 1 november 2010 by gn 2372010 gg 4595. Income tax act 21 of 1995 income t ax act 36 of 1996. This bill is to among other things amend the following tax provisions and make them more responsive to the tax reform policies of the federal government and enhance their implementation and effectiveness. Establishment and constitution of the board 1 there shall continue to be a board of which the official name shall be the. This act may be cited as the american jobs creation act of 2004. Income tax act 58 of 1962 south african government. In this act, unless the context requires otherwise adjusted assessment means an assessment adjusted in accordance. The income tax act, 2004 arrangement of sections section title part i preliminary 1. Accounts complying with banks and financial institutions act.

Sixth schedule warrant and authority to enter premises, offices, etc. Company may establish employees profitsharing plan. General legal forms association with incorporated trustees an association of persons, which appoints one or more. Capital gains on purchase by company of its own shares or. Income tax act 2004 no 35 as at 23 march 2020, public act. Cita 2004, companies income tax act, cap c21, laws of the. Payment of minimum tax by lossmaking companies or companies whose tax calculation show no tax payable. The first major amendment to the income tax law since 1979. Personal income tax act 2004 personal income tax amendment act 2011 money laundering prohibition act 2011 prevention of terrorism act pta 2011 companies income tax exemption of profits order 2012 iii. This act may be cited as the income tax act, 2004, and shall. This act may be cited as the international business companies act. By taiwo oyedele the personal income tax amendment act 2011 was officially gazetted on tuesday 31 january 2012 with an effective date of 14 june 2011.

Note changes authorised by subpart 2 of part 2 of the legislation act 2012 have been made in this reprint. No fewer than 41 clauses, including amendments to cap. The tax is governed by the petroleum profits tax act, cap p lfn 2004 as amended. Companies act 28 of 2004 gg 3362 brought into force on.

Thank you for reading this post, if you have found it useful please share with your network using one of the share buttons below. Malta grants various fiscal incentives to both companies and their shareholders upon distribution of a dividend. Scope of the act companies in nigeria are generally taxed under the companies income tax act, 1990 while those engaged in petroleum operations are taxed specifically under the ppta. Corporate taxation in malta act malta company act malta. This law makes provisions for the taxation of companies in nigeria.

Part iii income tax base division i calculating the income tax base subdivision a total income 5. You can read the full provisions of the act here companies income tax act cap. Companies income tax act an act to consolidate the provisions of the companies income tax act 1961 and to make other provisions relating thereto. Personal income tax act arrangement of sections part i imposition of tax and income chargeable section 1. Offences by directors of companies required to have financial statements audited. This act may be cited as the income tax amendment act 2014, and commences on the pt day of july 2014.

Note on maternity leave pay tax deduction section 11 of the maternity protection act, ch. Allowance of trade loss to gold or diamond mining companies. Charge of tax 1 subject to the provisions of this act, the tax shall, for each year of assessment. Except as otherwise expressly provided, whenever in this act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a. Download companies income tax act, lfn 2004 eclinicq. Click here to download companies income tax act, lfn 2004.