Are tax matters arbitrable in Nigeria?

Are tax matters arbitrable in Nigeria?

Tax disputes are currently not arbitrable in Nigeria in the light of the Court of Appeal decisions. The rationale for the pronouncements on non-arbitrability needs further consideration.

Can tax disputes be arbitrated?

However, in the event that the authorities do not reach an agreement within two years, the unresolved issue may be submitted to arbitration at the request of the taxpayer.

What is arbitration in income tax?

The settlement of tax disputes through arbitration was formally adopted by the European Union as a dispute resolution mechanism in the event the matter remains unresolved through the mutual agreement procedure specifically involving transfer pricing related disputes.

What are tax disputes?

Tax Dispute means any contention by a Tax authority (including by way of the issuance of any assessment or correspondence) that a liability to Tax may arise or that a Tax Relief may not be available; Sample 2.

What are the powers of Federal Inland Revenue Service?

The Federal Inland Revenue Service is responsible for assessing, collecting and accounting for all taxes and other revenues accruing to the Federal Government or any of its agencies.

What is tax multiplicity?

exclusive division of fiscal powers has led to a multiplicity of indirect taxes in the country. In addition, central sales tax (CST) is levied on inter-state sale of goods by the Central Government, but is collected. and retained by exporting states. Further, many states levy an entry tax on goods in local areas.

Is arbitration award taxable?

28 crores as settlement through an arbitration award and the same shall be treated as business income of the assessee. …

How do you resolve a tax dispute?

Resolve Tax Disputes

1. Taxpayer Advocate Service (TAS) – This free service helps you resolve tax problems.
2. Low-Income Taxpayer Clinics (LITCs) – Contact a local LITC for free or low-cost services.
3. Office of Appeals – This independent organization within the IRS helps resolve your tax disputes without going to tax court.

Can I appeal my tax return?

After considering an appeal and determining that Appeals is the place for you, you may request an appeal by filing a written protest. Complete your protest and mail it to the IRS address on the letter that explains your appeal rights.

What are the types of taxes in Nigeria?

Types Of Taxes In Nigeria

• Companies Income Taxes (CIT) CIT is one of the major types of taxes collected by FIRS.
• Value Added Taxes (VAT)
• Withholding Taxes (WHT)
• Petroleum Profits Taxes (PPT)
• Personal Income Taxes (PIT)
• Stamp Duties (SD)
• Capital Gains Taxes (CGT)
• National Information Technology Development Levy (NITDL)

How many taxpayers do we have in firs?

41 million taxpayers
FIRS: Nigeria now has 41 million taxpayers — but revenue generation still low.

What is cascading tax effect?

Meaning of cascading effect of tax Cascading effect is when there is a tax on tax levied on a product at every step of the sale. The tax is levied on a value that includes tax paid by the previous buyer, thus, making the end consumer pay “tax on already paid tax”.

How often does arbitration take place in Nigeria?

Domestic arbitration is thriving, and numerous disputes are settled by arbitration every year. International arbitration however has gained little traction. Even where disputes with an international flavor arise out of contracts executed and carried out in Nigeria, parties tend to choose seats and arbitrators outside the country.

What kind of disputes can arbitration be used for?

Arbitration can however only be used in commercial disputes. Therefore, disputes bordering on tax, crime, matrimonial, rape, labour related issues amongst others are not subject to arbitration.

Is there review mechanism for decisions on jurisdiction in Nigeria?

Absence of review mechanism for decisions on jurisdiction – in Section 12 of the ACA, Nigeria omitted the portion of Article 16 (3) of the Model Law which allows parties to seek review of a decision on jurisdiction made as a preliminary question and says that a decision upon such review shall be subject to no appeal.

What do investors look for in an arbitration system?

What many of these investors look out for is a dispute settlement mechanism that allows for disputes to be settled effectively and speedily by an efficient and impartial arbiter so that their business relationships can continue.