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The United States has a progressive tax system, which means that tax rates will definitely increase as income increases. If you’re planning a longer trip to the US, you should be familiar with the...
Several characteristics can be used to describe the Nigerian market. Markets are referred to as souks, bazaars, shops, arcades, fairs, and flea markets. It is, by definition, an event when people get together to...
This page gives you pertinent information regarding the various state tax systems in Nigeria. However, every country’s progress and citizens’ satisfaction are largely dependent on how much money the government can raise. This will...
Tax exemption refers to a legal amount that can be deducted from income or profit that would otherwise be taxed. There are good number of things that are explicitly excluded from tax in Nigeria....
In this article, we will look at the comprehensive list of taxes that apply in Nigeria. Taxes are mandatory monetary levies imposed by a government organization on an individual or a legally established corporation...
From underdevelopment to lack of proper infrastructures, these and many others are the significant economic problems facing Nigeria as a country. With the country having the largest economy in the African continent, the image...
A bank account is the arrangement made with a bank which enables one to deposit and withdraw money and in some cases, be paid some interest. There are basically three types of bank accounts...
Wages are rewards paid for the services of labour. That is to say, the amount paid to labour for the services it rendered during production. Types of Wages 1. Nominal Wages Nominal wages, also...
Collecting taxes are one of the ways government generates revenue for carrying out it assignments. People in the developed world know the importance of taxes and take it upon themselves to pay. For those...
Indirect Taxes are taxes levied on locally made, imported and exported goods and services. These taxes imposed on goods and services are layer on transferred to consumers in form of high prices, and this...
There are two major forms of tax. Direct and Indirect taxes. Direct tax is collected directly from individuals and profits of companies. The profit of direct tax is borne by the payers. Types of...
Reasons For The Imposition of taxes by The government There are various reasons for the imposition of taxes by the government and we shall look at each reason as outlined below. 1. General Administrative...
Tax may be defined as a compulsory contribution contribution imposed by a government authority on goods, individuals, corporate bodies, etc, irrespective of the exact amount of services rendered to the tax payer in return,...
Every society irrespective of the type of economic system adopted; whether capitalism or socialism, is faced with the following basic fundamental economic problems: What To Produce Every society is faced with the first problem...
A budget may be defined as a financial statement of the total estimated revenue and the proposed expenditure of a government in a given period, usually a year. Types of Budget 1. Balanced Budget ...