Nigerian Tax law, in line with best global practice is purely statutory. Therefore, main domestic sources of tax law are primary legislation, such as acts or laws, and secondary legislation (interpretation of tax laws) such as rulings, decisions, circulars, orders, etc.

Are tax advisors regulated?

One in three tax advisers are not regulated by a professional body, according to research commissioned by HM Revenue & Customs (HMRC). The Government recommends that tax agents comply with the Professional Conduct in Relation to Taxation (PCRT), which is written by the largest accountancy and tax professional bodies.

Who regulates tax consultants?

Although HMRC has no regulatory powers over tax agents, a catch-all which includes accountants, bookkeepers and tax advisers, the government strongly recommends that tax agents adhere to the Professional Conduct in Relation to Taxation (PCRT), which was tightened up in 2016 following efforts to clamp down on the abuse …

What are the tax rules for real estate professionals?

If a taxpayer qualifies as a real estate professional, however, the passive activity loss rules do not apply and losses from rental real estate activities are deductible against nonpassive income such as wages or Schedule C income (Secs. 469 (a), (c) (2), and (c) (7)).

How does profession tax work in each state?

As this tax is a state subject, the rate of profession tax varies from one state to another. While some states might charge it as a percentage value, other states tend to charge it as a fixed amount based on income slabs.

How much tax can be deducted as profession tax?

The employer needs to get a Certificate of Registration from the concerned authority to be able to deposit the deducted profession tax. A maximum of Rs. 2,500 can be levied as professional tax on any person per financial year.

Who are exempt from paying the professional tax?

The following individuals are exempt from paying professional tax: 1 Parents or guardians of children with a mental disability or permanent disability 2 An individual suffering from a permanent physical disability including blindness 3 Any individual of above 65 years