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Nigerian labour law looks into the rights, working conditions, minimum wage, termination clauses, and many other rules set by the government of Nigeria. The current version of the act was put into place in 2004, five years after their current constitution was established. [1] A group of men in Africa ploughing with oxen.
Tax deduction at source (TDS) has come into existence with the motive of collecting tax from different sources of income. As per this concept, a person (Payer) who is responsible to make payment of specified nature to any other person (Payee) shall deduct tax at source before making payment to such person (Payee) and remit the same into the account of the Central Government.
Statutorily and administratively, the FIRS has the responsibility for the assessment, collection and accounting of taxes to the Government: [9] The timely provision and publication of accurate data and annual reports to the Federal Government of Nigeria and other stakeholders to inform national economic planning, academic research, tax policy and development legislation [10]
The Economist Intelligence Unit rated Nigeria a "hybrid regime" in 2019. The federal government, state, and local governments of Nigeria aim to work cooperatively to govern the nation and its people. Nigeria became a member of the British Commonwealth upon its independence from British colonial rule on 1 October 1960.
FY2021-22 was an uneventful year for the New Tax Regime as no new changes were announced except the relaxation of Income Tax filing for senior citizens over 75 years. [26] The government's tax policy for the near future was clearly outlined which indicated that all tax breaks will be gradually eliminated while maintaining a low tax rate.
He accepted the establishment of a new Nigeria Labour Congress, on the condition that the approximately 1,500 affiliated unions were restructured into 42 industrial unions, plus 19 unions representing senior staff. [2] [3] In 1978, the Nigeria Labour Congress was established, with the 42 industrial unions affiliated.
Change in per capita GDP of Nigeria, 1950–2018. Figures are inflation-adjusted to 2011 International Geary-Khamis dollars. The economy of Nigeria is a middle-income, mixed economy and emerging market [27] [28] with expanding manufacturing, financial, service, communications, technology, and entertainment sectors.
On 12 June 2016, online enrolment for N-Power Batch A beneficiaries commenced on the online registration portal. [7] The portal for registration was supposed to close on 25 July 2016, but was extended till 31 August 2016, allowing a total of 350,000 Nigerians to apply.