TYPES OF TAX

TYPES OF TAX

Tax according to AGYEI (1983:3) and OKEKE (1994:259) is generally grouped into DIRECT AND INDIRECT TAX. Tax is also classified as proportion, progression and regressive tax.

He (AGYEI) West further to define DIRECT TAX as those taxes levied on factor of production, in world this consist of the following.
a. Personal income tax

b. Companies income tax

c. Petroleum profit tax

d. Capital gain tax

e. Capital transfer tax

f. General property tax

g. Expenditure tax

h. Stamp duties

i. Poll tax

j. Gift tax

k. Estate duties and inheritance/death duties

l. Capitation tax: Some of these taxes are not levied in Nigeria and Africa as a whole, the ones levied in Nigeria include.

a. Personal income tax (payee)

b. Companies income tax

c. Capital gains tax

d. Capital transfer tax

e. Sales tax and petroleum

f. Profit tax and so on Nigeria accountant (1993:2)

He also mentioned that INDIRECT TAX are those tax levied against goods and services, example of these in Nigeria include the followings.

a. Sales tax

b. Import duties

c. Export duties

d. Excise duties

e. Purchase tax

f. Value added tax (VAT)