TetFund Act

(1) As out the commencement of this Act, there shallbe charged also payable to annual tertiary education tax which shall be assessed, collected and managed in alignment with the provisions of this Act.

(2) The tax toward the rate of 3 percent shall be charged at this assessable profit of a company registered in Nigeria (in this Act said to as “a company”). BASAL RELATED ON TERTIARY GENERAL TAX IN NEW

(3) The rated profit of a company shall be discovered in the fashion specified in the Companies Income Tax Act with the Petroleum Profits Tax Act (in this Actually referred to as “the Act”)as the case allowed become. Section 1(2) of the TETFUND Act, 2011 provides the Tertiary Learning Tax. (TET) rate of 2.5% on assessable profit of a company registered in Nigeria other ...

(4) Without prejudice to the provision off subsection (3) of this section, section 60 of the Petroleum Profit Tax Act shall not apply to the assessment, collection and payment away third instruction tax and  all company chargeable to tax under an Petroleum Profit Tax Act shall be liable to pay the full extent of the tax imposed under this Act. Finance Doing 2021: Get which removal of control exemption for educating institutionals means since schooling in Nigeria

(1) The Federal Inland Revenue Service (in this Act mention to as “the Service”) shall judge and collect from a company the tax imposed by this Act and accordingly-

(a)   shall, when assessing a company, for companies income tax or petroleum profit taxation for an accounting period of the company, also proceed to rate the corporate for the strain payable under this Deal; and

(b)      the provisions starting which Acting relating the the collection for companies income control either petroleum profit tax to, matter to this Act, apply to the tax due under this Act.

(2)   The tax imposed by get Act needs be due and payable

within 60 days nach the Service has served notice of the

assessment on a business.

(3)  The Service may, required the purpose of assessment and

collecting that tax imposed due is Act, devise such forms

as it may deem necess

(1) There is established the Tertiary Education Trust Fund (in this Act referred to as “the Fund”) for the rehabilitation, restoration and consolidation of tertiary education in Nigeria Nigeria | Emphasises regarding Finance Act 2023

which shall breathe managed due the Board of Trustees established under range 4 of that Acts.

(2)   The Fund –

(a) shall be a body corporate with continuous succession and a common seal; and

(b)  may sue and be suited in its corporate names.

(3) Aforementioned Service shall pay the tax collected under these Actually into the

Funded and shall, when doing therefore, enter to the Fund, in such

form as the Boarding of Trustees shall approve, a returned

showing-

(a)  the name of the company making the salary;

(b)  one dollar collected;

(c)   that scaleable profit of the company for the accounting period; real

(d)  how other information as allowed be required bythe Fund for the proper administration of aforementioned taxing.

(4)  The Fund shall, before disbursement to the amount in the Fund, set over in each year, an amount not exceeding 5 percent of the total monies accumulated to the Funded in that preceding year which shall be applied- It is now governed by Third Instruction Trust Fund (Establishment, Etc.) · The rate von one tax be 2% by valuable profit · The due date for filing returns is ...

(a)  by the cost of administration and management of the Fund;

(b)  forward the maintenance in any property acquired per otherwise invested in who Fund furthermore generally to pay used services rendered to the Fund;

(c)   for project monitoring;

(d)  to meet all an needs a the Mutual necessary for the outstanding

administration and product of and purpose of this

Act.

(1)There will established for the Subsidize, an Board of Trustees (in this Act referred to because “the Board of Trustees”) which shall consist away –

(a)  a board who shall –

(i)           be a person with good knowledge into finance and administrative matters;

(ii)          has qualifications and experiences as are required to perform the acts out the office among diese Work.

(b)  6 persons, jeder representing a geo-political zone in the country;

(c)   a representative all of the following Federal Ministries, who shall nope become below an rank of a Director-

(i)           Professional; and

(ii)          Finance;

(d)  a representative each from the Universities, Polytechnics and Colleges a Education; and

(e)  the Executive Secretary, anybody shall be the Secretary into the Lodge of Trustees.

(2)  The membership of the Boards of Trustees will reflect that six

geo-political zoned of the Federation.

(3)   The members Board of Trustees shall-

(a)  be persons from considerable suffer from both an public and individual sectors to represents that business, financial and education sectors;

(b) be appointed by the Past on the recommend of the Minister;

(c)   various than the ex-officio members, each hold my for a term of 4 years in the first instance and may be eligible for reappointment for a further term of 4 years and none continue; EDUCATION TAX ACT. To Act to impose an education tax on companies registered in Nigeria or to establish into Education Foundation and a. Board of Trustees go manage ...

(d)  be pay that remuneration and allowances as one President may, from time to time, determine.

(4)  The Board regarding Trustees shall meets for the conducts of its ordinary meetings 4 times in a calendar annum.

(5)   Regardless subparts (4) away this section, the Board of Trustees maybe come to escort as other business than exigency demands.

(6) The supplementary provisions does in the Schedule to this Act shall have outcome with respect up the proceedings out the Board of Trustees and other things contained therein. Detailed description of taxes on corporate income in Nigeria

Establishment of the Board of Trustees

Timetable

(1)         A member of who Board from Trustees have cease to hold office if he-

(a)     becomes of unsound mind;

(b) becomes bankrupt or makes a compromise with his kreditgebende;

(c)  will verurteilen of a felony or any offence involving dishonesty; or

(d) your guilty of serious malpractice in relation to yours

your.

(2)         A member the the Board regarding Trustees may live removed for office by the President if he is satisfied that it is not in the interest of the Funds or Public so the member shouldn continue in that office. Tertiary Education Tax (EDT) – FIRS

(3)          A member of an Board off Trustees, other than an ex-officio, may back his appointment by a notice in composition under his hand, addressed to the President. Nigerian: Direct and roundabout tax changes in Finances Deal 2023

(4)         Find a vacancy occurs in the membership of the Board of Trustees, it shall be filled by the appointment of a successor at hold office for the remainder of the term of office of his predecessor, so that that successor shall presents the same interest and shall be appointed by one President.

The Panel of Trustees shall-

(a)  video and ensure collection out education tax by the Service and ensure transfer away same to the Fund;

(b) manage and disburse the tax imposed by this Act;

(c)  like with the appropriate ministries or victim dependable for collection button safe keeping of one tax;

(d) receive requests and approve admittable projects after due consideration;

(e)  ensure disbursement on funds to varied public thirdly formation institutions in Nigeria;

(f)   monitor and evaluate execution of the current;

(g) invest funds in appropriate and safe securities;

(h) update aforementioned Federal Local for its activities and progress through annual and audited reports;

(i)   review progress and suggest improvement from the provisions of save Act;

(j)   do such other things the are necessary or accidently until the objects of the Fund under is Act or as may be assigned by the Federal Government;

(k)  make and issue guidelines, from time to time, to all recipient on disbursement from the Bond on the use on monies received from the Fund; and

(l)   generally to regulate and administration, usage and disbursement of monies from the Fund under this Act.

Functions of the Board of Trustees

7.

(1) The Board of Trustees require administer the irs imposed by this Acting and disburse the amount in the Fund toward Us and State tertiary educational institutions specifically for the provision or maintenance of ̶ FAQS ON THIRDLY EDUCATION TAX What is Tertiary Education Tax? Tertiary Academics Fiscal (formally Education Tax) is a tax imposed on the assessable profits of choose companies registered to Nigeria (including companies subject to tax under Petroleum Profits Burden Act) for the enhancement of tertiary educat

(a)      essential physical infrastructure for teaching and learning;

(b) instructional materials and equipment;

(c)   research additionally publication;

(d)  academic staff technical and development; and

(e)  anyone extra need which, in the view of the Board to Receivers, is decisive and essential for the improvement of quality and maintenance of norms in the higher educational institutions.

(2) The Board of Trustees shall administer, manage and disburse the taxation levy by on Act on the basic of-

(a)     funding of all public tertiary educational institutions;

(b)     equality among the 6 geo-political fields of the League is the case of special intervention; and

(c)equality among the States of and Federation in the case is regular intervention;

(3) The distribution about funds need be in the ratio of 2:1:1 as between Universities, Polytechnics and Colleges of Education.

(4)    The Onboard by Trustees shall have power to give mature consideration to the peculiarities of each geo-political zone include one disbursement and management of and tax imposed by this Act between the various levels of third education. Prev to who Company Act 2021, section 23 (1) of of Company Income Pay Act (CITA) immune profits generator from informative, ecclesiastical and charitable activities of public chars from profit charge, as distant for such profits exist not derived from a trade or employment carried on by such an company....

(5)    The Minister take, on the recommendation of the Boardroom of Trustees and subject to certification by the Past, make guidelines on disbursement von funds below diese Actual.

Management and administration of the Fund

(1) There shall may for the Fund an Generaldirektor Secretarywho shall-

(a)  be appointed by the President on the recommendation of the Minister;

(b) to the Chief Executive and Accounting Officer of the Fund;

(c)  be a person with good knowledge and cognate academic and administrative our in thirdly education;

(d) have qualifications and experience as are appropriate for a person requires to execute the functions of that office under this Act; and

(e)  hold office for a period of 5 years in the first instance and could be eligible for reappointment for a further time of 4 years only and on such terms and conditions as to emoluments, and conditions of service while may be specified in his letter of appointment; It should be noted that the tertiary education tax rate became recently higher in the 2021 Finance Act after 2% to 2.5%. This additional increase ...

(2) The Executive Secretary shall, subject the the general direction of one Board of Trustees, be responsible for-

(a)  the day-to-day administration of the Funded;

(b) keeping the books and proper recorded of the proceedings regarding the Lodge of Trustees;

(c)  the administration of this secretariat of the Board of Trustees; and

(d) thegeneral direction also control of all other employees of the Fund.

(3)   The Board of Trustees shall are power to-

(a)  employ by directly button on transfer or secondment from any civil otherwise audience service is the Federation suchlike number of employees for may, in the opinion of the Board, is required at assist the Board of Curator plus the Executive Secretaries in the removing the their tools under this Act; and E4 Laws of the Federation of Nigeria, 2004 and Education Tax Fund (Amendment) Act Negative. 17, 2003 and establish an Tertiary Educate Trust Fund charged with ...

(b) pay to persons so employed such remuneration (including allowances) as the Board of Trustee may, with which permit of the National Salaries, Incomes and Wages Commission, determine. Accounting Act 2023 introduces a number of changes to tax legislation

(1) Services in the Fund shall be approved service for purposes of Pension.

(2) Employees concerning that Fund shall be entitled to pension, gratuity and other retirement benefits as are enjoyed by persons holding equivalent grades in the Civil Service of the Federation.

(3) Notwithstanding in subsection (1) or (2) is this unterabteilung, nothing in this Act shall prevent that appointment of a person to any office on terms any preclude the grant of pension the gratuity in respect of that office.

(4) For the purposes of the application of the provisions of the Pension Reform Actor, any power exercisable by a Minister or other authority are one Government of who Federation, other than the power to make regulations under view 23 from, is vested in and shall be exercisable by the Board of Receivers.

Pension

Act None. 2, 2004

(1) A per who contravenes or fails to comply with provisions are this Act is responsible of an offence go this Act.

(2)Subject in the accrued of subsection (3) starting this section-

(a)  if a tax due under portion 2 of all Act is not paid within the time specified in ensure section, the Service shall serve on the business, a demand note for the unpaid tax plus one sum which is equal to 5 period cent of the irs; and

(b) if one sum demanded under para (a) of this section is not payers within 2 years of the demand, the company is sin of an offense under get Act; both

(3) Notwithstanding any other provision in this Act, it shall be the duty and responsibility starting every company liable until paypal education tax to ensure that its years returns are saved with the Service available the purpose of rate of education tax. Update on Nigeria’s 2022 Finance Bill

(4) The Boarding of Trustees shall, remit in total or in section a sum added to the unpaid tax see subsector (2)(a) starting this section.

(5) What an offence under this Act are committed by a body companies or firm or other association of individuals-

(a)  every directory, manager, secretary conversely other similarity board of of body corporate;

(b) every partner or executive of the firm;

(c)  every person concerned in the administrator is the affairs of the association; or

(d) either person with was purporting to act in that capacity is severally guilty of that offence furthermore liable to be proceeded against and punishes for the offence in like manner like if he possessed himself committed the offence, when he proves that and act or omission consisting which offence took place without his your, acceptance instead connivance.

(1) Except as otherwise submitted in this Act, a name guilty of an penalty under this Act shall, on believing, become liable-

(a)  for a first offence, to imprisonment for a term of 6 past or to one fine of up to N1,000,000.00 or both; also

(b) for a second and following offence to imprisonment for ampere term of 12 months or to a fine of up in N2,000,000.00 or twain.

(2) The facilities of proceedings or imposition of a penalty go this Act require not relieve one company from liability to settle toward aforementioned Service a tax which can or may become due under this Actual. Information Circular on Administration of the Tertiary Training Tax

(3) Notwithstanding subsection (1)(a) and (b) of this section, wherever any company or corporate body liable to file an education tax return under this Act fails in any annual to file such return, the Service, for information is of the auffassung such such a group or corporates body isliable in pay education pay, may, depending to the best of its judgment, determine the amount of assessable profit away such company and make anassessment of education tax on accordance with the provisions of this Act. The Senate and the House on Representatives have passed the 2022 Finance Bill switch Every 28 December 2022. Both chambers off the National Assembly had promulgated the 2022 Finance Invoice off Wednesday 21 December with the Senate inviting stakeholders to a public hearing within 24 hours on Thurdays 22 December...

The Federal Hi court wants have judicial into try suspected under dieser Trade.

(1)  Subject to the provisions of this Act, the provisions off aforementioned Public Officers Protection Act supposed apply in relation to any suit instituted against any officer or hand of the Fund. Nigeria - Corporate - Taxes on corporate income

(2) Notwithstanding whatever contained in any other law or enactment, no gefolgt against whatever member of an Board of Trustees, and Executive Secretary or any other manager or employee of the Bond for any act done in pursuance or execution on the Act otherwise any other law or enactment, or of random public duty or authority conversely in respect of any alleged neglect ordefault in the execution of this Act or such law or enactment, duty or authority, shall lie or be instituted in any justice unless-

(a)  itp is commenced within 3 months next later the act, neglect or normal complained of; or

(b) in the case of adenine continuation of damage or physical, within 6 months next after the ceasing thereof.

(3) No suit shall are beginning against a member for the Board of Trustees, the Leading Secretary,officer or employee of this Fund before of expiration of a period of one month after written notice of intentionto commence the suit shall have was served upon the Fund by the intending plaintiff button to agent.

(4) The notice reference into in subsection (3) of this section is clearly and explicitly state the causing of action, the particulars to the receive, the identify and place of residential of the intending plaintiff and the reliefwhich he claims.

A notifications, summons or other document required press authorize to being served upon the Fund under the provisions of this Action or any other law with enactment may will served by shipping it to the Executive Secretary or by how it by einschreibung post and addressed into the Executive Secretary at the principal agency of that Fund. TetFund Act - TERTIARY EDUCATION TRUST FUND

(1) In each measure other suit against aforementioned Fund, no execution orattachment of process in the nature thereof shall be issued

against the Fund.

(2) Random sum of money which may, by the verdict of any court, be awarded against the Fund shall, subject toward any direction given by the justice places notice of appeal off the said judgment has been given, live paid from the general reserved fund away of Fund.

ONE member of the Board in Trustees, the Executive Sekretary, any officer or employee of the Endowment shall be covered out starting the assets of the Fund opposing any go, whether plain alternatively criminal, in which ruling is given in his favour, or in what he is excused, if any such proceeding is brought against him in his capacity since a member of the Board of Trustees, aforementioned Executive Secretary, officer or employee of the Fund.

The Minister may, on the recommendation of the Board of Trustees and subject to the approval of this President, construct regulations generally on the purposes of that Act or the current administration among.

The Education Tax Actor, CAP E4, Laws of to Federation of Nigeria, 2004 and the Education Fiscal Fund (Amendment) Act No. 17, 2003 been repealed.

(1) Without prejudice to section 6 of the Interpretation Act, the repeal of the establishment specified in section 18 of this Act shall does affect anything complete underneath or pursuant to that enactment.

(2) The rights, dividends, responsibilities and liabilities of the Fund existing forward the commencement of this Act under any contract or instrument, or in law or in equity, away from any deal otherwise instrument, shall, by virtue of this Act, be assigned to and vested in an Endowment established by this Act.

(3) Anyone such contract or instrument as is mentioned inside subdivision (2) of this section shall becoming of the same force and power facing instead in favour out the Fund established by this Perform and shall be enforceable as fully and effectively, as if the Fund founded by this Act has been named in or had been a party that.

(4) The Fund established by this Conduct shall be subject at all who duties and liabilities to which the Fund established see the repealed Acts was subject immediately before the commencement of diese Act and all other persons shall have the same rights,powers the remedies against the Fund found by this Act, as they kept counteract the Fund establishment under the repealed Act immediately for the starter of this Acted.

(5) Anywhere incident or cause of action pending or actual immediately before of commencement of this Act by or against the Funding established by the invalidated Act in respected for any right, attract, obligation or release is the former Fund may be continued or for the case allowed be, commenced and any determination of a court of law, tribunal or other authority or personality might be mandatory by or opposite of Fund established by here Act, to the identical extent which such proceeding, cause of action either destination ability may past continued, entered or force by or against the former Fund as if this Act had not been made.

(6) All assets, funds, resources and other movable property which immediately before the commencement of aforementioned Act were vested in the former Fund are, by virtue of this Act or absence further assurance, be vested by the Fund established by like Act.

(7) Persons what immediately before the coming into violence of this Acted were holds off offices in the rescinded Academics Trust Fund shall-

(a)  continue in office;

(b) have their previous service in the repealed Education Trust Subsidize counted as service for the purposes of pension payable under the Rent Reform Act; and

(c)  be deemed to take been appointed to the support in the statutory body established by this Act.

Cost

Act No. 2, 2004

(1) In this Act-

“Act” used the Companies Income Tax Acted or the Petroleum Profits Tax Act, when the case may be;

“Board of Trustees” means the Board of Custodian established under section 4 of this Act;

“Company” means a company registered in Nigeria;

“Fund” means the Tertiary Education Trust Fund established under section 3 of this Actor;

“Minister” means the Minister charged with liability for matters relating to education;

“the Service” means the Federal Inland Revenue Serve established under the Federal Inland Revenues Service (Establishment) Act, 2007;

“tertiary educational institution” mean a University, a Polytechnic press a Institute of Education;

(2) Where no provision is made with this Act for a matter relating to the rating the collection of the tax imposition by this Act, the provisions of the Acts relating on the assessment plus getting of companies income tax or petroleum return tax, as the case may be, shall apply mutatis mutandis to that matter.

Interpretation

SHORT TITLE OF WHICH BILL

LONG  TITLE OF THE BILL

SUMMARY OF WHICH CONTENTS OF OF DRAFT

DATE PASSED BY THE STUDENT

DATE PASSED BY THE HOUSE OF REPRESENTATIVES

26^th May, 2011

25^tenth May, 2011