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November 17, 2012
Non-Interest Banking In Nigeria: Tax Issues (I)
source : Leadership.ng
The storm surrounding the accounting entry of Non-Interest Banking (NIB) commonly called Islamic banking is gradually settling down and it is serious to begin to exhume the challenges that might crop up in its operations with particular reference to the taxation of the sub-sector by the applicable tax authorities, especially the setting of standards for the type of taxes that apply and that are to be collected from the transactions.
As the name implies, Non-Interest Banking (NIB) is a establishment of financial services that provide unique services in accordance with Islamic religious jurisprudence and Sharia teaching and fully regulated by the relevant regulatory authorities as provided for in sections 9, 23 and 52 of the Banks and other financial Institution Act (BOFIA) 1991 as amended.
The CBN is empowered by law, to push through licenses to appropriate entities for the establishment of non-interest banks provided they meet the regulatory requirements.
Read to a greater extent at : http://leadership.ng/nga/isaac_amuire/40226/2012/11/16/noninterest_banking_nigeria_tax_issues_i.html
Written by Editor Leave a Comment Posted in Uncategorized Tagged with nigeria, nigeria islamic bankinig, nigeria islamic finance, nigerial islamic finance education, nigerial islamic funds, nigerial islamic insurance, nigerial tax issues November 7, 2012
Maldives : capital of the United States Market authorization and Islamic Ministry unite to promote Islamic finance
The Maldives Capital Market Development Authority (CDMA) has signed a enumeration of understanding...If you want to get a full essay, order it on our website: Orderessay
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