TAXATION OF ISLAMIC FINANCE IN NIGERIA: THE INTEGRATION OF ISLAMIC TAX SYSTEM AND THE CHALLENGE OF ROBUST FRAMEWORK
Nigeria operates federal system of government whereby
conventional system of financing is accommodated in its
legislations as a result of British colonization. In the
taxation of Islamic financial products, the disparity in
principles that exist between the conventional financial
system and Islamic financial system on the tax regimes as
it relates to treatment of interest is a fundamental issue for
tax purposes. This paper examined taxation of Islamic
finance in Nigeria whereby looked at the integration of
Islamic tax system and challenge of robust framework. The
paper used doctrinal research method whereby primary and
secondary sources of materials were examined for the
study. The paper found that the existing framework for
taxation of Islamic financial products in Nigeria is
insufficient; and even the administrative body is not
capable of proper administration of the Islamic tax system.
Therefore, the paper recommends for a parallel legal
framework for the taxation of Islamic financial institutions
in Nigeria; and a different administrative body. The paper
also recommends for scholarly view (fatwa) on the Zakat
payment on monthly income of employees from public and
private employment as obtainable in Malaysia.
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