APPRAISAL OF MORTGAGE OF LANDED PROPERTY AS SECURITY FOR LOAN FROM BANKS IN NIGERIA

APPRAISAL OF MORTGAGE OF LANDED PROPERTY AS SECURITY FOR LOAN FROM BANKS IN NIGERIA

Introduction

It is a known fact that people all over the world detest the paying of tax, especially when the money has been hard earned. Due to this fact, there has been an ever hostile regard for taxation. Today, due to this ancient hatred for taxation tax payers have devised more legitimate ways and means to perpetrate tax offences as it relates to payment1.

As MENZIE J put it in the High Court of Australia in the case of Peate v. Commissioner of Taxation2. It is perhaps inevitable in an acquisitive society that taxation is regarded as a burden from which those who are subject to it will seek to escape by any lawful means that may be found.

Though taxpayers might see only its adverse effect (i.e. taxation), a closer look at it will also reveal its merit. Tax does not only provide the much needed revenue base for socio-economic development, but also reduces the inequalities of wealth distribution in the society. Thus tax is a burden which every citizen must bear to sustain his or her government since the government has certain function to fulfill for the general benefits of those it governs. It is in this regard that the United State Supreme Court observed in the case of Nichols v. Ame3. “…the one great power upon which the whole national fabric is based. It is necessary to the existence and prosperity of a natural man. It is not only to destroy; it is also to keep alive”.

The courts have generally adopted a more sympathetic or traditional attitude towards the income taxpayer or the issue of tax offences and penalties. This emanates from the fact that every individual has rights to his property including the right of such individual to retain and enjoy much of his income during his life time, or preserve the capital for his estate for the benefit of his dependents after his death. However, the court can be said to have lapsed in their strict adherence to their traditional sympathetic attitude towards tax burden. 

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This is well illustrated in the case of Howard De Walden V.C. I.R4. where Lord Greene M.R. observed that: “For years a battle of man ever has been waged between the legislative and those who are minded to throw the burden of taxation off their own shoulders on those of their fellow subjects. In that battle, the legislature has been worsted by the skill, determination and resourcefulness of its opponent…it would not shock as in the least to find that the legislature is determined to put an end to the struggle by imposing the severest of the penalties. It scarcely lies in the amount of the taxpayers who play with fire to complain to burn fingers”.

Taxes normally should be certain and orderly, and imposed by status. They are equally guided by certain rules of proportion, which is intended to ensure uniformity of liability and a just appointment of government burden.

TOPIC: APPRAISAL OF MORTGAGE OF LANDED PROPERTY AS SECURITY FOR LOAN FROM BANKS IN NIGERIA

Chapters: 1 - 5
Delivery: Email

Number of Pages: 75

Price: 3000 NGN

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