Companies Income Tax Act

ATAX – May 2019 – L3 – Q5a – Double Taxation Reliefs and Credits

State provisions regarding double taxation agreements between Nigeria and another country, as provided in Sections 34 and 35 of the Companies Income Tax Act.

Question

a. State four of the specific provisions of the law as provided in Sections 34 and 35 of the Companies Income Tax Act Cap C2 LFN 2004 (as amended) regarding where there is a double taxation agreement between one country and Nigeria. (2 Marks)

Answer

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Tags: Companies Income Tax Act, Double Taxation, International Taxation, Tax Relief, Tax treaties
Level: Level 3

Topic: Double Taxation Reliefs and Credits

AT – Nov 2022 – L3 – Q6 – Double Taxation Reliefs and Credits

Evaluate whether Singapura PTC Limited, a Singaporean company, qualifies for tax exemption in Nigeria due to the Nigeria-Singapore double taxation agreement (DTA). Outline the benefits available under the DTA to Singaporean residents and identify scenarios where the company would still be liable for tax in Nigeria.

Question

Singapura PTC Limited, a company registered in Singapore, derived various income streams from Nigeria in 2021. Following this, the Nigerian tax office issued an assessment based on the Companies Income Tax Act, prompting Singapura PTC Limited to request an objection. The company claims that, as a Singapore resident, it should not be liable for Nigerian taxes due to the double taxation agreement between Nigeria and Singapore.

Required:

Do you agree with the company, that its residence in Singapore qualifies it for tax exemption in Nigeria?
(5 Marks)
What are the benefits that may be available to a resident of Singapore under the double taxation agreement between Nigeria and Singapore?
(5 Marks)
State FIVE circumstances under which a company registered in Singapore will be liable to tax in Nigeria.
(5 Marks)

Answer

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Topic: Double Taxation Reliefs and Credits
Series: NOV 2022

TAX – Nov 2020 – L1 – SA – Q8 – Companies Income Tax (CIT)

Identify which condition is not required for a notice of objection to be valid under Section 69 of CITA.

Question

In line with the provision of section 69 of Companies Income Tax Act Cap C21 LFN 2004 (as amended), which of the following is NOT a condition for a notice of objection to be valid?
A. It must be in writing and addressed to the Chairman, Federal Inland Revenue Service
B. It must state the grounds of objection, for example, amount of assessable and total profits of the company for the relevant assessment year
C. It must state the tax which the taxpayer claims is payable for the year of assessment
D. It must be raised within thirty days of the date of service of the notice of assessment
E. It must be raised within sixty days of the date of service of the notice of assessment

Answer

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Tags: CITA, Companies Income Tax Act, Notice of Objection, Tax Assessment
Level: Level 1

Topic: Companies Income Tax (CIT)
Series: NOV 2020

ATAX – May 2019 – L3 – Q5a – Double Taxation Reliefs and Credits

State provisions regarding double taxation agreements between Nigeria and another country, as provided in Sections 34 and 35 of the Companies Income Tax Act.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Companies Income Tax Act, Double Taxation, International Taxation, Tax Relief, Tax treaties
Level: Level 3

Topic: Double Taxation Reliefs and Credits

AT – Nov 2022 – L3 – Q6 – Double Taxation Reliefs and Credits

Evaluate whether Singapura PTC Limited, a Singaporean company, qualifies for tax exemption in Nigeria due to the Nigeria-Singapore double taxation agreement (DTA). Outline the benefits available under the DTA to Singaporean residents and identify scenarios where the company would still be liable for tax in Nigeria.

Question

Required:

Do you agree with the company, that its residence in Singapore qualifies it for tax exemption in Nigeria?
(5 Marks)
What are the benefits that may be available to a resident of Singapore under the double taxation agreement between Nigeria and Singapore?
(5 Marks)
State FIVE circumstances under which a company registered in Singapore will be liable to tax in Nigeria.
(5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Topic: Double Taxation Reliefs and Credits
Series: NOV 2022

TAX – Nov 2020 – L1 – SA – Q8 – Companies Income Tax (CIT)

Identify which condition is not required for a notice of objection to be valid under Section 69 of CITA.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: CITA, Companies Income Tax Act, Notice of Objection, Tax Assessment
Level: Level 1

Topic: Companies Income Tax (CIT)
Series: NOV 2020

Question Tag: Companies Income Tax Act

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ATAX – May 2019 – L3 – Q5a – Double Taxation Reliefs and Credits

State provisions regarding double taxation agreements between Nigeria and another country, as provided in Sections 34 and 35 of the Companies Income Tax Act.

AT – Nov 2022 – L3 – Q6 – Double Taxation Reliefs and Credits

TAX – Nov 2020 – L1 – SA – Q8 – Companies Income Tax (CIT)

Identify which condition is not required for a notice of objection to be valid under Section 69 of CITA.

ATAX – May 2019 – L3 – Q5a – Double Taxation Reliefs and Credits

State provisions regarding double taxation agreements between Nigeria and another country, as provided in Sections 34 and 35 of the Companies Income Tax Act.

AT – Nov 2022 – L3 – Q6 – Double Taxation Reliefs and Credits

TAX – Nov 2020 – L1 – SA – Q8 – Companies Income Tax (CIT)

Identify which condition is not required for a notice of objection to be valid under Section 69 of CITA.

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ATAX – May 2019 – L3 – Q5a – Double Taxation Reliefs and Credits

State provisions regarding double taxation agreements between Nigeria and another country, as provided in Sections 34 and 35 of the Companies Income Tax Act.

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AT – Nov 2022 – L3 – Q6 – Double Taxation Reliefs and Credits

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TAX – Nov 2020 – L1 – SA – Q8 – Companies Income Tax (CIT)

Identify which condition is not required for a notice of objection to be valid under Section 69 of CITA.

You're reporting an error for "TAX – Nov 2020 – L1 – SA – Q8 – Companies Income Tax (CIT)"

ATAX – May 2019 – L3 – Q5a – Double Taxation Reliefs and Credits

State provisions regarding double taxation agreements between Nigeria and another country, as provided in Sections 34 and 35 of the Companies Income Tax Act.

You're reporting an error for "ATAX – May 2019 – L3 – Q5a – Double Taxation Reliefs and Credits"

AT – Nov 2022 – L3 – Q6 – Double Taxation Reliefs and Credits

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TAX – Nov 2020 – L1 – SA – Q8 – Companies Income Tax (CIT)

Identify which condition is not required for a notice of objection to be valid under Section 69 of CITA.

You're reporting an error for "TAX – Nov 2020 – L1 – SA – Q8 – Companies Income Tax (CIT)"

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