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The Personal Income Tax Act Cap.P8 LFN, 2004 (as amended) defines “employment,” whilst the Labour Act Cap.L1 LFN, 2004 (as amended), defines “contract of employment.”
An individual’s liability to income tax is often determined by their residence status within a state during a particular assessment year. A taxpayer is liable to the tax authority in the territory where they are deemed resident for that assessment year.
Required:
a. Differentiate between “contract of employment” and “contract for employment.” (8 Marks)
b. Explain the rules guiding the determination of residence for SIX categories of individuals for tax purposes. (12 Marks)
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Find Related Questions by Tags, levels, etc.
Under employment contract, which of the following is a duty of the employer?
A. Transport the employee to the place of work
B. Feed the employee daily
C. Provide safe working environment
D. Hold the employees’ properties for safekeeping
E. Grant scholarship to the employees’ children
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b. A limited liability company based in Ibadan employed the services of two accountants to work in the organization. The letters of appointment given to the accountants contain a clause that the new employees will be on probation for a period of 6 months.
Required:
i. Explain the clause in the letters of appointment, which states that the new employees will be on probation for a period of 6 months. (4 Marks)
ii. State what would happen if the employment of the two accountants was for an indefinite period. (2 Marks)
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
The Personal Income Tax Act Cap.P8 LFN, 2004 (as amended) defines “employment,” whilst the Labour Act Cap.L1 LFN, 2004 (as amended), defines “contract of employment.”
An individual’s liability to income tax is often determined by their residence status within a state during a particular assessment year. A taxpayer is liable to the tax authority in the territory where they are deemed resident for that assessment year.
Required:
a. Differentiate between “contract of employment” and “contract for employment.” (8 Marks)
b. Explain the rules guiding the determination of residence for SIX categories of individuals for tax purposes. (12 Marks)
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Under employment contract, which of the following is a duty of the employer?
A. Transport the employee to the place of work
B. Feed the employee daily
C. Provide safe working environment
D. Hold the employees’ properties for safekeeping
E. Grant scholarship to the employees’ children
Find Related Questions by Tags, levels, etc.
b. A limited liability company based in Ibadan employed the services of two accountants to work in the organization. The letters of appointment given to the accountants contain a clause that the new employees will be on probation for a period of 6 months.
Required:
i. Explain the clause in the letters of appointment, which states that the new employees will be on probation for a period of 6 months. (4 Marks)
ii. State what would happen if the employment of the two accountants was for an indefinite period. (2 Marks)
Find Related Questions by Tags, levels, etc.
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