Federal Inland Revenue Service

ATAX – Nov 2016 – L3 – Q6a – Petroleum Profits Tax (PPT)

Explains concepts of Associated Gas and Downstream Activities under the Petroleum Profits Tax Act.

Question

The administration of the Petroleum Profits Tax Act is under the charge and management of the Federal Inland Revenue Service with respect to Petroleum Profits Tax Act Cap P13 LFN 2004.

You are required to explain:

i) Associated Gas (2 Marks)
ii) Downstream Activities (2 Marks)

Answer

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Tags: Associated Gas, Downstream Activities, Federal Inland Revenue Service, Oil and Gas Taxation, Petroleum Profits Tax
Level: Level 3

Topic: Petroleum Profits Tax (PPT)

TAX – Nov 2023 – L2 – Q6b – Tax Administration and Enforcement

Explain five key contents required in a Withholding Tax returns/payment schedule.

Question

It is expected that a schedule of Withholding Tax (WHT) payable should be prepared by applying the correct WHT rate on each transaction/payment made during the month. Thereafter, a cheque for the amount due to the Federal Inland Revenue Service is raised and forwarded together with the WHT schedule to one of the approved collecting banks for processing.

Required:
Explain FIVE contents of a WHT returns/payment schedule. (10 Marks)

Answer

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Tags: Federal Inland Revenue Service, Tax Returns, WHT Compliance, WHT Schedule, Withholding Tax
Level: Level 2

Topic: Tax Administration and Enforcement

TAX – May 2023 – L2 – SA – Q3 – Tax Dispute Resolution

Explain conditions for final assessment and discuss objection and appeal procedures for tax assessments.

Question

Taxation has been defined as the imposition of compulsory levies on individuals and entities by governments in most countries in the world. The primary objective of taxation is essentially to generate revenue or raise money for government expenditure on social welfare.

You were appointed as the accountant of Specks Nigeria Limited on August 31, 2022. Based on self-assessment, the company filed the audited financial statements for the year ended December 31, 2021, together with its tax computations on June 7, 2022, and the relevant tax liabilities were fully paid on the same date.

On August 31, 2022, the Federal Inland Revenue Service raised an assessment that was not in line with the tax returns. At the meeting of the directors held in September 2022, this issue was discussed, and you were mandated to quickly address it so that the assessment would not become final and conclusive.

Required:
a. When will an assessment become final and conclusive? (5 Marks)
b. Discuss the following in relation to objection and appeal procedures:
(i) Time limit for objection and appeal (4 Marks)
(ii) Contents of a notice of objection (4 Marks)
(iii) Amendment of assessment and notice of refusal to amend (NORA) (7 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Appeal, Federal Inland Revenue Service, Objection, Tax Assessment, Tax Liability
Level: Level 2

Topic: Tax Dispute Resolution
Series: MAY 2023

TAX – Nov 2018 – L2 – SC – Q7b – Tax Dispute Resolution

List seven transactions that require a tax clearance certificate before proceeding.

Question

In a bid to bring more individuals and corporate organizations into the tax net, the submission of tax clearance certificates by taxpayers is a condition precedent before bidding for contracts.

Required:
State seven transactions which necessitate the submission of a tax clearance certificate.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dispute Resolution, Disputed Tax Assessment, Federal Inland Revenue Service, Tax Appeals
Level: Level 2

Topic: Tax Dispute Resolution
Series: NOV 2018

TAX – Nov 2018 – L2 – SC – Q7a – Tax Dispute Resolution

Advise the managing director on the actions to be taken to resolve a disputed tax assessment by the FIRS.

Question

As tax consultants to Aderibigbe and Associates Limited, the managing director of your client brought an assessment notice served on the company by the Federal Inland Revenue Service. He complained that the assessment was outrageous. You observed that the amount assessed was higher than that based on the documents submitted to the tax office.

Required:
Advise the managing director on the action to be taken to resolve the disputed assessment.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dispute Resolution, Disputed Tax Assessment, Federal Inland Revenue Service, Tax Appeals
Level: Level 2

Topic: Tax Dispute Resolution
Series: NOV 2018

ATAX – Nov 2016 – L3 – Q6a – Petroleum Profits Tax (PPT)

Explains concepts of Associated Gas and Downstream Activities under the Petroleum Profits Tax Act.

Question

The administration of the Petroleum Profits Tax Act is under the charge and management of the Federal Inland Revenue Service with respect to Petroleum Profits Tax Act Cap P13 LFN 2004.

You are required to explain:

i) Associated Gas (2 Marks)
ii) Downstream Activities (2 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Associated Gas, Downstream Activities, Federal Inland Revenue Service, Oil and Gas Taxation, Petroleum Profits Tax
Level: Level 3

Topic: Petroleum Profits Tax (PPT)

TAX – Nov 2023 – L2 – Q6b – Tax Administration and Enforcement

Explain five key contents required in a Withholding Tax returns/payment schedule.

Question

Required:
Explain FIVE contents of a WHT returns/payment schedule. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Federal Inland Revenue Service, Tax Returns, WHT Compliance, WHT Schedule, Withholding Tax
Level: Level 2

Topic: Tax Administration and Enforcement

TAX – May 2023 – L2 – SA – Q3 – Tax Dispute Resolution

Explain conditions for final assessment and discuss objection and appeal procedures for tax assessments.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Appeal, Federal Inland Revenue Service, Objection, Tax Assessment, Tax Liability
Level: Level 2

Topic: Tax Dispute Resolution
Series: MAY 2023

TAX – Nov 2018 – L2 – SC – Q7b – Tax Dispute Resolution

List seven transactions that require a tax clearance certificate before proceeding.

Question

In a bid to bring more individuals and corporate organizations into the tax net, the submission of tax clearance certificates by taxpayers is a condition precedent before bidding for contracts.

Required:
State seven transactions which necessitate the submission of a tax clearance certificate.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dispute Resolution, Disputed Tax Assessment, Federal Inland Revenue Service, Tax Appeals
Level: Level 2

Topic: Tax Dispute Resolution
Series: NOV 2018

TAX – Nov 2018 – L2 – SC – Q7a – Tax Dispute Resolution

Advise the managing director on the actions to be taken to resolve a disputed tax assessment by the FIRS.

Question

Required:
Advise the managing director on the action to be taken to resolve the disputed assessment.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dispute Resolution, Disputed Tax Assessment, Federal Inland Revenue Service, Tax Appeals
Level: Level 2

Topic: Tax Dispute Resolution
Series: NOV 2018

Question Tag: Federal Inland Revenue Service

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ATAX – Nov 2016 – L3 – Q6a – Petroleum Profits Tax (PPT)

Explains concepts of Associated Gas and Downstream Activities under the Petroleum Profits Tax Act.

TAX – Nov 2023 – L2 – Q6b – Tax Administration and Enforcement

Explain five key contents required in a Withholding Tax returns/payment schedule.

TAX – May 2023 – L2 – SA – Q3 – Tax Dispute Resolution

Explain conditions for final assessment and discuss objection and appeal procedures for tax assessments.

TAX – Nov 2018 – L2 – SC – Q7b – Tax Dispute Resolution

List seven transactions that require a tax clearance certificate before proceeding.

TAX – Nov 2018 – L2 – SC – Q7a – Tax Dispute Resolution

Advise the managing director on the actions to be taken to resolve a disputed tax assessment by the FIRS.

ATAX – Nov 2016 – L3 – Q6a – Petroleum Profits Tax (PPT)

Explains concepts of Associated Gas and Downstream Activities under the Petroleum Profits Tax Act.

TAX – Nov 2023 – L2 – Q6b – Tax Administration and Enforcement

Explain five key contents required in a Withholding Tax returns/payment schedule.

TAX – May 2023 – L2 – SA – Q3 – Tax Dispute Resolution

Explain conditions for final assessment and discuss objection and appeal procedures for tax assessments.

TAX – Nov 2018 – L2 – SC – Q7b – Tax Dispute Resolution

List seven transactions that require a tax clearance certificate before proceeding.

TAX – Nov 2018 – L2 – SC – Q7a – Tax Dispute Resolution

Advise the managing director on the actions to be taken to resolve a disputed tax assessment by the FIRS.

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ATAX – Nov 2016 – L3 – Q6a – Petroleum Profits Tax (PPT)

Explains concepts of Associated Gas and Downstream Activities under the Petroleum Profits Tax Act.

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TAX – Nov 2023 – L2 – Q6b – Tax Administration and Enforcement

Explain five key contents required in a Withholding Tax returns/payment schedule.

You're reporting an error for "TAX – Nov 2023 – L2 – Q6b – Tax Administration and Enforcement"

TAX – May 2023 – L2 – SA – Q3 – Tax Dispute Resolution

Explain conditions for final assessment and discuss objection and appeal procedures for tax assessments.

You're reporting an error for "TAX – May 2023 – L2 – SA – Q3 – Tax Dispute Resolution"

TAX – Nov 2018 – L2 – SC – Q7b – Tax Dispute Resolution

List seven transactions that require a tax clearance certificate before proceeding.

You're reporting an error for "TAX – Nov 2018 – L2 – SC – Q7b – Tax Dispute Resolution"

TAX – Nov 2018 – L2 – SC – Q7a – Tax Dispute Resolution

Advise the managing director on the actions to be taken to resolve a disputed tax assessment by the FIRS.

You're reporting an error for "TAX – Nov 2018 – L2 – SC – Q7a – Tax Dispute Resolution"

ATAX – Nov 2016 – L3 – Q6a – Petroleum Profits Tax (PPT)

Explains concepts of Associated Gas and Downstream Activities under the Petroleum Profits Tax Act.

You're reporting an error for "ATAX – Nov 2016 – L3 – Q6a – Petroleum Profits Tax (PPT)"

TAX – Nov 2023 – L2 – Q6b – Tax Administration and Enforcement

Explain five key contents required in a Withholding Tax returns/payment schedule.

You're reporting an error for "TAX – Nov 2023 – L2 – Q6b – Tax Administration and Enforcement"

TAX – May 2023 – L2 – SA – Q3 – Tax Dispute Resolution

Explain conditions for final assessment and discuss objection and appeal procedures for tax assessments.

You're reporting an error for "TAX – May 2023 – L2 – SA – Q3 – Tax Dispute Resolution"

TAX – Nov 2018 – L2 – SC – Q7b – Tax Dispute Resolution

List seven transactions that require a tax clearance certificate before proceeding.

You're reporting an error for "TAX – Nov 2018 – L2 – SC – Q7b – Tax Dispute Resolution"

TAX – Nov 2018 – L2 – SC – Q7a – Tax Dispute Resolution

Advise the managing director on the actions to be taken to resolve a disputed tax assessment by the FIRS.

You're reporting an error for "TAX – Nov 2018 – L2 – SC – Q7a – Tax Dispute Resolution"

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