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In 2009, the former revenue agencies (VAT, IRS, and CEPS) were consolidated into the Ghana Revenue Authority (GRA). This integration was anticipated to provide certain benefits to both taxpayers and the overall tax administration.
Required:
State FOUR benefits resulting from the integration of the revenue agencies into the GRA
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Nigeria is generally described as a Federation with three levels of government with varying but sometimes overlapping tax powers.
Required:
a. Explain the term “Fiscal Federalism” and give examples of other countries that may be described as a Federation. (6 Marks)
b. Discuss briefly the following:
i. Roles of the three tiers of government. (3 Marks)
ii. Structure and tax rights of different levels of government. (3 Marks)
iii. Functions of the various tax administrative organs at the State government level. (3 Marks)
c. Articulate the causes and possible remedies of multiple taxation in Nigeria. (5 Marks)
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Professional accountants engaged in tax practice or tax administration are often confronted with challenges due to the changing operating environment, particularly disruptive technologies. While clients demand cutting-edge services, many tax administrators in Nigeria still carry out their work manually.
In a seminar organised by ICAN, you highlighted that leveraging information technology could help tax practitioners and administrators enhance their work and remain relevant in today’s dynamic environment.
After the seminar, a principal partner of a traditional accounting firm approached you to organise a two-day in-house training for his staff on “Technological tools, impact, and challenges to tax practice and administration.”
Prepare a paper focusing on the following areas:
a. Identification and explanation of FOUR technology-driven tools that tax practitioners and administrators could use to enhance their work and reporting (8 Marks).
b. The impact of the identified technology-driven tools on tax practice and administration (8 Marks).
c. Challenges of technology-driven tools to tax practice and administration (4 Marks).
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In line with the provisions of the revised National Tax Policy (NTP) in 2017, explain the roles and responsibilities of the following stakeholders:
i. The government (3 Marks)
ii. The taxpayers (3 Marks)
iii. Revenue agencies (3 Marks)
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Osondu Bako Company Limited has been in business for many years as a general business entrepreneur.
The Company prepares its accounts to 31 December of every year. The Company, however, submitted its audited Financial Statements for the year ended 31 December 2012 on 27 May 2013.
The Company applied for a Tax Clearance Certificate on 26 August 2014, but the issuance of the certificate was delayed by the Revenue. Instead of issuing the Tax Clearance Certificate, a Best of Judgment assessment of N3,450,000 was raised on the company.
The date on the Notice of Assessment was 30 May 2014, but it was served on the company on 31 August 2014.
Stated below is information relating to the financial statements of the company for the year ended 31 December 2012:
| Financial Statement Item | Naira (N’000) |
|---|---|
| Profit per Accounts | 3,400 |
| Depreciation | 380 |
| Capital Allowances agreed with Revenue | 590 |
| Revenue | 12,050 |
| Net Assets | 8,400 |
| Gross Profit | 960 |
| Share Capital | 10,000 |
The company paid all the tax liabilities. Despite this, the Chief Executive Officer was surprised and concerned upon receiving the Notice of Best of Judgment Assessment from the tax authority. Consequently, you have been engaged by the company as a Tax Consultant.
You are required to:
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Under the national tax policy (NTP), 2017, which of the following is NOT a specific responsibility of all levels and arms of government?
A. Implement and regularly review tax policies and laws
B. Provide information on all revenues collected on a quarterly basis
C. Ensure adequate funding, administrative and operational autonomy of tax authorities
D. Ensure that aspiring political office holders clearly understand the tax policy and the Nigerian tax system and are able to articulate their plans for the tax system for which they will be held accountable
E. Ensure a reasonable transition period of between three and six months before implementation of a new tax
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The management board of the Federal Inland Revenue Service is known as:
A. Federal Inland Revenue Service Board
B. Federal Internal Revenue Service Board
C. Board of Federal Inland Revenue Service
D. Board of Federal Revenue Service
E. Federal Board of Inland Revenue Service
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The Technical Committee of the Federal Inland Revenue Service Board (FIRSB) is composed of the following members, EXCEPT:
A. The Executive Chairman of Federal Inland Revenue Service (FIRS)
B. All directors and heads of department of FIRS
C. The Legal Adviser to FIRS
D. Secretary to FIRSB
E. Director, Federal Ministry of Finance
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The tax system in Nigeria has been reviewed in recent times with a view to ensuring ease of doing business in Nigeria, among other things. With the enactments of Finance Acts 2019 and 2020, many enabling Acts were amended.
The tax system usually involves a tripartite aspect, namely, the tax policy, tax law, and tax administration.
Required:
a. Explain tax policy. (5 Marks)
b. State notable tax legislations. (5 Marks)
c. State the bodies charged with the administration of taxes in Nigeria. (5 Marks)
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In line with the Federal Inland Revenue Service (Establishment) Act, 2007, any excess withholding tax deducted should be refunded within……………….of the decision of the Service of refund.
A. 120 days
B. 90 days
C. 60 days
D. 40 days
E. 30 days
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Which of the following is NOT a function of the Joint Tax Board?
A. Exercise the powers or duties conferred on it by the PITA and other Acts
B. Advise the Federal Government on request, in respect of rates and capital allowances and other taxation matters, having effect throughout Nigeria in respect of any proposed amendment to PITA
C. Advise the Federal Government, on request, in respect of double taxation agreement with any other country
D. Advise the State Board on all its powers and duties
E. Impose its decision, on matters of procedure and interpretation of PITA, on any State, for purposes of conforming to agreed procedures or interpretations
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Although the scope of withholding tax covers employment, business, and investment income, not every income is subject to withholding tax in accordance with the Income Tax Act, 2015 (Act 896) as amended.
Required:
Explain FOUR (4) of these withholding tax exemptions.
(10 marks)
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The Managing Director of Atadeka Ltd has been informed that you are undertaking a course in taxation at the Institute of Chartered Accountants, Ghana and has sought your advice on the procedures for extension of time to file the company’s Corporate Tax Returns.
Required:
Outline the procedures for extension of time to file tax returns to the Managing Director.
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