- 10 Marks
PSAF – L2 – Q8.1 – International Public Sector Accounting Standards
Detail the accounting treatment of outstanding tax revenue for the Federal Government of Nigeria as at 31st December 2024.
Question
As at 31st December 2024, corporate tax assessments amounting to NGN170 million were still outstanding to be paid by corporate entities to the Federal Government of Nigeria, whilst the total amount owed to the Federal Government of Nigeria as at 31st December 2024 in respect of taxes on goods and services stood at NGN140 million. It is estimated that, only 85% and 90% of the outstanding corporate taxes and taxes on goods and services respectively may be recovered.
Required:
Detail out the accounting treatment of tax revenue for the year ended 31st December 2024.
Find Related Questions by Tags, levels, etc.
Report an error
