- 1 Marks
TAX – Nov 2020 – L1 – SA – Q1 – Introduction to Taxation
Objective questions testing basic financial accounting principles.
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Topic: Introduction to Taxation
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- 1 Marks
TAX – May 2021 – L1 – SA – Q1 – Introduction to Taxation
Multiple-choice question assessing knowledge of the principles of taxation.
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- Tags: Certainty, Convenience, Equity, Residency, Simplicity, Tax Principles
- Level: Level 1
- Topic: Introduction to Taxation
- Series: MAY 2021
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- 13 Marks
TAX – May 2019 – L2 – Q7a – Introduction to Taxation
Explain key tax terminologies to help Mr. Adele understand business-related taxes.
Question
Mr. Adele has just retired from the public service and is trying to venture into business. He is, however, concerned about the taxes that may affect his new business. As the tax consultant to Mr. Adele, he wants you to explain some terminologies to enable him to have a better understanding of them.
Required:
Explain the following:
(i) Proportional tax and progressive tax (2 Marks)
(ii) Direct tax and indirect tax (2 Marks)
(iii) Statute laws and case laws (2 Marks)
(iv) Franked investment income (3 Marks)
(v) Taxes collectible by local governments (4 Marks)
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- 20 Marks
TAX – May 2019 – L2 – Q2 – Introduction to Taxation
Explain the objectives of taxation, compare direct and indirect taxes, and outline tax filing requirements for Nigerian companies.
Question
Mr. Ade is a Nigerian who has lived in Europe for a very long time. He is now planning to return to Nigeria to set up a business which he considers to be profitable in a developing country like Nigeria. Despite the appeal of the business in terms of profitability, he is skeptical about the perceived harsh tax environment in the country. He has approached you to explain some fundamental areas of taxation in Nigeria.
You are required to:
(a) Identify five major objectives and purposes of taxation. (5 Marks)
(b) Compare direct and indirect taxes, giving four examples of each. (6 Marks)
(c) In relation to an incorporated company carrying on business in Nigeria, explain to Mr. Ade the:
(i) Documents to be filed as annual returns to the Federal Inland Revenue Services (FIRS). (3 Marks)
(ii) Time limit for filing annual tax returns. (3 Marks)
(iii) Penalties prescribed by law for a company which failed to file its income tax returns on the due date. (3 Marks)
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- Tags: Annual Tax Returns, Corporate Tax, Direct Taxes, Indirect Taxes, Objectives of Taxation, Penalties
- Level: Level 2
- Topic: Introduction to Taxation
- Series: MAY 2019
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- 1 Marks
TAX – Nov 2020 – L1 – SA – Q1 – Introduction to Taxation
Objective questions testing basic financial accounting principles.
Find Related Questions by Tags, levels, etc.
Report an error
- 1 Marks
TAX – May 2021 – L1 – SA – Q1 – Introduction to Taxation
Multiple-choice question assessing knowledge of the principles of taxation.
Find Related Questions by Tags, levels, etc.
- Tags: Certainty, Convenience, Equity, Residency, Simplicity, Tax Principles
- Level: Level 1
- Topic: Introduction to Taxation
- Series: MAY 2021
Report an error
- 13 Marks
TAX – May 2019 – L2 – Q7a – Introduction to Taxation
Explain key tax terminologies to help Mr. Adele understand business-related taxes.
Question
Mr. Adele has just retired from the public service and is trying to venture into business. He is, however, concerned about the taxes that may affect his new business. As the tax consultant to Mr. Adele, he wants you to explain some terminologies to enable him to have a better understanding of them.
Required:
Explain the following:
(i) Proportional tax and progressive tax (2 Marks)
(ii) Direct tax and indirect tax (2 Marks)
(iii) Statute laws and case laws (2 Marks)
(iv) Franked investment income (3 Marks)
(v) Taxes collectible by local governments (4 Marks)
Find Related Questions by Tags, levels, etc.
Report an error
- 20 Marks
TAX – May 2019 – L2 – Q2 – Introduction to Taxation
Explain the objectives of taxation, compare direct and indirect taxes, and outline tax filing requirements for Nigerian companies.
Question
Mr. Ade is a Nigerian who has lived in Europe for a very long time. He is now planning to return to Nigeria to set up a business which he considers to be profitable in a developing country like Nigeria. Despite the appeal of the business in terms of profitability, he is skeptical about the perceived harsh tax environment in the country. He has approached you to explain some fundamental areas of taxation in Nigeria.
You are required to:
(a) Identify five major objectives and purposes of taxation. (5 Marks)
(b) Compare direct and indirect taxes, giving four examples of each. (6 Marks)
(c) In relation to an incorporated company carrying on business in Nigeria, explain to Mr. Ade the:
(i) Documents to be filed as annual returns to the Federal Inland Revenue Services (FIRS). (3 Marks)
(ii) Time limit for filing annual tax returns. (3 Marks)
(iii) Penalties prescribed by law for a company which failed to file its income tax returns on the due date. (3 Marks)
Find Related Questions by Tags, levels, etc.
- Tags: Annual Tax Returns, Corporate Tax, Direct Taxes, Indirect Taxes, Objectives of Taxation, Penalties
- Level: Level 2
- Topic: Introduction to Taxation
- Series: MAY 2019
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