Assessment – NBC Institute

TAX – Nov 2015 – L2 – Q5b – Companies Income Tax (CIT)

This question requires the computation of Adebola Nigeria Limited's tax liabilities and withholding tax payable for 2013 and 2014.

Question

Adebola Nigeria Limited has been trading for many years. The company makes up its accounts to 31 December annually. The extracts from its Statement of Comprehensive Income for the years ended 31 December 2013 and 2014 (as adjusted for tax purposes) are as follows:

Year ended 31 December	2014 (₦)	2013 (₦)
Profit for the year	14,000,000	10,000,000
Bank interest received (gross)	2,400,000	1,600,000
Debenture interest received (gross)	800,000	800,000
Dividend received from Adesemowo Ltd. (Net)	720,000	720,000
Dividend paid to shareholders (gross)	6,000,000	4,000,000

Required:
i. Compute the company’s tax liabilities for the relevant years of assessment. Ignore capital allowances. (5 Marks)
ii. Determine the net withholding tax payable or receivable by Adebola Nigeria Limited, arising from dividends paid and received by it. (4 Marks)

Answer

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Tags: Assessment, Corporate Taxation, Dividend income, Interest Income, Tax liabilities, Withholding Tax
Level: Level 2

Topic: Companies Income Tax (CIT), Withholding Tax (WHT)
Series: NOV 2015

TAX – May 2021 – L1 – SA – Q12 – Stamp Duties

Objective question to identify what is not assessed on an ad-valorem basis.

Question

Which of the following is NOT assessed on ad-valorem basis?
A. Share capital of companies
B. Mortgage and debenture loans
C. Property valuation
D. Promissory notes
E. Admission as solicitor or notary public

Answer

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Tags: Ad-Valorem, Assessment, Mortgage, Property Valuation, Stamp Duty
Level: Level 1

Topic: Stamp Duties
Series: MAY 2021

TAX – May 2021 – L1 – SA – Q8 – Tax Dispute Resolution

Objective question on the time frame for payment of tax payable as determined by the Tax Appeal Tribunal.

Question

The tax payable as determined by the Tax Appeal Tribunal is payable within…………….of the date of notice of assessment, notwithstanding that an appeal may be pending on same, before the Federal High Court.
A. 6 months
B. 5 months
C. 3 months
D. 2 months
E. 1 month

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assessment, Legal Process, Tax Appeal Tribunal, Tax Dispute, Tax payable
Level: Level 1

Topic: Tax Dispute Resolution
Series: MAY 2021

MI – Nov 2022 – L1 – SA – Q20 – Information System

Identification of information system assessment software tools

Question

Which of the following is an example of information system assessment software tools?
A. Information security tool
B. Microsoft security assessment tool
C. Information system security tool
D. Microsoft information security tool
E. Information assessment tool

Answer

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Tags: Assessment, Information Systems, Security
Level: Level 1

Topic: Information Systems
Series: NOV 2022

TAX – Nov 2015 – L2 – Q5b – Companies Income Tax (CIT)

This question requires the computation of Adebola Nigeria Limited's tax liabilities and withholding tax payable for 2013 and 2014.

Question

Year ended 31 December	2014 (₦)	2013 (₦)
Profit for the year	14,000,000	10,000,000
Bank interest received (gross)	2,400,000	1,600,000
Debenture interest received (gross)	800,000	800,000
Dividend received from Adesemowo Ltd. (Net)	720,000	720,000
Dividend paid to shareholders (gross)	6,000,000	4,000,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assessment, Corporate Taxation, Dividend income, Interest Income, Tax liabilities, Withholding Tax
Level: Level 2

Topic: Companies Income Tax (CIT), Withholding Tax (WHT)
Series: NOV 2015

TAX – May 2021 – L1 – SA – Q12 – Stamp Duties

Objective question to identify what is not assessed on an ad-valorem basis.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ad-Valorem, Assessment, Mortgage, Property Valuation, Stamp Duty
Level: Level 1

Topic: Stamp Duties
Series: MAY 2021

TAX – May 2021 – L1 – SA – Q8 – Tax Dispute Resolution

Objective question on the time frame for payment of tax payable as determined by the Tax Appeal Tribunal.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assessment, Legal Process, Tax Appeal Tribunal, Tax Dispute, Tax payable
Level: Level 1

Topic: Tax Dispute Resolution
Series: MAY 2021

MI – Nov 2022 – L1 – SA – Q20 – Information System

Identification of information system assessment software tools

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assessment, Information Systems, Security
Level: Level 1

Topic: Information Systems
Series: NOV 2022

Question Tag: Assessment

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TAX – Nov 2015 – L2 – Q5b – Companies Income Tax (CIT)

This question requires the computation of Adebola Nigeria Limited's tax liabilities and withholding tax payable for 2013 and 2014.

TAX – May 2021 – L1 – SA – Q12 – Stamp Duties

Objective question to identify what is not assessed on an ad-valorem basis.

TAX – May 2021 – L1 – SA – Q8 – Tax Dispute Resolution

Objective question on the time frame for payment of tax payable as determined by the Tax Appeal Tribunal.

MI – Nov 2022 – L1 – SA – Q20 – Information System

Identification of information system assessment software tools

TAX – Nov 2015 – L2 – Q5b – Companies Income Tax (CIT)

This question requires the computation of Adebola Nigeria Limited's tax liabilities and withholding tax payable for 2013 and 2014.

TAX – May 2021 – L1 – SA – Q12 – Stamp Duties

Objective question to identify what is not assessed on an ad-valorem basis.

TAX – May 2021 – L1 – SA – Q8 – Tax Dispute Resolution

Objective question on the time frame for payment of tax payable as determined by the Tax Appeal Tribunal.

MI – Nov 2022 – L1 – SA – Q20 – Information System

Identification of information system assessment software tools

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TAX – Nov 2015 – L2 – Q5b – Companies Income Tax (CIT)

This question requires the computation of Adebola Nigeria Limited's tax liabilities and withholding tax payable for 2013 and 2014.

You're reporting an error for "TAX – Nov 2015 – L2 – Q5b – Companies Income Tax (CIT)"

TAX – May 2021 – L1 – SA – Q12 – Stamp Duties

Objective question to identify what is not assessed on an ad-valorem basis.

You're reporting an error for "TAX – May 2021 – L1 – SA – Q12 – Stamp Duties"

TAX – May 2021 – L1 – SA – Q8 – Tax Dispute Resolution

Objective question on the time frame for payment of tax payable as determined by the Tax Appeal Tribunal.

You're reporting an error for "TAX – May 2021 – L1 – SA – Q8 – Tax Dispute Resolution"

MI – Nov 2022 – L1 – SA – Q20 – Information System

Identification of information system assessment software tools

You're reporting an error for "MI – Nov 2022 – L1 – SA – Q20 – Information System"

TAX – Nov 2015 – L2 – Q5b – Companies Income Tax (CIT)

This question requires the computation of Adebola Nigeria Limited's tax liabilities and withholding tax payable for 2013 and 2014.

You're reporting an error for "TAX – Nov 2015 – L2 – Q5b – Companies Income Tax (CIT)"

TAX – May 2021 – L1 – SA – Q12 – Stamp Duties

Objective question to identify what is not assessed on an ad-valorem basis.

You're reporting an error for "TAX – May 2021 – L1 – SA – Q12 – Stamp Duties"

TAX – May 2021 – L1 – SA – Q8 – Tax Dispute Resolution

Objective question on the time frame for payment of tax payable as determined by the Tax Appeal Tribunal.

You're reporting an error for "TAX – May 2021 – L1 – SA – Q8 – Tax Dispute Resolution"

MI – Nov 2022 – L1 – SA – Q20 – Information System

Identification of information system assessment software tools

You're reporting an error for "MI – Nov 2022 – L1 – SA – Q20 – Information System"

Our offerings

Contact Info

Customer

Get In Touch

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