Direct Taxes – NBC Institute

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)

Answer

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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

PT – March 2023 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy

Differentiate between the features of direct and indirect taxes.

Question

Distinguish between the features of direct taxes and indirect taxes.

Answer

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Tags: Direct Taxes, Features, Indirect Taxes, Taxation Comparison
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: MAR 2023

PT – Mar 2024 – L2 – Q1c – Tax Administration

State five direct taxes administered by the Domestic Tax Revenue Division (DTRD) of GRA.

Question

The Ghana Revenue Authority is made up of two operational divisions: Domestic Tax Revenue Division (DTRD) and Customs Division (CD) with assistance from the Support Services Division (SSD).

Required:
In reference to the statement above, state FIVE (5) direct taxes administered by the Domestic Tax Revenue Division of the Ghana Revenue Authority. (5 marks)

Answer

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Tags: Direct Taxes, Domestic Tax Revenue Division, Ghana Revenue Authority, Tax Administration
Level: Level 2

Series: MAR 2024

PSAF – May 2018 – L2 – Q3a – Public sector fiscal planning and budgeting

Explain the difference between direct and indirect taxes and suggest three ways to improve tax collection.

Question

Both direct and indirect taxes are critical components of government revenue as they are intricately linked with the overall economy. Collection of these taxes is important for the government as well as the well-being of the country.

Required:
Distinguish between direct taxes and indirect taxes and suggest THREE ways by which tax collection can improve.

Answer

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Tags: Direct Taxes, Indirect Taxes, Public Revenue, Tax Collection
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: MAY 2018

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

You are required to:

Answer

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

PT – March 2023 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy

Differentiate between the features of direct and indirect taxes.

Question

Distinguish between the features of direct taxes and indirect taxes.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Direct Taxes, Features, Indirect Taxes, Taxation Comparison
Level: Level 2

Topic: Overview of the Ghanaian Tax System and Fiscal Policy
Series: MAR 2023

PT – Mar 2024 – L2 – Q1c – Tax Administration

State five direct taxes administered by the Domestic Tax Revenue Division (DTRD) of GRA.

Question

The Ghana Revenue Authority is made up of two operational divisions: Domestic Tax Revenue Division (DTRD) and Customs Division (CD) with assistance from the Support Services Division (SSD).

Required:
In reference to the statement above, state FIVE (5) direct taxes administered by the Domestic Tax Revenue Division of the Ghana Revenue Authority. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Direct Taxes, Domestic Tax Revenue Division, Ghana Revenue Authority, Tax Administration
Level: Level 2

Series: MAR 2024

PSAF – May 2018 – L2 – Q3a – Public sector fiscal planning and budgeting

Explain the difference between direct and indirect taxes and suggest three ways to improve tax collection.

Question

Required:
Distinguish between direct taxes and indirect taxes and suggest THREE ways by which tax collection can improve.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Direct Taxes, Indirect Taxes, Public Revenue, Tax Collection
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: MAY 2018

Question Tag: Direct Taxes

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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.

PT – March 2023 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy

Differentiate between the features of direct and indirect taxes.

PT – Mar 2024 – L2 – Q1c – Tax Administration

State five direct taxes administered by the Domestic Tax Revenue Division (DTRD) of GRA.

PSAF – May 2018 – L2 – Q3a – Public sector fiscal planning and budgeting

Explain the difference between direct and indirect taxes and suggest three ways to improve tax collection.

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.

PT – March 2023 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy

Differentiate between the features of direct and indirect taxes.

PT – Mar 2024 – L2 – Q1c – Tax Administration

State five direct taxes administered by the Domestic Tax Revenue Division (DTRD) of GRA.

PSAF – May 2018 – L2 – Q3a – Public sector fiscal planning and budgeting

Explain the difference between direct and indirect taxes and suggest three ways to improve tax collection.

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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.

You're reporting an error for "TAX – May 2019 – L2 – Q2 – Introduction to Taxation"

PT – March 2023 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy

Differentiate between the features of direct and indirect taxes.

You're reporting an error for "PT – March 2023 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy"

PT – Mar 2024 – L2 – Q1c – Tax Administration

State five direct taxes administered by the Domestic Tax Revenue Division (DTRD) of GRA.

You're reporting an error for "PT – Mar 2024 – L2 – Q1c – Tax Administration"

PSAF – May 2018 – L2 – Q3a – Public sector fiscal planning and budgeting

Explain the difference between direct and indirect taxes and suggest three ways to improve tax collection.

You're reporting an error for "PSAF – May 2018 – L2 – Q3a – Public sector fiscal planning and budgeting"

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.

You're reporting an error for "TAX – May 2019 – L2 – Q2 – Introduction to Taxation"

PT – March 2023 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy

Differentiate between the features of direct and indirect taxes.

You're reporting an error for "PT – March 2023 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy"

PT – Mar 2024 – L2 – Q1c – Tax Administration

State five direct taxes administered by the Domestic Tax Revenue Division (DTRD) of GRA.

You're reporting an error for "PT – Mar 2024 – L2 – Q1c – Tax Administration"

PSAF – May 2018 – L2 – Q3a – Public sector fiscal planning and budgeting

Explain the difference between direct and indirect taxes and suggest three ways to improve tax collection.

You're reporting an error for "PSAF – May 2018 – L2 – Q3a – Public sector fiscal planning and budgeting"

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