Question Tag: Dispute Resolution

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AT – Nov 2023 – L3 – SC – Q5 – Tax Administration and Dispute Resolution

Steps and objectives in handling a tax audit with FIRS and the required documentation.

Question

Zola Nigeria Limited has been in business for several years, preparing its accounts to December 31 of every year. Prior to the last two years, the company had a very good relationship with the Federal Inland Revenue Service (FIRS) as far as prompt filing of annual tax returns and payment of tax liabilities are concerned. The company was, however, fined for late filing of returns in the last financial year ended December 31, 2020.

In compliance with the provisions of the Companies Income Tax Act Cap C21 LFN 2004 (as amended), the company filed its annual returns for the 2022 assessment year (year ended December 31, 2021) within the statutory period. Payment of tax due was also made.

The review done by the tax officials at the FIRS on the tax returns filed by the company necessitated the request for additional relevant documents to authenticate some items of expenditure and capital allowances claimed. The FIRS subsequently wrote a letter to the company for the submission of the documents within two weeks of the receipt of the letter. The receipt of the letter was acknowledged by the company, but it, however, failed to forward the required documents to the tax authorities. A reminder was sent to the company four weeks after the first letter was written, yet it failed to respond to the request made.

The Managing Director of the company has just received a letter from the tax office that a team of tax inspectors will be visiting the company in a fortnight to conduct a tax audit.

The company has approached your firm of chartered accountants to assist with advice on how the company should handle the forthcoming tax audit.

Required:

Your Principal Partner has directed you, as a newly employed Audit Senior, to handle the engagement and expects you to prepare a report for his review before sending the same to the client. The report should address the following:

a. Objectives of tax audits (5 Marks)

b. Stages in a typical tax audit process (4 Marks)

c. Schedule of requirements for FIRS tax audit (6 Marks)

Answer

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Tags: Audit Process, Audit Stages, Corporate Taxation, Dispute Resolution, Financial Reporting, FIRS Requirements, Nigerian Tax System, Tax Audit, Tax Compliance
Level: Level 3

Topic: Tax Administration and Dispute Resolution
Series: NOV 2023

BL – Nov 2020 – L1 – SA – Q18 – Alternative Dispute Resolution

Identifying an alternative to litigation in dispute resolution.

Question

Which of the following is an alternative to a lawsuit in dispute resolution?

Options:

A. Mediation
B. Litigation
C. Prosecution
D. Subrogation
E. Interdiction

Answer

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Tags: Alternative to Litigation, Dispute Resolution, Mediation
Level: Level 1

Topic: Alternative Dispute Resolution
Series: NOV 2020

TAX – Nov 2018 – L2 – SC – Q7b – Tax Dispute Resolution

List seven transactions that require a tax clearance certificate before proceeding.

Question

In a bid to bring more individuals and corporate organizations into the tax net, the submission of tax clearance certificates by taxpayers is a condition precedent before bidding for contracts.

Required:
State seven transactions which necessitate the submission of a tax clearance certificate.

Answer

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Tags: Dispute Resolution, Disputed Tax Assessment, Federal Inland Revenue Service, Tax Appeals
Level: Level 2

Topic: Tax Dispute Resolution
Series: NOV 2018

TAX – Nov 2018 – L2 – SC – Q7a – Tax Dispute Resolution

Advise the managing director on the actions to be taken to resolve a disputed tax assessment by the FIRS.

Question

As tax consultants to Aderibigbe and Associates Limited, the managing director of your client brought an assessment notice served on the company by the Federal Inland Revenue Service. He complained that the assessment was outrageous. You observed that the amount assessed was higher than that based on the documents submitted to the tax office.

Required:
Advise the managing director on the action to be taken to resolve the disputed assessment.

Answer

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Tags: Dispute Resolution, Disputed Tax Assessment, Federal Inland Revenue Service, Tax Appeals
Level: Level 2

Topic: Tax Dispute Resolution
Series: NOV 2018

BL – May 2022 – L1 – SB – Q6c – Alternative Dispute Resolution

Explain the purpose of conciliation and the composition of the conciliation body.

Question

Conciliation is an alternative means of dispute resolution.

Required:
Explain the purpose of conciliation and the composition of the conciliation body.

Answer

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Tags: ADR, Conciliation, Dispute Resolution
Level: Level 1

Topic: Alternative Dispute Resolution
Series: MAY 2022

BL – May 2022 – L1 – SA – Q20 – Alternative Dispute Resolution

Identify the option that is not a mode of settling disputes out of court.

Question

Which of the following is NOT a mode of settling disputes out of court?
A. Counselling
B. Conciliation
C. Arbitration
D. Mediation
E. Negotiation

Answer

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Tags: Arbitration, Dispute Resolution, Mediation, Out of Court Settlement
Level: Level 1

Topic: Alternative Dispute Resolution
Series: MAY 2022

BL – May 2021 – L1 – SB – Q5d – Alternative Dispute Resolution

Explanation of how an arbitral panel is composed in Alternative Dispute Resolution.

Question

Arbitration is an Alternative Dispute Resolution (ADR) mechanism.

Required:
How is an arbitral panel composed or constituted?

Answer

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Tags: ADR, Arbitration, Dispute Resolution
Level: Level 1

Topic: Alternative Dispute Resolution
Series: MAY 2021

BL – May 2021 – L1 – SB – Q1c – Partnership Law

Dispute between partners over profit-sharing entitlement and registered partnership implications.

Question

Oguche and Agoro have been friends for twenty-five years. They agreed to trade together by contributing money to buy textile materials from Aswani market in Lagos, Aba market in Abia State, and Sabongari market in Kano. The two friends have been buying the materials and sharing them for sale in towns and villages in Oyo State, Nigeria. Recently, Agoro bought textile materials from Kano when he visited his political associates in that city. Agoro resold the materials at a huge profit, and when Oguche became aware of that fact, he approached Agoro, demanding a share in the profit of the resale, basing his entitlement on the argument that they are partners. Agoro has refused to share the profit with Oguche, and the latter has approached you for advice.

Required:
i. Advise Oguche on whether or not he is entitled to a share in the profit that Agoro made. (6 Marks)

ii. Would you have advised Oguche differently if the two friends had a registered partnership under the name and style “Oguche and Agoro Ventures”? (6 Marks)

Answer

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Tags: Dispute Resolution, Partnership, Profit Sharing
Level: Level 1

Topic: Partnership Law
Series: MAY 2021

BL – Nov 2023 – L1 – SA – Q20 – Alternative Dispute Resolution

This question asks about one of the procedures used for amicable resolution in ADR.

Question

In alternative dispute resolution, one of the procedures by which parties to a dispute seek amicable resolution of the dispute is
A. Intermeddling
B. Congruency
C. Conciliation
D. Intervention
E. Intercession

Answer

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Tags: ADR, Dispute Resolution, Mediation
Level: Level 1

Topic: Alternative Dispute Resolution
Series: NOV 2023

BL – Nov 2019 – L1 – SB – Q5c – Alternative Dispute Resolution

Explaining arbitration and identifying two key advantages of the process.

Question

Disputes and differences between parties could be resolved or redressed through various means, including arbitration.
Required:
i. Explain briefly, the term “Arbitration”. (2 Marks)
ii. State TWO advantages of Arbitration. (2 Marks)

Answer

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Tags: Advantages, Alternative Dispute Resolution (ADR), Arbitration, Dispute Resolution
Level: Level 1

Topic: Alternative Dispute Resolution
Series: NOV 2019

AT – Nov 2023 – L3 – SC – Q5 – Tax Administration and Dispute Resolution

Steps and objectives in handling a tax audit with FIRS and the required documentation.

Question

The Managing Director of the company has just received a letter from the tax office that a team of tax inspectors will be visiting the company in a fortnight to conduct a tax audit.

The company has approached your firm of chartered accountants to assist with advice on how the company should handle the forthcoming tax audit.

Required:

a. Objectives of tax audits (5 Marks)

b. Stages in a typical tax audit process (4 Marks)

c. Schedule of requirements for FIRS tax audit (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Process, Audit Stages, Corporate Taxation, Dispute Resolution, Financial Reporting, FIRS Requirements, Nigerian Tax System, Tax Audit, Tax Compliance
Level: Level 3

Topic: Tax Administration and Dispute Resolution
Series: NOV 2023

BL – Nov 2020 – L1 – SA – Q18 – Alternative Dispute Resolution

Identifying an alternative to litigation in dispute resolution.

Question

Which of the following is an alternative to a lawsuit in dispute resolution?

Options:

A. Mediation
B. Litigation
C. Prosecution
D. Subrogation
E. Interdiction

Answer

Find Related Questions by Tags, levels, etc.

Tags: Alternative to Litigation, Dispute Resolution, Mediation
Level: Level 1

Topic: Alternative Dispute Resolution
Series: NOV 2020

TAX – Nov 2018 – L2 – SC – Q7b – Tax Dispute Resolution

List seven transactions that require a tax clearance certificate before proceeding.

Question

In a bid to bring more individuals and corporate organizations into the tax net, the submission of tax clearance certificates by taxpayers is a condition precedent before bidding for contracts.

Required:
State seven transactions which necessitate the submission of a tax clearance certificate.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dispute Resolution, Disputed Tax Assessment, Federal Inland Revenue Service, Tax Appeals
Level: Level 2

Topic: Tax Dispute Resolution
Series: NOV 2018

TAX – Nov 2018 – L2 – SC – Q7a – Tax Dispute Resolution

Advise the managing director on the actions to be taken to resolve a disputed tax assessment by the FIRS.

Question

Required:
Advise the managing director on the action to be taken to resolve the disputed assessment.

Answer

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Tags: Dispute Resolution, Disputed Tax Assessment, Federal Inland Revenue Service, Tax Appeals
Level: Level 2

Topic: Tax Dispute Resolution
Series: NOV 2018

BL – May 2022 – L1 – SB – Q6c – Alternative Dispute Resolution

Explain the purpose of conciliation and the composition of the conciliation body.

Question

Conciliation is an alternative means of dispute resolution.

Required:
Explain the purpose of conciliation and the composition of the conciliation body.

Answer

Find Related Questions by Tags, levels, etc.

Tags: ADR, Conciliation, Dispute Resolution
Level: Level 1

Topic: Alternative Dispute Resolution
Series: MAY 2022

BL – May 2022 – L1 – SA – Q20 – Alternative Dispute Resolution

Identify the option that is not a mode of settling disputes out of court.

Question

Which of the following is NOT a mode of settling disputes out of court?
A. Counselling
B. Conciliation
C. Arbitration
D. Mediation
E. Negotiation

Answer

Find Related Questions by Tags, levels, etc.

Tags: Arbitration, Dispute Resolution, Mediation, Out of Court Settlement
Level: Level 1

Topic: Alternative Dispute Resolution
Series: MAY 2022

BL – May 2021 – L1 – SB – Q5d – Alternative Dispute Resolution

Explanation of how an arbitral panel is composed in Alternative Dispute Resolution.

Question

Arbitration is an Alternative Dispute Resolution (ADR) mechanism.

Required:
How is an arbitral panel composed or constituted?

Answer

Find Related Questions by Tags, levels, etc.

Tags: ADR, Arbitration, Dispute Resolution
Level: Level 1

Topic: Alternative Dispute Resolution
Series: MAY 2021

BL – May 2021 – L1 – SB – Q1c – Partnership Law

Dispute between partners over profit-sharing entitlement and registered partnership implications.

Question

Required:
i. Advise Oguche on whether or not he is entitled to a share in the profit that Agoro made. (6 Marks)

ii. Would you have advised Oguche differently if the two friends had a registered partnership under the name and style “Oguche and Agoro Ventures”? (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dispute Resolution, Partnership, Profit Sharing
Level: Level 1

Topic: Partnership Law
Series: MAY 2021

BL – Nov 2023 – L1 – SA – Q20 – Alternative Dispute Resolution

This question asks about one of the procedures used for amicable resolution in ADR.

Question

Answer

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Tags: ADR, Dispute Resolution, Mediation
Level: Level 1

Topic: Alternative Dispute Resolution
Series: NOV 2023

BL – Nov 2019 – L1 – SB – Q5c – Alternative Dispute Resolution

Explaining arbitration and identifying two key advantages of the process.

Question

Answer

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Tags: Advantages, Alternative Dispute Resolution (ADR), Arbitration, Dispute Resolution
Level: Level 1

Topic: Alternative Dispute Resolution
Series: NOV 2019

Question Tag: Dispute Resolution

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AT – Nov 2023 – L3 – SC – Q5 – Tax Administration and Dispute Resolution

Steps and objectives in handling a tax audit with FIRS and the required documentation.

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BL – Nov 2020 – L1 – SA – Q18 – Alternative Dispute Resolution

Identifying an alternative to litigation in dispute resolution.

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TAX – Nov 2018 – L2 – SC – Q7b – Tax Dispute Resolution

List seven transactions that require a tax clearance certificate before proceeding.

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TAX – Nov 2018 – L2 – SC – Q7a – Tax Dispute Resolution

Advise the managing director on the actions to be taken to resolve a disputed tax assessment by the FIRS.

You're reporting an error for "TAX – Nov 2018 – L2 – SC – Q7a – Tax Dispute Resolution"

BL – May 2022 – L1 – SB – Q6c – Alternative Dispute Resolution

Explain the purpose of conciliation and the composition of the conciliation body.

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BL – May 2022 – L1 – SA – Q20 – Alternative Dispute Resolution

Identify the option that is not a mode of settling disputes out of court.

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BL – May 2021 – L1 – SB – Q5d – Alternative Dispute Resolution

Explanation of how an arbitral panel is composed in Alternative Dispute Resolution.

You're reporting an error for "BL – May 2021 – L1 – SB – Q5d – Alternative Dispute Resolution"

BL – May 2021 – L1 – SB – Q1c – Partnership Law

Dispute between partners over profit-sharing entitlement and registered partnership implications.

You're reporting an error for "BL – May 2021 – L1 – SB – Q1c – Partnership Law"

BL – Nov 2023 – L1 – SA – Q20 – Alternative Dispute Resolution

This question asks about one of the procedures used for amicable resolution in ADR.

You're reporting an error for "BL – Nov 2023 – L1 – SA – Q20 – Alternative Dispute Resolution"

BL – Nov 2019 – L1 – SB – Q5c – Alternative Dispute Resolution

Explaining arbitration and identifying two key advantages of the process.

You're reporting an error for "BL – Nov 2019 – L1 – SB – Q5c – Alternative Dispute Resolution"

AT – Nov 2023 – L3 – SC – Q5 – Tax Administration and Dispute Resolution

Steps and objectives in handling a tax audit with FIRS and the required documentation.

You're reporting an error for "AT – Nov 2023 – L3 – SC – Q5 – Tax Administration and Dispute Resolution"

BL – Nov 2020 – L1 – SA – Q18 – Alternative Dispute Resolution

Identifying an alternative to litigation in dispute resolution.

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TAX – Nov 2018 – L2 – SC – Q7b – Tax Dispute Resolution

List seven transactions that require a tax clearance certificate before proceeding.

You're reporting an error for "TAX – Nov 2018 – L2 – SC – Q7b – Tax Dispute Resolution"

TAX – Nov 2018 – L2 – SC – Q7a – Tax Dispute Resolution

Advise the managing director on the actions to be taken to resolve a disputed tax assessment by the FIRS.

You're reporting an error for "TAX – Nov 2018 – L2 – SC – Q7a – Tax Dispute Resolution"

BL – May 2022 – L1 – SB – Q6c – Alternative Dispute Resolution

Explain the purpose of conciliation and the composition of the conciliation body.

You're reporting an error for "BL – May 2022 – L1 – SB – Q6c – Alternative Dispute Resolution"

BL – May 2022 – L1 – SA – Q20 – Alternative Dispute Resolution

Identify the option that is not a mode of settling disputes out of court.

You're reporting an error for "BL – May 2022 – L1 – SA – Q20 – Alternative Dispute Resolution"

BL – May 2021 – L1 – SB – Q5d – Alternative Dispute Resolution

Explanation of how an arbitral panel is composed in Alternative Dispute Resolution.

You're reporting an error for "BL – May 2021 – L1 – SB – Q5d – Alternative Dispute Resolution"

BL – May 2021 – L1 – SB – Q1c – Partnership Law

Dispute between partners over profit-sharing entitlement and registered partnership implications.

You're reporting an error for "BL – May 2021 – L1 – SB – Q1c – Partnership Law"

BL – Nov 2023 – L1 – SA – Q20 – Alternative Dispute Resolution

This question asks about one of the procedures used for amicable resolution in ADR.

You're reporting an error for "BL – Nov 2023 – L1 – SA – Q20 – Alternative Dispute Resolution"

BL – Nov 2019 – L1 – SB – Q5c – Alternative Dispute Resolution

Explaining arbitration and identifying two key advantages of the process.

You're reporting an error for "BL – Nov 2019 – L1 – SB – Q5c – Alternative Dispute Resolution"

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