- 20 Marks
TAX – May 2022 – L2 – SA – Q4 – Companies Income Tax (CIT)
Explain the recent changes in taxation introduced by the Finance Acts of 2019 and 2020, specifically related to insurance companies.
Question
Bakosa Insurance Co. Plc. is a company engaged in both life and other insurance businesses. You were appointed as the tax consultant of the company on June 30, 2021. The Managing Director of the company invited you to a meeting of the directors with a view to intimating them of the recent changes introduced by the Finance Acts 2019 and 2020, relating to insurance business.
Required:
Explain the following to the management of the company:
a. Recent changes introduced by Finance Acts 2019 and 2020, that relate to the computation of tax liabilities of insurance companies. (16 Marks)
b. Additional documents/information to be filed by insurance companies. (4 Marks
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