- 15 Marks
TAX – May 2017 – L2 – SC – Q7 – Withholding Tax
Explanation of the peculiarities of withholding tax, rates for international transactions, and required particulars for a tax payment schedule.
Question
The recently employed Accounts Officer of Oriade Limited understands that the company must report Withholding Tax information to the Revenue Authority according to the provisions of the law. Being a fresh graduate, he does not know how Withholding Tax is reported to the Revenue Authority.
Required:
a. Explain the peculiarities of Withholding Tax. (3 Marks)
b. Where international transactions are involved:
- i. State the rate of Withholding Tax. (1 Mark)
- ii. List the types of income involved. (3 Marks)
c. Specify the currency of payment where the currency of the transaction is not in Naira. (3 Marks)
d. List FIVE particulars contained in the Withholding Tax Payment Schedule. (5 Marks)
Find Related Questions by Tags, levels, etc.
- Tags: International Transactions, Payment Schedule, Tax Reporting, Withholding Tax
- Level: Level 2
- Topic: Withholding Tax (WHT)
- Series: MAY 2017
Report an error