Question Tag: Nigeria

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ATAX – May 2017 – L3 – Q4a – Tax Incentives and Reliefs

List five incentives provided by the Federal Government of Nigeria to attract investors to the solid minerals sector.

Question

Oil and Gas are major sources of revenue for the Federal Government of Nigeria (FGN). This has become a burden to the government due to its inability to control the volume of production and price. To ameliorate this burden, the FGN is seeking alternative sources of revenue, and solid minerals have been identified.

Required:
State FIVE incentives put in place by the Federal Government of Nigeria (FGN) to attract potential investors to the solid minerals sector. (5 Marks)

Answer

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Tags: Federal Government, Investment, Nigeria, Solid Minerals, Tax Incentives
Level: Level 3

Topic: Tax Incentives and Reliefs, Taxation of Specialized Businesses

ATAX – May 2019 – L3 – Q7a – Taxation of Specialized Businesses

Provide a report on fiscal incentives in Nigeria’s oil and gas sector, including gas production, exploitation of associated gas, and free trade zone investments.

Question

The Federal Government of Nigeria, in the third quarter of 2018, announced the discovery of a huge hydro-carbon deposit in the Chad Basin area of Borno State. This information has attracted interest from local and foreign investors in the Nigerian oil and gas sector. One such foreign investor is a Japanese billionaire, Mr. Sun Nagasaki, who has investments in oil and gas operations in the Middle East and Latin America.

Mr. Nagasaki is, however, not familiar with the regulations guiding operations and the incentives available to investors in the oil and gas sub-sector in Nigeria. You have been appointed as a tax consultant by Mr. Nagasaki’s representative in Nigeria.

Required:
a. Draft a report addressed to Mr. Nagasaki explaining the following issues of interest:

i. Fiscal incentives available in the gas production phase (2 Marks)
ii. Six incentives for the encouragement of exploitation and utilization of associated gas for commercial purposes (downstream operations) (3 Marks)
iii. Six incentives and fiscal measures that favour and encourage large investment in oil and gas free trade zones (4 Marks)

Answer

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Tags: Fiscal Incentives, Investment, Nigeria, Oil and gas, Tax Relief
Level: Level 3

Topic: Taxation of Specialized Businesses

CR – May 2021 – L3 – Q6 – Regulatory Environment for Corporate Reporting

Discuss the rationale for different regulatory frameworks and analyze sources of corporate financial reporting regulations in Nigeria.

Question

International Financial Reporting Standards (IFRS) are sets of accounting standards, and it is unrealistic to assume that these standards could not replace those based around rules. However, where a rule-based system has been in operation, there is likely to be an expansion of ethical challenges for both accountants and auditors involved with financial statements if a principles-based approach is adopted. Therefore, regulatory authorities need to ensure ethical practices to achieve high-quality financial statements. This is drawing attention to the need for closer or greater monitoring. Apart from this fact, corporate financial reporting regulations have been in operation before the advent of IFRS.

Required:

a. Appraise the rationale behind different regulatory frameworks for corporate financial reporting. (8 Marks)

b. Analyze in detail the various sources of regulations for corporate financial reporting in Nigeria. (7 Marks)

Answer

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Tags: Corporate Reporting Regulations, Ethical Challenges, IFRS, Nigeria, Regulatory Frameworks
Level: Level 3

Topic: Regulatory Environment for Corporate Reporting

AAA – Nov 2011 – L3 – SAII – Q13 – Audit of Corporate Governance

Source of corporate governance guidelines in Nigeria.

Question

Issues on Corporate Governance in Nigeria are listed in the ……………….

Answer

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Tags: Audit, Corporate Governance, Nigeria, Regulatory Guidelines
Level: Level 3

Topic: Audit of Corporate Governance
Series: NOV 2011

AT – May 2024 – L3 – SC – Q5 – Tax Administration and Dispute Resolution

Discuss NEITI's vision, mission, and objectives, and explain the responsibilities of stakeholders in Nigeria's tax policy.

Question

The Nigeria Extractive Industries Transparency Initiative (NEITI) was established through the NEITI Act, 2007. The body has the responsibility for the development of a framework for transparency and accountability in the reporting and disclosure of revenue due to or paid to the Federal Government by companies in the extractive industry.

In the same vein, the National Tax Policy, 2017, expressly stipulates the responsibilities of the various stakeholders towards the achievement of efficient tax administration in Nigeria.

Required:

a. Discuss the vision, mission and FOUR primary objectives of NEITI as provided for in the enabling Act. (6 Marks)

b. Explain THREE responsibilities of each of the underlisted stakeholders as provided for in the National Tax Policy, 2017:
(i) The government (3 Marks)
(ii) The taxpayer (3 Marks)
(iii) Revenue agencies (3 Marks)

(Total 15 Marks)

Answer

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Tags: Accountability, Government, NEITI, Nigeria, Revenue Agencies, Taxpayer, Transparency
Level: Level 3

Topic: Tax Administration and Dispute Resolution
Series: MAY 2024

CR – Nov 2020 – L3 – Q4a – Sustainability Reporting

Discuss three developments in Nigeria pressuring listed companies to adopt sustainability reporting.

Question

a. There have been many developments in Nigeria that increasingly put pressure on listed companies to embrace sustainability reporting.

Required: Discuss any THREE of such developments. (7 Marks)

Answer

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Tags: Corporate Governance, Nigeria, Regulatory Developments, Sustainability Reporting
Level: Level 3

Topic: Sustainability Reporting

ATAX – Nov 2018 – L3 – Q4a – Tax Incentives and Reliefs

Explanation of Foreign Direct Investment and incentives for foreign investors in Nigeria.

Question

(a) Write a short note on Foreign Direct Investment (FDI) and incentives available to foreign investors in Nigeria.

Answer

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Tags: Economic growth, FDI, Foreign Investment, Incentives, Investment Protection, Nigeria, Tax Reliefs
Level: Level 3

Topic: Tax Incentives and Reliefs

PSAF – May 2017 – L2 – SC – Q7 – Government Expenditure

Identify and explain factors contributing to the rapid growth in Nigeria's government spending.

Question

A number of factors have been identified as inevitably leading to rapid growth in government spending in many countries over time.

Required:

Identify and explain FIVE of these factors as they apply to Nigeria.

Answer

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Tags: Economic Drivers, Fiscal Policy, Government Spending, Nigeria, Public Finance
Level: Level 2

Topic: Government Expenditure
Series: MAY 2017

TAX – May 2017 – L2 – SB – Q2 – Tax Administration and Enforcement

Explanation of transactions requiring a Tax Clearance Certificate and the procedures for hearing an appeal before the Tax Appeal Tribunal.

Question

a. Mr. Bull Dozer has just submitted his application for an export license to the Nigerian Export Promotion Council. The Council demanded a Tax Clearance Certificate before granting him the export license.

Mr. Bull Dozer was concerned and approached you to explain whether the presentation of this document is required for all government transactions in Nigeria.

Required:
State TEN transactions in respect of which a Tax Clearance Certificate may be demanded by a government agency. (10 Marks)

b. The Tax Appeal Tribunal has the authority to adjudicate on tax disputes and controversies when the appellant does not discontinue the appeal.

Required:
List TEN procedures for hearing the appeal before the Tax Appeal Tribunal. (10 Marks)

Answer

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Tags: Government Transactions, Nigeria, Tax Appeal Tribunal, Tax Clearance Certificate, Tax Dispute Resolution
Level: Level 2

Topic: Tax Administration and Enforcement
Series: MAY 2017

PSAF – May 2023 – L1 – SC – Q7 – Government Revenue

Differentiates public revenue and receipts, oil and non-oil revenue, and discusses revenue allocation challenges in Nigeria.

Question

Government, like any other economic unit, needs funds, which can be raised from various sources for the purpose of financing its activities.

Required:

a. Differentiate between:
i. Public revenue and public receipts, and state their sources. (3 Marks)
ii. Oil and non-oil revenue. (2 Marks)

b. Discuss FIVE problems associated with revenue allocation in Nigeria. (10 Marks)

Answer

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Tags: Nigeria, Public Revenue, Revenue Allocation, Revenue Sources
Level: Level 2

Topic: Government Revenue
Series: MAY 2023

PSAF – May 2023 – L1 – SA – Q5 – Fiscal Policy and Public Finance

Explains why government intervenes in the economy and identifies Nigeria's macroeconomic objectives.

Question

A national economy requires the involvement of government to thrive, and its presence supports citizens’ livelihoods.

Required:

i. Identify and explain FIVE reasons why the government intervenes in the economy. (7.5 Marks)
ii. Identify and explain FIVE macroeconomic objectives in Nigeria. (7.5 Marks)

Answer

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Tags: Economic Objectives, Government intervention, Nigeria, Public Finance
Level: Level 2

Topic: Fiscal Policy and Public Finance
Series: MAY 2023

PSAF – Nov 2015 – L2 – Q6a – Introduction to Public Sector Accounting

Describe key characteristics of a developing economy with reference to Nigeria.

Question

In spite of the abundant human and natural resources with which Nigeria is endowed, the country is conspicuously listed among developing countries of the world. In light of the foregoing:

a. Explain FOUR features of a developing economy with particular reference to Nigeria.

Answer

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Tags: Dependency Burdens, Developing Economy, Economic Characteristics, Low Living Standards, Nigeria
Level: Level 2

Topic: Introduction to Public Sector Accounting
Series: NOV 2015

BMF – Nov 2020 – L1 – SA – Q3 – The Business Environment

Identify the item that is NOT addressed by the employment law in Nigeria.

Question

Each country has employment laws. Which of the following is NOT addressed by the employment law in Nigeria?
A. Discrimination on the grounds of physical disability, gender, and religion
B. Legislative protection for non-regulated data
C. Minimum acceptable working conditions
D. Minimum monthly rate of pay that may be due to any employee
E. Certain rights against unfair dismissal by an employer

Answer

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Tags: Employment Law, Labor Rights, Legal protection, Nigeria
Level: Level 1

Topic: The Business Environment
Series: NOV 2020

FR – Nov 2020 – L2 – Q2b – Regulatory Framework for Financial Reporting

Explanation of two sources of accounting regulations in Nigeria.

Question

Non-accounting professionals usually wonder why an entity‟s general purpose
financial reporting should be regulated without allowing users to be free from
choice of presentations.
In order to give clarity on this subject to the non-accounting professionals in your
workplace,

Identify and explain TWO sources of accounting regulations in Nigeria. (3 Marks)

Answer

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Tags: Accounting Standards, Nigeria, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework for Financial Reporting
Series: NOV 2020

FR – Nov 2020 – L2 – Q2a – Regulatory Framework for Financial Reporting

Explanation of reasons why financial reporting should be regulated in Nigeria.

Question

Non-accounting professionals usually wonder why an entity’s general-purpose financial reporting should be regulated without allowing users to be free to choose their presentations.

Required:
Explain FOUR reasons why financial reporting should be regulated in Nigeria. (4 Marks)

Answer

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Tags: Accounting Standards, Financial Reporting, Nigeria, Regulation
Level: Level 2

Topic: Regulatory Framework for Financial Reporting
Series: NOV 2020

TAX – Nov 2021 – L2 – Q6 – Value Added Tax (VAT)

Explanation of when goods and services are deemed to be supplied in Nigeria according to section 2 of the VAT Act.

Question

Taxable supplies of goods and services are those listed under the First Schedule of
the Value Added Tax Act Cap VI for 2004 (as amended). Essentially, these are goods
and services liable to value added tax at the prescribed rate.
Required:
Explain when goods and services shall be deemed to be supplied in Nigeria in
accordance with section 2 of VAT Act (as amended).

Answer

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Tags: Goods, Nigeria, Services, Supply, VAT
Level: Level 2

Topic: Value-Added Tax (VAT)
Series: NOV 2021

TAX – May 2021 – L1 – SA – Q2 – Tax Administration and Enforcement

Multiple-choice question on identifying sources of tax laws in Nigeria.

Question

Which of the following is NOT a source of tax laws in Nigeria?
A. Budget and pronouncement of relevant Ministries
B. The Constitution of the Federal Republic of Nigeria
C. Circulars issued by and practices of the Inland Revenue
D. Opinion of a local government chairman
E. Case laws

Answer

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Tags: Case Laws, Circulars, Constitution, Inland Revenue, Nigeria, Sources, Tax Laws
Level: Level 1

Topic: Tax Administration and Enforcement
Series: MAY 2021

BMF – May 2023 – L1 – SB – Q6c – The Business Environment

State five reasons why the policy of subsidising imported petroleum products failed in Nigeria.

Question

State FIVE reasons why the policy of subsidising imported petroleum products failed in Nigeria

Answer

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Tags: Economic Issues, Government Policy, Nigeria, Subsidy
Level: Level 1

Topic: The Business Environment
Series: MAY 2023

BMF – Mar July 2020 – L1 – SA – Q3 – The Business Environment

Identifying an example of a virtual organization in Nigeria.

Question

An example of virtual organization in Nigeria is
A. Life Builder Initiative (LBI)
B. Nigeria NGO Consultative Forum (NINCOF)
C. Red Cross Society of Nigeria
D. Uber Car Ride Company
E. Ernst & Young (EY)

Answer

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Tags: Business Environment, Nigeria, Virtual Organization
Level: Level 1

Topic: The Business Environment
Series: MAR/JULY 2020

Question Tag: Nigeria

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ATAX – May 2017 – L3 – Q4a – Tax Incentives and Reliefs

List five incentives provided by the Federal Government of Nigeria to attract investors to the solid minerals sector.

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ATAX – May 2019 – L3 – Q7a – Taxation of Specialized Businesses

Provide a report on fiscal incentives in Nigeria’s oil and gas sector, including gas production, exploitation of associated gas, and free trade zone investments.

You're reporting an error for "ATAX – May 2019 – L3 – Q7a – Taxation of Specialized Businesses"

CR – May 2021 – L3 – Q6 – Regulatory Environment for Corporate Reporting

Discuss the rationale for different regulatory frameworks and analyze sources of corporate financial reporting regulations in Nigeria.

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AAA – Nov 2011 – L3 – SAII – Q13 – Audit of Corporate Governance

Source of corporate governance guidelines in Nigeria.

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AT – May 2024 – L3 – SC – Q5 – Tax Administration and Dispute Resolution

Discuss NEITI's vision, mission, and objectives, and explain the responsibilities of stakeholders in Nigeria's tax policy.

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CR – Nov 2020 – L3 – Q4a – Sustainability Reporting

Discuss three developments in Nigeria pressuring listed companies to adopt sustainability reporting.

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ATAX – Nov 2018 – L3 – Q4a – Tax Incentives and Reliefs

Explanation of Foreign Direct Investment and incentives for foreign investors in Nigeria.

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PSAF – May 2017 – L2 – SC – Q7 – Government Expenditure

Identify and explain factors contributing to the rapid growth in Nigeria's government spending.

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TAX – May 2017 – L2 – SB – Q2 – Tax Administration and Enforcement

Explanation of transactions requiring a Tax Clearance Certificate and the procedures for hearing an appeal before the Tax Appeal Tribunal.

You're reporting an error for "TAX – May 2017 – L2 – SB – Q2 – Tax Administration and Enforcement"

PSAF – May 2023 – L1 – SC – Q7 – Government Revenue

Differentiates public revenue and receipts, oil and non-oil revenue, and discusses revenue allocation challenges in Nigeria.

You're reporting an error for "PSAF – May 2023 – L1 – SC – Q7 – Government Revenue"

PSAF – May 2023 – L1 – SA – Q5 – Fiscal Policy and Public Finance

Explains why government intervenes in the economy and identifies Nigeria's macroeconomic objectives.

You're reporting an error for "PSAF – May 2023 – L1 – SA – Q5 – Fiscal Policy and Public Finance"

PSAF – Nov 2015 – L2 – Q6a – Introduction to Public Sector Accounting

Describe key characteristics of a developing economy with reference to Nigeria.

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BMF – Nov 2020 – L1 – SA – Q3 – The Business Environment

Identify the item that is NOT addressed by the employment law in Nigeria.

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FR – Nov 2020 – L2 – Q2b – Regulatory Framework for Financial Reporting

Explanation of two sources of accounting regulations in Nigeria.

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FR – Nov 2020 – L2 – Q2a – Regulatory Framework for Financial Reporting

Explanation of reasons why financial reporting should be regulated in Nigeria.

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TAX – Nov 2021 – L2 – Q6 – Value Added Tax (VAT)

Explanation of when goods and services are deemed to be supplied in Nigeria according to section 2 of the VAT Act.

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TAX – May 2021 – L1 – SA – Q2 – Tax Administration and Enforcement

Multiple-choice question on identifying sources of tax laws in Nigeria.

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BMF – May 2023 – L1 – SB – Q6c – The Business Environment

State five reasons why the policy of subsidising imported petroleum products failed in Nigeria.

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BMF – Mar July 2020 – L1 – SA – Q3 – The Business Environment

Identifying an example of a virtual organization in Nigeria.

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