Penalties – Page 2 – NBC Institute

PSAF – Nov 2023 – L2 – Q3c – Public Procurement and Contract Management

Details provisions and penalties under Financial Regulations to prevent and address delays in contract payments.

Question

i. Identify TWO provisions of Financial Regulations which guide against the delay in contract payments. (3 Marks)

ii. Enumerate TWO punishments each that can be meted out to a government official and a legal person in case of delay in payment of contracts executed. (4 Marks)

Answer

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Tags: Contract Payment Delays, Financial Regulations, Government Contracts, Penalties, Public Sector Accounting
Level: Level 2

Topic: Public Procurement and Contract Management

PSAF – Nov 2015 – L2 – Q2 – Pension Accounting in the Public Sector

Analysis of pension misappropriation under the Pension Reform Act, detailing offences, penalties, and competent jurisdictions.

Question

Mr. Betta Tomoro is a staff of Goodlife Local Government Council of Welfare State. He has been in the local government council’s employment for twenty-five (25) years. Recently, he attained the age of fifty-two (52) years. He had risen to the post of an Assistant Director on grade level 15, step 2. Mr. Betta Tomoro and his employer had contributed the sum of N8.5 million under the old Pension Scheme and Pension Reform Act 2014. Monthly contributions are sent to his Pension Fund Administrator (PFA), Diversity Pension Managers Limited.

It is the practice of the Pension Fund Administrator to send to Mr. Betta Tomoro the records of his pension on a monthly basis. However, in April 2015, no further record was received by Mr. Betta Tomoro concerning his pension fund. This resulted in his visit to the Pension Fund Administrator’s office to inquire about the sudden stoppage of his pension fund.

During cross-examination at the Court of Competent Jurisdiction to hear pension-related offences, it was found that five staff members of Diversity Pension Managers Limited had bought mansions in Victoria Garden City and other houses in London valued at N380 million. They jointly floated a company, Owo-mugun Limited, with all operational infrastructure in place, all valued at N175 million. They also had N18 million in various local and international bank accounts.

After two hearings on the allegations of criminal misappropriation of clients’ pension monies filed against these staff, judgment was reserved by the court for December 15, 2015.

Required:

a. In line with the Pension Reform Act 2014, identify TWO acts that constitute criminal offences.
(4 Marks)

b. If by December 15, 2015, the five staff are found guilty of misappropriation of clients’ pension fund, state THREE penalties provided to be imposed on them as per the Pension Reform Act 2014.
(6 Marks)

c. Identify THREE Courts of Competent Jurisdiction that can hear pension-related cases as provided in the Act.
(3 Marks)

d. If Mr. Betta Tomoro preferred to withdraw his service voluntarily from Goodlife Local Government Council at the age of forty-five (45) years, what provisions would be available to him concerning his pension contribution?
(3 Marks)

e. Assuming the prevailing interest rate is 21.5%, compute the total amount payable by the convicts (including interest) if the entire amount misappropriated is ordered to be refunded by the court.
(4 Marks)

Answer

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Tags: Courts of Competent Jurisdiction, Criminal Offences, Interest Rate, Penalties, Pension Fund Misappropriation, Pension Reform Act, Voluntary Withdrawal
Level: Level 2

Topic: Pension Accounting in the Public Sector
Series: NOV 2015

TAX – Nov 2021 – L2 – Q5 – Companies Income Tax (CIT)

Explanation of documents required for tax registration, time lag for filing tax returns, and penalties for late filing of returns.

Question

QUESTION 5
The Companies Income Tax Act Cap C21 LFN 2004 (as amended) empowers the
Federal Inland Revenue Service to assess the income of corporate organisations.
Corporate organisations are required to file tax returns within a specified period of
time to the relevant tax authority.
Required:
a. Explain the documents/information required to be forwarded to the relevant tax
authority when registering with the nearest integrated tax office. (5 Marks)
b. State the time lag for filing the first set of returns and subsequent ones.
(5 Marks)
c. State the penalty for late filing of tax returns on the due dates. (5 Marks)
(Total 15 Marks)

Answer

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Tags: Corporate Tax Returns, Filing Deadlines, Penalties, Tax Documents
Level: Level 2

Topic: Companies Income Tax (CIT)
Series: NOV 2021

TAX – Nov 2021 – L2 – Q3b – Value Added Tax (VAT)

Explanation of penalties associated with VAT non-compliance including failure to register, failure to notify of address changes, and failure to submit returns.

Question

Explain the penalties associated with the following:

i. Failure to register for VAT return (2 Marks)
ii. Failure to notify the FIRS of change of address or cessation of trade or business (2 Marks)
iii. Failure to submit VAT returns (2 Marks)

Answer

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Tags: Non-compliance, Penalties, Registration, Returns, VAT
Level: Level 2

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

PSAF – Nov 2021 – L2 – Q3b – Ethics and Integrity in Public Sector Financial Management

Discuss offences and their penalties under the Corrupt Practices and Other Related Offences Act 2000.

Question

The Corrupt Practices and Other Related Offences Act 2000 gave birth to the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

Required:

Discuss FIVE offences as well as their penalties as contained in the Act.

Answer

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Tags: Corruption, ICPC, Offences, Penalties
Level: Level 2

Topic: Ethics and Integrity in Public Sector Financial Management
Series: NOV 2021

TAX – May 2021 – L1 – SB – Q5a – Tax Administration and Enforcement

Identify offences and penalties under the Land Use Charge Law 2018.

Question

In 2018, the 8th Assembly, House of Assembly, Lagos State, enacted the Land Use Charge Law 2018, to provide for the consolidation of property and land based charges and make provisions for the levying and collection of land use charge in Lagos State and for connected purposes.
Required:
State the offences and their penalties as stated in sections 29 and 30 of the law. (8 Marks)

Answer

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Tags: Lagos State, Land Use Charge, Offences, Penalties, Property Charges
Level: Level 1

Series: MAY 2021

TAX – May 2021 – L1 – SA – Q13 – Stamp Duties

Objective question about the functions of the Commissioner of Stamp Duties.

Question

Which of the following is NOT a function of a Commissioner of Stamp Duties?
A. He is the administrative head of the department
B. He has the duties of assessing documents on appropriate duties and imposing penalties where applicable
C. Adjudication
D. Stamping or embossments
E. He varies the stamp duties rate from time to time to reflect realities

Answer

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Tags: Adjudication, Administration, Commissioner, Duties, Penalties, Stamp Duties
Level: Level 1

Topic: Stamp Duties
Series: MAY 2021

TAX – May 2021 – L1 – SA – Q11 – Tax Administration and Enforcement

Objective question about the penalty for failure to notify FIRS of change of address within a specified time frame.

Question

In respect of VAT, a person who fails to notify the FIRS of any change of address within one month of such change is liable to pay a penalty of:
A. N25,000
B. N20,000
C. N15,000
D. N10,000
E. N5,000

Answer

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Tags: Change of Address, FIRS, Penalties, Taxpayer obligations, VAT
Level: Level 1

Topic: Tax Administration and Enforcement
Series: MAY 2021

TAX – May 2019 – L2 – Q6 – Companies Income Tax (CIT)

Compute total profit and tax liabilities, describe zero-rated VAT items, and discuss penalties for non-registration for VAT.

Question

Duru Cobbler Limited has been in the business of shoe manufacturing for many years. Information contained in the company’s statement of profit or loss for the year ended November 30, 2018, is as follows:

Details	Amount (N)
Revenue	18,546,000
Other income:
– Rental income (gross)	240,000
– Profit on sale of property, plant, and equipment	120,000
– Interest on bank deposits (net)	234,000
Total Other Income	594,000
Total Revenue	19,140,000
Less:
Staff salaries and wages	6,180,300
Finance cost	1,144,000
General administration expenses	10,585,190
Impairment loss	420,000
Depreciation and amortization	1,690,000
Total Expenses	20,019,490
Loss before tax	(879,490)
Income tax expense	–
Deferred tax provision	(64,380)
Loss after tax	(943,870)

Additional notes provided by the accountant:

Finance costs include bank charges and interest on overdrafts.
General administration expenses include:
- Bad debts of N655,000 from bulk sales of shoes to the managing director’s relations.
- Value added tax of N985,000 not imposed on some invoices.
Capital allowances for the relevant year amount to N1,294,000.

Required:
(a) Compute the total profit and tax liabilities payable by Duru Cobbler Limited for the relevant year of assessment. (10 Marks)
(b) Describe zero-rated goods and services under the Value Added Tax Act Cap VI LFN 2004 (as amended) and identify two transactions that may fall under this category. (3 Marks)
(c) Identify the penalties for non-registration for VAT. (2 Marks)

Answer

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Tags: Companies Income Tax, Penalties, Tax computation, VAT, Zero-Rated Goods
Level: Level 2

Topic: Companies Income Tax (CIT), Value-Added Tax (VAT)
Series: MAY 2019

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

BL – Nov 2014 – L1 – SB – Q4b – Law of Tort

Explain one penalty for theft or fraud and state two consequences of conviction for a criminal offence.

Question

“Today, the ethical value of a lot of professionals is nothing to write home about. They sometimes unlawfully convert their client’s money to personal use without placing premium on the consequences of such a criminal action on their part.”

Required:
i. Explain briefly one penalty that may be imposed by the court on a person convicted of the offence of theft, fraud, or deception.
(2 Marks)

ii. State the TWO consequences of conviction for an offence.
(2 Marks)

Answer

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Tags: Consequences of Conviction, Criminal Law, Fraud, Penalties, Theft
Level: Level 1

Topic: Law of Tort
Series: NOV 2014

PT – Nov 2023 – L2 – Q1d – Income Tax Liabilities

Outline the sanctions imposed for failure to file tax returns.

Question

Tax administration encompasses assessment, collection, and enforcement of taxes legally due to the state. The enforcement of tax obligations requires an imposition of penalties and interest charges for non-compliance.

Required:
State the sanctions for failing to file tax returns.

Answer

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Tags: Non-compliance, Penalties, Tax Administration, Tax Filing
Level: Level 2

Topic: Tax Administration
Series: NOV 2023

PT – Nov 2020 – L2 – Q1e – Tax Administration

Explains steps to file tax returns for a sole proprietor and reasons for an adjusted assessment by the Commissioner-General.

Question

Paa Tee is a sole proprietor and has not filed his tax returns for 2018 year of assessment as at April 1, 2019. He has approached you to file his tax returns for him and from all indications, he has paid all his taxes based on the self-assessment estimate.

Required:
i) What steps (if any) will you take to enable Paa Tee file his tax return and are there any financial implications in filing? (2 marks)
ii) What factors may give rise to an adjusted assessment by the Commissioner-General?

Answer

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Tags: Adjusted Assessment, Penalties, Self Assessment., Tax Filing, Tax Returns
Level: Level 2

Topic: Tax Administration
Series: NOV 2020

AT – Nov 2018 – L3 – Q4c – Tax administration

Explanation of the objectives and effects of tax amnesty on government revenue.

Question

As part of tax administration, the government rolls out tax amnesty from time to time.

Required:
i) What does tax amnesty seek to serve? (2 marks)
ii) What are the effects of tax amnesty on revenue? (2 marks)

Answer

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Tags: Penalties, Revenue Collection, Tax Amnesty, Tax Compliance
Level: Level 3

Topic: Tax administration in Ghana
Series: NOV 2018

AT – Nov 2018 – L3 – Q3c – Tax administration

Recommendations for ensuring voluntary tax compliance under the Ghana Revenue Authority reforms

Question

The Ghana Revenue Authority (GRA) has embarked on serious tax reforms to enable it to achieve its tax revenue targets year after year. As part of the reforms, it has been said that GRA should pursue voluntary tax compliance if it really wants to meet its revenue target.

Required:
Recommend THREE factors that are necessary to ensure voluntary tax compliance.

Answer

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Tags: Penalties, Simplified Procedures, Tax Compliance, Taxpayer Education
Level: Level 3

Topic: Tax administration in Ghana
Series: NOV 2018

AT – Nov 2017 – L3 – Q4a – Tax administration in Ghana

Drafting a report on CST procedures for returns submission, payment, and dispute resolution.

Question

SwissCom Ltd, a Swiss-based Information and Communication Technology company, is hopeful of investing in Ghana. The CEO of the company participated in a tax conference in Paris, France, and met Obodai of GoodLuck & Associates, a firm of Chartered Accountants in Ghana. He took the opportunity to discuss with Mr. Obodai SwissCom’s intention to invest in Ghana and contracted GoodLuck & Associates to brief him on the Communications Service Tax (CST) regime in Ghana. The CEO already understands what CST is and the enterprises that charge CST.

Required:
Draft a report in which you:
i) Indicate the procedures for submission of returns and payment of tax. Also, provide any penalties or sanctions if these are not done. (6 marks)
ii) Explain to the CEO any dispute resolution procedures available to him. (4 marks)

Answer

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Tags: Communication Service Tax, Dispute Resolution, Penalties, Tax Procedures
Level: Level 3

Topic: Tax administration in Ghana
Series: NOV 2017

Question Tag: Penalties

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PSAF – Nov 2023 – L2 – Q3c – Public Procurement and Contract Management

Details provisions and penalties under Financial Regulations to prevent and address delays in contract payments.

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PSAF – Nov 2015 – L2 – Q2 – Pension Accounting in the Public Sector

Analysis of pension misappropriation under the Pension Reform Act, detailing offences, penalties, and competent jurisdictions.

You're reporting an error for "PSAF – Nov 2015 – L2 – Q2 – Pension Accounting in the Public Sector"

TAX – Nov 2021 – L2 – Q5 – Companies Income Tax (CIT)

Explanation of documents required for tax registration, time lag for filing tax returns, and penalties for late filing of returns.

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TAX – Nov 2021 – L2 – Q3b – Value Added Tax (VAT)

Explanation of penalties associated with VAT non-compliance including failure to register, failure to notify of address changes, and failure to submit returns.

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PSAF – Nov 2021 – L2 – Q3b – Ethics and Integrity in Public Sector Financial Management

Discuss offences and their penalties under the Corrupt Practices and Other Related Offences Act 2000.

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TAX – May 2021 – L1 – SB – Q5a – Tax Administration and Enforcement

Identify offences and penalties under the Land Use Charge Law 2018.

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TAX – May 2021 – L1 – SA – Q13 – Stamp Duties

Objective question about the functions of the Commissioner of Stamp Duties.

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TAX – May 2021 – L1 – SA – Q11 – Tax Administration and Enforcement

Objective question about the penalty for failure to notify FIRS of change of address within a specified time frame.

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TAX – May 2019 – L2 – Q6 – Companies Income Tax (CIT)

Compute total profit and tax liabilities, describe zero-rated VAT items, and discuss penalties for non-registration for VAT.

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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.

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BL – Nov 2014 – L1 – SB – Q4b – Law of Tort

Explain one penalty for theft or fraud and state two consequences of conviction for a criminal offence.

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PT – Nov 2023 – L2 – Q1d – Income Tax Liabilities

Outline the sanctions imposed for failure to file tax returns.

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PT – Nov 2020 – L2 – Q1e – Tax Administration

Explains steps to file tax returns for a sole proprietor and reasons for an adjusted assessment by the Commissioner-General.

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AT – Nov 2018 – L3 – Q4c – Tax administration

Explanation of the objectives and effects of tax amnesty on government revenue.

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AT – Nov 2018 – L3 – Q3c – Tax administration

Recommendations for ensuring voluntary tax compliance under the Ghana Revenue Authority reforms

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AT – Nov 2017 – L3 – Q4a – Tax administration in Ghana

Drafting a report on CST procedures for returns submission, payment, and dispute resolution.

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