Residency – NBC Institute

TAX – May 2023 – L2 – SA – Q2 – Personal Income Tax (PIT)

Differentiate employment contract types and explain tax residency rules for individuals.

Question

The Personal Income Tax Act Cap.P8 LFN, 2004 (as amended) defines “employment,” whilst the Labour Act Cap.L1 LFN, 2004 (as amended), defines “contract of employment.”

An individual’s liability to income tax is often determined by their residence status within a state during a particular assessment year. A taxpayer is liable to the tax authority in the territory where they are deemed resident for that assessment year.

Required:
a. Differentiate between “contract of employment” and “contract for employment.” (8 Marks)
b. Explain the rules guiding the determination of residence for SIX categories of individuals for tax purposes. (12 Marks)

Answer

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Tags: Contract of Employment, Employment Contract, Income Tax, Residency, Taxpayer Liability
Level: Level 2

Topic: Personal Income Tax
Series: MAY 2023

TAX – May 2021 – L1 – SA – Q1 – Introduction to Taxation

Multiple-choice question assessing knowledge of the principles of taxation.

Question

Which of the following is NOT a principle of taxation?
A. Equity
B. Certainty
C. Convenience
D. Simplicity
E. Residency

Answer

Find Related Questions by Tags, levels, etc.

Tags: Certainty, Convenience, Equity, Residency, Simplicity, Tax Principles
Level: Level 1

Topic: Introduction to Taxation
Series: MAY 2021

TAX – May 2023 – L2 – SA – Q2 – Personal Income Tax (PIT)

Differentiate employment contract types and explain tax residency rules for individuals.

Question

The Personal Income Tax Act Cap.P8 LFN, 2004 (as amended) defines “employment,” whilst the Labour Act Cap.L1 LFN, 2004 (as amended), defines “contract of employment.”

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contract of Employment, Employment Contract, Income Tax, Residency, Taxpayer Liability
Level: Level 2

Topic: Personal Income Tax
Series: MAY 2023

TAX – May 2021 – L1 – SA – Q1 – Introduction to Taxation

Multiple-choice question assessing knowledge of the principles of taxation.

Question

Which of the following is NOT a principle of taxation?
A. Equity
B. Certainty
C. Convenience
D. Simplicity
E. Residency

Answer

Find Related Questions by Tags, levels, etc.

Tags: Certainty, Convenience, Equity, Residency, Simplicity, Tax Principles
Level: Level 1

Topic: Introduction to Taxation
Series: MAY 2021

Question Tag: Residency

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TAX – May 2023 – L2 – SA – Q2 – Personal Income Tax (PIT)

Differentiate employment contract types and explain tax residency rules for individuals.

TAX – May 2021 – L1 – SA – Q1 – Introduction to Taxation

Multiple-choice question assessing knowledge of the principles of taxation.

TAX – May 2023 – L2 – SA – Q2 – Personal Income Tax (PIT)

Differentiate employment contract types and explain tax residency rules for individuals.

TAX – May 2021 – L1 – SA – Q1 – Introduction to Taxation

Multiple-choice question assessing knowledge of the principles of taxation.

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Question Tag: Residency

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TAX – May 2023 – L2 – SA – Q2 – Personal Income Tax (PIT)

Differentiate employment contract types and explain tax residency rules for individuals.

You're reporting an error for "TAX – May 2023 – L2 – SA – Q2 – Personal Income Tax (PIT)"

TAX – May 2021 – L1 – SA – Q1 – Introduction to Taxation

Multiple-choice question assessing knowledge of the principles of taxation.

You're reporting an error for "TAX – May 2021 – L1 – SA – Q1 – Introduction to Taxation"

TAX – May 2023 – L2 – SA – Q2 – Personal Income Tax (PIT)

Differentiate employment contract types and explain tax residency rules for individuals.

You're reporting an error for "TAX – May 2023 – L2 – SA – Q2 – Personal Income Tax (PIT)"

TAX – May 2021 – L1 – SA – Q1 – Introduction to Taxation

Multiple-choice question assessing knowledge of the principles of taxation.

You're reporting an error for "TAX – May 2021 – L1 – SA – Q1 – Introduction to Taxation"

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