Resident Individual – NBC Institute

TAX – Nov 2015 – L2 – Q4c – Personal Income Tax (PIT)

This question requires explaining key terms related to tax residence and nationality under the Personal Income Tax Act (as amended).

Question

Explain the following terms in relation to the First Schedule to the Personal Income Tax Act 2011 (as amended):
i. Resident individual
ii. Non-resident individual
iii. Residence and nationality
iv. Place of residence
v. Principal place of residence

Answer

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Tags: : Principal Place of Residence, Non-Resident Individual, Personal Income Tax Act, Resident Individual, Tax Concepts, Tax residency
Level: Level 2

Topic: Personal Income Tax
Series: NOV 2015

TAX – May 2019 – L2 – Q3a – The Nigerian Tax System

Explain tax collection responsibilities of different government tiers and define residency rules for tax purposes in Nigeria.

Question

Mr. Chukwudi, your mentee from childhood, has always been guided by your advice. He travelled to the United States to actualise his dreams. He subsequently obtained a degree in accountancy/taxation from a leading University and worked in the United States until November 30, 2016, when he returned to Nigeria. In January 2017, he attended a written interview for a post of a tax manager at the Federal Inland Revenue Service but failed the interview because of his poor knowledge of the Nigerian tax laws. Mr. Chukwudi is likely to be shortlisted for the position of inspector of taxes in his state of origin and has sought your advice on some areas of the Nigerian tax laws.

You are required to provide explanations on the following:

(a) (i) The various tiers of government and their revenue authorities, responsible for the collection of levies and taxes in Nigeria. (3 Marks)
(ii) Four specific taxes and levies collectible by different tiers of government. (6 Marks)
(iii) A resident individual in Nigeria, for a particular year of assessment. (3 Marks)

Answer

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Tags: Nigerian Tax Law, Resident Individual, Tax Authorities, Tax Collection, Tiers of Government
Level: Level 2

Topic: The Nigerian Tax System
Series: MAY 2019

PT – April 2022 – L2 – Q1a – Income Tax Liabilities

Explain taxation principles for resident and non-resident individuals.

Question

a) Explain the taxation principles of the following:

i) Resident individual
ii) Non-resident person
(5 marks)

Answer

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Tags: Ghana tax system, Global income, Non-resident person, Resident Individual, Taxation principles

Topic: Resident and Non-Resident Taxation, Tax Administration
Series: APR 2022

PT – Nov 2020 – L2 – Q5c – Withholding Tax Administration

Compute withholding tax on interest payments received by a resident individual.

Question

Mike Kotex, a resident individual, received interest from the following:

Source	Amount (GH¢)
Resident Financial Institution	10,000
Pearl Micro-Finance	9,000
ABC Ltd – Oil Marketing Company	8,000

Required:
Compute the taxes payable on the payments to Mike Kotex and comment on the payment of interest by ABC Ltd to Mike Kotex. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Institutions, Interest, Resident Individual, Withholding Tax
Level: Level 2

Topic: Withholding Tax Administration
Series: NOV 2020

TAX – Nov 2015 – L2 – Q4c – Personal Income Tax (PIT)

This question requires explaining key terms related to tax residence and nationality under the Personal Income Tax Act (as amended).

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: : Principal Place of Residence, Non-Resident Individual, Personal Income Tax Act, Resident Individual, Tax Concepts, Tax residency
Level: Level 2

Topic: Personal Income Tax
Series: NOV 2015

TAX – May 2019 – L2 – Q3a – The Nigerian Tax System

Explain tax collection responsibilities of different government tiers and define residency rules for tax purposes in Nigeria.

Question

You are required to provide explanations on the following:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Nigerian Tax Law, Resident Individual, Tax Authorities, Tax Collection, Tiers of Government
Level: Level 2

Topic: The Nigerian Tax System
Series: MAY 2019

PT – April 2022 – L2 – Q1a – Income Tax Liabilities

Explain taxation principles for resident and non-resident individuals.

Question

a) Explain the taxation principles of the following:

i) Resident individual
ii) Non-resident person
(5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana tax system, Global income, Non-resident person, Resident Individual, Taxation principles

Topic: Resident and Non-Resident Taxation, Tax Administration
Series: APR 2022

PT – Nov 2020 – L2 – Q5c – Withholding Tax Administration

Compute withholding tax on interest payments received by a resident individual.

Question

Mike Kotex, a resident individual, received interest from the following:

Source	Amount (GH¢)
Resident Financial Institution	10,000
Pearl Micro-Finance	9,000
ABC Ltd – Oil Marketing Company	8,000

Required:
Compute the taxes payable on the payments to Mike Kotex and comment on the payment of interest by ABC Ltd to Mike Kotex. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Institutions, Interest, Resident Individual, Withholding Tax
Level: Level 2

Topic: Withholding Tax Administration
Series: NOV 2020

Question Tag: Resident Individual

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TAX – Nov 2015 – L2 – Q4c – Personal Income Tax (PIT)

This question requires explaining key terms related to tax residence and nationality under the Personal Income Tax Act (as amended).

TAX – May 2019 – L2 – Q3a – The Nigerian Tax System

Explain tax collection responsibilities of different government tiers and define residency rules for tax purposes in Nigeria.

PT – April 2022 – L2 – Q1a – Income Tax Liabilities

Explain taxation principles for resident and non-resident individuals.

PT – Nov 2020 – L2 – Q5c – Withholding Tax Administration

Compute withholding tax on interest payments received by a resident individual.

TAX – Nov 2015 – L2 – Q4c – Personal Income Tax (PIT)

This question requires explaining key terms related to tax residence and nationality under the Personal Income Tax Act (as amended).

TAX – May 2019 – L2 – Q3a – The Nigerian Tax System

Explain tax collection responsibilities of different government tiers and define residency rules for tax purposes in Nigeria.

PT – April 2022 – L2 – Q1a – Income Tax Liabilities

Explain taxation principles for resident and non-resident individuals.

PT – Nov 2020 – L2 – Q5c – Withholding Tax Administration

Compute withholding tax on interest payments received by a resident individual.

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TAX – Nov 2015 – L2 – Q4c – Personal Income Tax (PIT)

This question requires explaining key terms related to tax residence and nationality under the Personal Income Tax Act (as amended).

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TAX – May 2019 – L2 – Q3a – The Nigerian Tax System

Explain tax collection responsibilities of different government tiers and define residency rules for tax purposes in Nigeria.

You're reporting an error for "TAX – May 2019 – L2 – Q3a – The Nigerian Tax System"

PT – April 2022 – L2 – Q1a – Income Tax Liabilities

Explain taxation principles for resident and non-resident individuals.

You're reporting an error for "PT – April 2022 – L2 – Q1a – Income Tax Liabilities"

PT – Nov 2020 – L2 – Q5c – Withholding Tax Administration

Compute withholding tax on interest payments received by a resident individual.

You're reporting an error for "PT – Nov 2020 – L2 – Q5c – Withholding Tax Administration"

TAX – Nov 2015 – L2 – Q4c – Personal Income Tax (PIT)

This question requires explaining key terms related to tax residence and nationality under the Personal Income Tax Act (as amended).

You're reporting an error for "TAX – Nov 2015 – L2 – Q4c – Personal Income Tax (PIT)"

TAX – May 2019 – L2 – Q3a – The Nigerian Tax System

Explain tax collection responsibilities of different government tiers and define residency rules for tax purposes in Nigeria.

You're reporting an error for "TAX – May 2019 – L2 – Q3a – The Nigerian Tax System"

PT – April 2022 – L2 – Q1a – Income Tax Liabilities

Explain taxation principles for resident and non-resident individuals.

You're reporting an error for "PT – April 2022 – L2 – Q1a – Income Tax Liabilities"

PT – Nov 2020 – L2 – Q5c – Withholding Tax Administration

Compute withholding tax on interest payments received by a resident individual.

You're reporting an error for "PT – Nov 2020 – L2 – Q5c – Withholding Tax Administration"

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