- 15 Marks
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)
Find Related Questions by Tags, levels, etc.
- Tags: Corporate Tax Returns, Filing Deadlines, Penalties, Tax Documents
- Level: Level 2
- Topic: Companies Income Tax (CIT)
- Series: NOV 2021
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