Tax Filing – NBC Institute

TAX – May 2022 – L2 – SA – Q1 – The Nigerian Tax System

Discuss the tax filing obligations and implications of non-compliance for a new company, covering both corporate tax and VAT.

Question

Mr. Danko Chinyere, who has worked in a neighboring African country for many years, returned to Nigeria in August 2018. He incorporated a private limited liability company known as ChiDan Limited located in Lagos on October 30, 2018. The company deals in processing and packaging of plantain chips for local consumption.

The directors of the company opened a business bank account with one of the leading commercial banks in November 2018. The company commenced full operations on January 2, 2019.

Your firm, Adama & Co., was appointed as the tax consultant to ChiDan Limited in January 2021. At the first engagement meeting with the company, you discovered that the company was yet to register with the Federal Inland Revenue Service (FIRS). Relevant taxes, including value-added tax (VAT), were not remitted to FIRS.

An extract of the company’s first set of financial statements made up to December 31, 2020, is as follows:

Required:
Advise management of the company on the following:
a. Due date for submission of audited financial statements to the tax office. (2 Marks)
b. Requirements for filing of VAT returns and remittance of VAT liabilities – Section 16 of VAT Act (as amended). (4 Marks)
c. Basis of assessment on commencement of business – Section 29 (3) of CITA
(as amended) (6 Marks)
d. The income tax liabilities payable for the relevant year of assessment
(18 Marks)

Answer

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Tags: Commencement Rules, Corporate Tax, Nigerian Tax Law, Tax Filing, VAT Compliance
Level: Level 2

Topic: The Nigerian Tax System
Series: MAY 2022

TAX – Nov 2021 – L2 – Q7 – Tax Administration

Explanation of five different aspects of tax administration that TAXPRO MAX can handle.

Question

Tago Nigeria Limited was incorporated in 2009 as a trading company. It supplies
office furniture, equipment and other office materials to end users.

Due to the favourable business climate in recent years, the company achieved a
gross turnover of N120,000,000 in 2020. The directors were impressed by the profits
posted by the company, hence the decision to computerise the accounting system of
the company.
You were appointed the tax consultant to the company in 2018. You are aware that
in 2006, the Federal Inland Revenue Service (FIRS) deployed the first tax portal
(Webportal) to automate and streamline taxpayer‟s registration and other tax
administration system (ITAS) known as SIGTAS. This was implemented though its
deployment was stalled.

Following the enactment of the Finance Act, 2020, the Federal Inland Revenue
Service is empowered to automate filing of tax returns and payment processes.
You attended a seminar organised by the Federal Inland Revenue Service in June
2021, to inform tax consultants of the adoption of a locally developed tax
management solution known as TAXPRO MAX. The FIRS insisted that manual filings
of tax returns would no longer be allowed.
At a meeting held with the Managing Director of Tago Nigeria Limited, you intimated
him of the tax development. He was worried that there could be a delay in filing of
tax returns for the year ended December 31, 2020, more so when taxpayers are yet to
be fully aware of this new development.

Required

Explain to the management FIVE different aspects of tax administration that the tax management solution known as TAXPRO MAX can handle.

Answer

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Tags: Automation, E-Payment, Tax Filing, TAXPRO MAX
Level: Level 2

Series: NOV 2021

PT – Nov 2023 – L2 – Q1a – Tax Administration

Outline the procedures for obtaining an extension for filing corporate tax returns.

Question

The Managing Director of Atadeka Ltd has been informed that you are undertaking a course in taxation at the Institute of Chartered Accountants, Ghana and has sought your advice on the procedures for extension of time to file the company’s Corporate Tax Returns.

Required:
Outline the procedures for extension of time to file tax returns to the Managing Director.

Answer

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Tags: Corporate Tax Returns, Tax Administration, Tax Filing
Level: Level 2

Topic: Tax Administration
Series: NOV 2023

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 – July 2023 – L2 – Q5c – Income Tax Liabilities

State the details required for a taxpayer to file a return when receiving a gift.

Question

When a gift is received by an individual, and that gift is not in respect of business and employment, the taxpayer shall within 21 days of receiving the gift submit to the GRA in writing a return containing certain information.

Required:
In reference to the above statement, state FOUR (4) details the taxpayer must provide when filing a return for a gift.

Answer

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Tags: Gift tax, Tax Filing, Taxpayer Responsibilities
Level: Level 2

Topic: Income Tax Liabilities
Series: JULY 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

TAX – May 2022 – L2 – SA – Q1 – The Nigerian Tax System

Discuss the tax filing obligations and implications of non-compliance for a new company, covering both corporate tax and VAT.

Question

The directors of the company opened a business bank account with one of the leading commercial banks in November 2018. The company commenced full operations on January 2, 2019.

An extract of the company’s first set of financial statements made up to December 31, 2020, is as follows:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Commencement Rules, Corporate Tax, Nigerian Tax Law, Tax Filing, VAT Compliance
Level: Level 2

Topic: The Nigerian Tax System
Series: MAY 2022

TAX – Nov 2021 – L2 – Q7 – Tax Administration

Explanation of five different aspects of tax administration that TAXPRO MAX can handle.

Question

Tago Nigeria Limited was incorporated in 2009 as a trading company. It supplies
office furniture, equipment and other office materials to end users.

Required

Explain to the management FIVE different aspects of tax administration that the tax management solution known as TAXPRO MAX can handle.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Automation, E-Payment, Tax Filing, TAXPRO MAX
Level: Level 2

Series: NOV 2021

PT – Nov 2023 – L2 – Q1a – Tax Administration

Outline the procedures for obtaining an extension for filing corporate tax returns.

Question

Required:
Outline the procedures for extension of time to file tax returns to the Managing Director.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Tax Returns, Tax Administration, Tax Filing
Level: Level 2

Topic: Tax Administration
Series: NOV 2023

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

Outline the sanctions imposed for failure to file tax returns.

Question

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

Answer

Find Related Questions by Tags, levels, etc.

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

Topic: Tax Administration
Series: NOV 2023

PT – July 2023 – L2 – Q5c – Income Tax Liabilities

State the details required for a taxpayer to file a return when receiving a gift.

Question

Required:
In reference to the above statement, state FOUR (4) details the taxpayer must provide when filing a return for a gift.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Gift tax, Tax Filing, Taxpayer Responsibilities
Level: Level 2

Topic: Income Tax Liabilities
Series: JULY 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

Answer

Find Related Questions by Tags, levels, etc.

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

Topic: Tax Administration
Series: NOV 2020

Question Tag: Tax Filing

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TAX – May 2022 – L2 – SA – Q1 – The Nigerian Tax System

Discuss the tax filing obligations and implications of non-compliance for a new company, covering both corporate tax and VAT.

TAX – Nov 2021 – L2 – Q7 – Tax Administration

Explanation of five different aspects of tax administration that TAXPRO MAX can handle.

PT – Nov 2023 – L2 – Q1a – Tax Administration

Outline the procedures for obtaining an extension for filing corporate tax returns.

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

Outline the sanctions imposed for failure to file tax returns.

PT – July 2023 – L2 – Q5c – Income Tax Liabilities

State the details required for a taxpayer to file a return when receiving a gift.

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.

TAX – May 2022 – L2 – SA – Q1 – The Nigerian Tax System

Discuss the tax filing obligations and implications of non-compliance for a new company, covering both corporate tax and VAT.

TAX – Nov 2021 – L2 – Q7 – Tax Administration

Explanation of five different aspects of tax administration that TAXPRO MAX can handle.

PT – Nov 2023 – L2 – Q1a – Tax Administration

Outline the procedures for obtaining an extension for filing corporate tax returns.

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

Outline the sanctions imposed for failure to file tax returns.

PT – July 2023 – L2 – Q5c – Income Tax Liabilities

State the details required for a taxpayer to file a return when receiving a gift.

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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TAX – May 2022 – L2 – SA – Q1 – The Nigerian Tax System

Discuss the tax filing obligations and implications of non-compliance for a new company, covering both corporate tax and VAT.

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TAX – Nov 2021 – L2 – Q7 – Tax Administration

Explanation of five different aspects of tax administration that TAXPRO MAX can handle.

You're reporting an error for "TAX – Nov 2021 – L2 – Q7 – Tax Administration"

PT – Nov 2023 – L2 – Q1a – Tax Administration

Outline the procedures for obtaining an extension for filing corporate tax returns.

You're reporting an error for "PT – Nov 2023 – L2 – Q1a – Tax Administration"

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

Outline the sanctions imposed for failure to file tax returns.

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PT – July 2023 – L2 – Q5c – Income Tax Liabilities

State the details required for a taxpayer to file a return when receiving a gift.

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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.

You're reporting an error for "PT – Nov 2020 – L2 – Q1e – Tax Administration"

TAX – May 2022 – L2 – SA – Q1 – The Nigerian Tax System

Discuss the tax filing obligations and implications of non-compliance for a new company, covering both corporate tax and VAT.

You're reporting an error for "TAX – May 2022 – L2 – SA – Q1 – The Nigerian Tax System"

TAX – Nov 2021 – L2 – Q7 – Tax Administration

Explanation of five different aspects of tax administration that TAXPRO MAX can handle.

You're reporting an error for "TAX – Nov 2021 – L2 – Q7 – Tax Administration"

PT – Nov 2023 – L2 – Q1a – Tax Administration

Outline the procedures for obtaining an extension for filing corporate tax returns.

You're reporting an error for "PT – Nov 2023 – L2 – Q1a – Tax Administration"

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

Outline the sanctions imposed for failure to file tax returns.

You're reporting an error for "PT – Nov 2023 – L2 – Q1d – Income Tax Liabilities"

PT – July 2023 – L2 – Q5c – Income Tax Liabilities

State the details required for a taxpayer to file a return when receiving a gift.

You're reporting an error for "PT – July 2023 – L2 – Q5c – Income Tax Liabilities"

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.

You're reporting an error for "PT – Nov 2020 – L2 – Q1e – Tax Administration"

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