Taxation

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English

Professional accountants need to understand taxation principles and laws to support compliance and effective professional advice. The emphasis here is on basic knowledge and application of tax legislation relating to individuals and corporate entities in simple situations. Candidates are expected to be able to explain the tax consequences of activities of individuals and corporate entities. The tutor dealt thoroughly with all topics in taxation considering the new syllabus and the new finance act. Topics taught in this course include; Value Added Tax, Companies Income Tax, Stamp Duties, Personal Income Tax, National Tax Policy, Capital Allowances, Taxation of Specialized Businesses, Accounting for Taxes, Customs and Excise Duties, Taxation of Trusts, Settlements, and Estates, etc.

Detailed syllabus

A. Introduction to taxation and tax administration 20%

1. Introduction to taxation

(a) Explain the objectives of taxation.

(b) Explain the types of taxes and tax system.

(c) Explain the basic concepts in taxation:

(i) Tax base, tax yield, tax rate, tax incidence; and

(ii) Tax burden, tax impact, tax shift, tax effect.

(d) Differentiate between tax and other levies.

(e) Explain the principles/canons of taxation.

(f) Explain the following in relation to taxation in Nigeria:

(i) Enabling Acts; and

(ii) Sources of the tax laws.

(g) Explain the objectives of tax identification number (TIN)

(h) Discuss tax amnesty in relation to voluntary assets and income declaration

scheme (VAIDS) and voluntary offshore assets regularisation scheme

(VOARS).

Acquire

Basic

Knowledge of

Income Tax

Computations

Understand the Nigerian Tax System and its

Administration

Understand the guiding Principles of Revised National

Tax Policy, 2017

Understand Transactions Taxes

Understand the principles of Personal Income Tax

Understand the principles of Business Income Tax

Identify Ethical Considerations in Taxation

2. Tax administration in Nigeria

Discuss the roles, functions, compositions and powers of:

(a) Joint Tax Board;

(b) State Board of Internal Revenue;

(c) Federal Inland Revenue Service and its management Board;

(d) Joint State Revenue Committee;

(e) Local Government Revenue Committee;

(f) Tax Appeal Tribunal; and

(g) Discuss the role and relationship between Fiscal Policy, Tax legislation and

Administration

3. Revised National Tax Policy (NTP), 2017

(a) Explain the objectives of this policy.

(b) Explain the policy guidelines as they relate to:

(i) Guiding principles of Nigerian Tax System; and

(ii) Taxation as a tool for economic management and development:

 Wealth creation and employment;

 Taxation and diversification;

 Focus on indirect taxation;

 Convergence of tax rates;

 Special arrangements and other incentives;

 Creating a competitive edge; and

 International and regional treaties.

(c) Explain the responsibilities of the following stakeholders:

(i) The government;

(ii) The taxpayer;

(iii) Revenue agencies;

(iv) Professional bodies, tax practitioners, consultants, and agents; and

(v) Media and advocacy groups.

(d) Explain the administration of the mandates of the three tiers of government

in accordance with the following:

(i) Registration of taxable persons;

(ii) Tax compliance;

(iii) Efficiency of administration;

(iv) Technology and tax intelligence; and

(v) Dispute resolution.

(e) Explain the implementation measures by:

(i) The President and Governors;

(ii) Legislature;

(iii) Ministry of Finance;

(iv) Ministries, departments and agencies (MDAs);

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