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ACC201Management Sciences2 Unitsintermediate

Taxation I

This course provides an overview of the Nigerian tax system, covering income tax administration, taxation of income, and company income tax. It explores the structure and procedures of the Nigerian tax system, including returns, assessments, appeals, and tax collection. The course also examines personal income tax, company income tax, assessable profits, and value-added tax. Students will gain a comprehensive understanding of taxation principles and practices in Nigeria.

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150h

Study Time

13

Weeks

12h

Per Week

basic

Math Level

Course Keywords

TaxationIncome TaxCompany TaxVATTax Administration

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level

Builds on foundational knowledge

65%

intermediate

➕

Math Level

Basic Math

📖

Learning Type

Theoretical Focus

Course Topics

Key areas covered in this course

1

Nigerian Tax System

2

Personal Income Tax

3

Company Income Tax

4

Value Added Tax

5

Tax Administration

6

Tax Assessment and Appeals

Total Topics6 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

assignments

Comprehensive evaluation of course material understanding

Written Assessment

tutor-marked assessments

Comprehensive evaluation of course material understanding

Written Assessment

final examination

Comprehensive evaluation of course material understanding

Computer Based Test

Career Opportunities

Explore the career paths this course opens up for you

Tax Accountant

Apply your skills in this growing field

Tax Consultant

Apply your skills in this growing field

Financial Analyst

Apply your skills in this growing field

Auditor

Apply your skills in this growing field

Tax Advisor

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

AccountingFinanceConsultingGovernmentAuditing

Study Schedule Beta

A structured 13-week journey through the course content

Week

1

Module 1: Overview of Nigerian Income Tax Administration

2h

Unit 1: Meaning, Types and Functions of Taxation in Nigeria

2 study hours

•Read the unit introduction to understand the scope of taxation in Nigeria.
•Define tax and taxation, noting the compulsory nature of tax payments.
•Examine the purposes and objectives of taxation, such as covering administration costs and protecting infant industries.
•Study the canons and principles of taxation, including equity, convenience, and certainty.

Week

2

Module 1: Overview of Nigerian Income Tax Administration

2h

Unit 2: Tax Administration Instruments in Nigeria

2 study hours

•Explore the historical background of taxation in Nigeria, from pre-colonial times to the present.
•Identify the relevant tax authorities in Nigeria, including FIRS, SIRSB, and JTB.
•Understand the composition, powers, and duties of each tax authority.
•Examine the functions of the technical committees within the tax authorities.

Week

3

Module 1: Overview of Nigerian Income Tax Administration

2h

Unit 3: Structure and Procedures of Nigerian Tax System

2 study hours

•Classify Nigerian taxes based on income (proportional, progressive, regressive) and burden (direct, indirect).
•Understand the advantages and disadvantages of direct and indirect taxes.
•Examine the types of indirect taxes, including specific and ad valorem taxes.
•Analyze the impact of different tax classifications on taxpayers and the economy.

Week

4

Module 1: Overview of Nigerian Income Tax Administration

2h

Unit 4: Returns, Assessments, Appeal and Postponement

2 study hours

•Understand the requirements for filing tax returns and exemptions.
•Know the time limits for filing tax returns and the contents required.
•Examine the penalties for late filing of returns.
•Study the process of tax assessment, including service of notice and types of assessment.

Week

5

Module 1: Overview of Nigerian Income Tax Administration

2h

Unit 5: Tax Collection (reference to all necessary Legislations)

2 study hours

•Explore the legislative framework for tax collection in Nigeria.
•Identify the taxes and levies imposed and collected by each tier of government (federal, state, local).
•Differentiate between taxes and levies.
•Understand the roles and responsibilities of each government level in tax collection.

Week

6

Module 2: Taxation of Income and Taxation of Capital

2h

Unit 1: Personal Income Tax (PIT) in Nigeria

2 study hours

•Understand key concepts under PITA, such as income tax, benefits in kind, and residency.
•Explain allowable and non-allowable deductions under personal income tax.
•Know the personal income tax rates and how to apply them.
•Review the Personal Income Tax Act (PITA) 2011 and its amendments.

Week

7

Module 2: Taxation of Income and Taxation of Capital

2h

Unit 2: Law and Practice of Income Tax Relating to Individuals

2 study hours

•Understand the imposition of tax on individuals under PITA.
•Identify the persons on whom tax is to be collected.
•Examine incomes exempted and not exempted from tax relating to individuals.
•Know the list of persons assessed under personal income and the penalties for failure to deduct tax.

Week

8

Module 2: Taxation of Income and Taxation of Capital

4h

Unit 3: Introduction to Taxation of Income from Trusts, Settlements and Estates

2 study hours

•Conceptualize terminologies in incomes from trusts, settlements, and estates.
•Understand the accounts under trusts, settlements, and estates, including preparation and responsibilities.
•Compute income under trusts, settlements, and estates, including specific deductions and apportionment.
•Know the basis of tax assessment, including aggregates of apportionment, double tax relief, and loss relief.

Unit 4: Other Issues in Personal Income Tax

2 study hours

•Study the adjustment of income statements for tax purposes.
•Understand the methods for adjusting accounting profit.
•Know the reliefs and allowances available under personal income tax.
•Examine the penalties for non-compliance and the personal income tax rates.

Week

9

Module 3: Company Income Tax

2h

Unit 1: Principles and Scope of Company Tax

2 study hours

•Understand the meaning and principles of company tax.
•Examine the scope and basis of charging company tax.
•Know the categories of assessment in company tax, including best of judgment and self-assessment.
•Study the deductions allowed and not allowed in company tax.

Week

10

Module 3: Company Income Tax

2h

Unit 2: Computation of Company Income Tax

2 study hours

•Study the provisions for exemptions on donations to funds, bodies, and institutions.
•Understand how profits are determined in company tax.
•Learn how to compute company income tax, including adjusted and taxable profits.
•Review the Company Income Tax Act (CITA) and its guidelines.

Week

11

Module 3: Company Income Tax

2h

Unit 3: Other Issues in Company Income Tax

2 study hours

•Understand the conditions for minimum tax for company income.
•Ascertain the exceptions to minimum tax.
•Explain key concepts connected with company tax, such as paid-up share capital and turnover.
•Know the basis of computation for company income tax.

Week

12

Module 3: Company Income Tax

2h

Unit 4: Small Company Tax (Definitions, Computations and Exemption)

2 study hours

•Define small companies and their tax obligations.
•Compute the tax relief for small companies.
•Know the minimum tax for small companies.
•Ascertain the exemptions from minimum tax for small companies.

Week

13

Module 4: Assessable Profits and Change of Accounting Date

4h

Unit 1: Basis of Assessment

2 study hours

•Explain assessment year and its significance.
•Define basis period and its application in taxation.
•Understand the rules on commencement and cessation of trade.
•Illustrate the rules governing change of accounting date.

Unit 2: Assessment of Profit for Special Cases

2 study hours

•Understand the meaning of trust, estate, and settlement.
•Know the terminologies in taxation for trust, estate, and settlement.
•Determine the income from a trust.
•Apply the principles of taxation to special cases.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

Read the complete course material as provided by NOUN.

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Create detailed summaries of each unit, focusing on key definitions and formulas.

2

Practice applying tax laws to various scenarios, such as calculating income tax for different income levels.

3

Review all tutor-marked assignments (TMAs) and identify areas needing improvement.

4

Create concept maps linking modules to understand the relationships between different tax types.

5

Focus on understanding the specific rules and regulations outlined in the Personal Income Tax Act (PITA) and the Company Income Tax Act (CITA).

6

Allocate specific study hours for each unit, prioritizing more complex topics.

7

Practice past exam questions to familiarize yourself with the exam format and question types.

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