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ACC318Management Sciences3 Unitsintermediate

Taxation Ii

This course provides an in-depth understanding of Nigerian tax laws as they apply to various business entities. It covers the taxation of sole traders, partnerships, and limited liability companies, including specialized businesses like real estate and telecommunications. The course emphasizes practical application through computations, case studies, and analysis of allowable and non-allowable expenses. Students will learn to prepare tax returns, understand tax planning strategies, and navigate the complexities of the Nigerian tax system.

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208h
Study Time
13
Weeks
16h
Per Week
intermediate
Math Level
Course Keywords
TaxationBusiness TaxNigeriaSole TradersPartnership

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level
Builds on foundational knowledge
65%
intermediate
📊
Math Level
Moderate Math
🔬
Learning Type
Hands-on Practice

Course Topics

Key areas covered in this course

1

Business Taxation in Nigeria

2

Taxation of Sole Traders

3

Taxation of Partnerships

4

Company Income Tax

5

Capital Allowances

6

Loss Relief

7

Taxation of Specialized Businesses

8

Free Trade Zones Taxation

Total Topics8 topics

Requirements

Knowledge and skills recommended for success

Financial Accounting

Basic Taxation

💡 Don't have all requirements? Don't worry! Many students successfully complete this course with basic preparation and dedication.

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

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Tax Consultant

Apply your skills in this growing field

Accountant

Apply your skills in this growing field

Auditor

Apply your skills in this growing field

Financial Analyst

Apply your skills in this growing field

Tax Manager

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

Accounting FirmsConsulting FirmsFinancial InstitutionsGovernment AgenciesReal EstateTelecommunications

Study Schedule Beta

A structured 13-week journey through the course content

Week
1

Module 1: Background of Business Taxation

5h

Unit 1: Overview of Business Taxation in Nigeria

3 study hours
  • •Read the introduction to business taxation in Nigeria.
  • •Understand the historical development of the Nigerian tax system.
  • •Identify the different types of income recognized under tax law.
  • •Familiarize yourself with tax offenses and penalties.

Unit 2: Objectives/Aims of Business Taxation in Nigeria

2 study hours
  • •Examine the objectives and aims of business taxation.
  • •Study the canons of taxation and their importance.
  • •Reflect on the role of taxation in revenue generation and economic development.
Week
2

Module 1: Background of Business Taxation

5h

Unit 3: Contribution of Business Taxation in Nigeria

3 study hours
  • •Analyze the contribution of business taxation to financing development activities.
  • •Explore the impact of business taxation on wealth creation and employment generation.
  • •Understand the role of business taxation in economic growth.
  • •Learn about tax clearance certificates and their significance.

Unit 4: Challenges/Problems of Business Taxation in Nigeria

2 study hours
  • •Identify the challenges and problems of business taxation in Nigeria.
  • •Differentiate between tax evasion and tax avoidance.
  • •Discuss other factors hindering effective business taxation.
Week
3

Module 2: Taxation of Sole Traders

6h

Unit 1: Meaning of a Trade or Profession

3 study hours
  • •Define trade, profession, and vocation.
  • •Differentiate between a trade and a profession.
  • •Identify the types of income.
  • •Understand how to recognize income from trade and profession.

Unit 2: Computation of Assessable Profit of a Trade or Profession

3 study hours
  • •Understand the concept of income tax for a trade or profession.
  • •Define assessable profit.
  • •Learn how to compute the assessable profit of a trade or profession.
  • •Understand how to compute the tax liability for a sole trader.
Week
4

Module 2: Taxation of Sole Traders

4h

Unit 3: Taxable/Non-Taxable Incomes and Allowable/Non-Allowable Expenses

4 study hours
  • •Differentiate between allowable and non-allowable expenses.
  • •Identify taxable and non-taxable incomes.
  • •Apply the rules for determining taxable income and allowable expenses.
Week
5

Module 2: Taxation of Sole Traders

4h

Unit 4: Determination of Basis Period for Assessment

4 study hours
  • •Define year of assessment.
  • •Explain the concept of basis period.
  • •Understand the rules for commencement of a new trade.
  • •Learn about the rights of election.
  • •Understand the rules for business cessation.
  • •Explain the rules for change of accounting date.
Week
6

Module 2: Taxation of Sole Traders

4h

Unit 5: Capital Allowance Computation

4 study hours
  • •Define capital allowance and its purposes.
  • •Identify the types of capital allowances.
  • •Explain the types of qualifying capital expenditure.
  • •State the conditions for granting capital allowance.
  • •Illustrate balancing adjustments on disposal of qualifying capital expenditures.
Week
7

Module 2: Taxation of Sole Traders

4h

Unit 6: Loss Relief

4 study hours
  • •Define loss relief.
  • •Understand the types of loss reliefs and their treatments.
  • •Treat losses under commencement and cessation of trade.
  • •Know the limitations and priority of relief.
Week
8

Module 3: Taxation of Partnership

4h

Unit 1: Determination of Computation of Taxable and Non-Taxable Income of a Partner

4 study hours
  • •Define partnership.
  • •Identify the types of partnership.
  • •Understand core issues in partnership.
  • •Know the taxable and non-taxable incomes of a partner.
  • •Compute the taxable and non-taxable incomes of a partner.
Week
9

Module 3: Taxation of Partnership

4h

Unit 2: Identification and Computation of Allowable and Non-Allowable Expenses of Partnership

4 study hours
  • •Know the allowable and non-allowable expenses of a partner.
  • •Compute the allowable and non-allowable expenses of a partner.
Week
10

Module 3: Taxation of Partnership

4h

Unit 3: Computation of Assessable and Chargeable Profit of Partnership

4 study hours
  • •Know how to compute assessable profit in relation to commencement and cessation of a partnership.
  • •Understand the treatment of capital allowance of a partnership.
  • •Format for computing the chargeable profit for partners.
Week
11

Module 3: Taxation of Partnership

4h

Unit 4: Determination and Treatment of Tax under Admission and Resignation of a Partner

4 study hours
  • •Know the tax treatment where a new partner is admitted.
  • •Understand the tax treatment where a partner resigns or retires.
  • •Compute the tax liability under admission and resignation of a partner.
Week
12

Module 4: Taxation of Limited Liability Companies

4h

Unit 1: Introduction to Company Income Tax

4 study hours
  • •Understand the types of company.
  • •Know the basis for charging company income tax and imposition of company tax in Nigeria.
  • •Know taxable and non-taxable incomes.
  • •Identify allowable and non-allowable expenses.
Week
13

Module 4: Taxation of Limited Liability Companies

4h

Unit 2: Determination of Basis Period for Assessment

4 study hours
  • •Determine the basis period for companies.
  • •Evaluate on-going or subsisting businesses.
  • •Ascertain rules for new trade.
  • •Ascertain rules for change of date of fiscal year.
  • •Illustrate in practical terms, tax issues under business cessation.

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

Review all self-assessment exercises and tutor-marked assignments.

2

Practice numerical questions on capital allowance and loss relief.

3

Create summaries of key concepts and tax rates for quick reference.

4

Focus on understanding the differences in tax treatment for various business entities.

5

Allocate sufficient time to study specialized businesses and free trade zones.

6

Simulate exam conditions by attempting past papers within the time limit.

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