Taxation Ii

1. Explain the principles of business taxation in Nigeria.
2. Compute the tax liability of sole traders, partnerships, and limited liability companies.
3. Apply the rules for capital allowances and loss relief.
4. Understand the tax implications of specialized businesses.
5. Analyze the tax incentives available in free trade zones.
6. Prepare accurate tax returns for various business entities.

13 weeks, about 56 hours in total. Yours will differ.

1. Week 1Module 1: Background of Business Taxation

   • Unit 1: Overview of Business Taxation in Nigeria · 3 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 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..

2. Week 2Module 1: Background of Business Taxation

   • Unit 3: Contribution of Business Taxation in Nigeria · 3 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 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..

3. Week 3Module 2: Taxation of Sole Traders

   • Unit 1: Meaning of a Trade or Profession · 3 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 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..

4. Week 4Module 2: Taxation of Sole Traders

   • Unit 3: Taxable/Non-Taxable Incomes and Allowable/Non-Allowable Expenses · 4 hours

     Differentiate between allowable and non-allowable expenses.. Identify taxable and non-taxable incomes.. Apply the rules for determining taxable income and allowable expenses..

5. Week 5Module 2: Taxation of Sole Traders

   • Unit 4: Determination of Basis Period for Assessment · 4 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..

6. Week 6Module 2: Taxation of Sole Traders

   • Unit 5: Capital Allowance Computation · 4 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..

7. Week 7Module 2: Taxation of Sole Traders

   • Unit 6: Loss Relief · 4 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..

8. Week 8Module 3: Taxation of Partnership

   • Unit 1: Determination of Computation of Taxable and Non-Taxable Income of a Partner · 4 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..

9. Week 9Module 3: Taxation of Partnership

   • Unit 2: Identification and Computation of Allowable and Non-Allowable Expenses of Partnership · 4 hours

     Know the allowable and non-allowable expenses of a partner.. Compute the allowable and non-allowable expenses of a partner..

10. Week 10Module 3: Taxation of Partnership

    • Unit 3: Computation of Assessable and Chargeable Profit of Partnership · 4 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..

11. Week 11Module 3: Taxation of Partnership

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

12. Week 12Module 4: Taxation of Limited Liability Companies

    • Unit 1: Introduction to Company Income Tax · 4 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..

13. Week 13Module 4: Taxation of Limited Liability Companies

    • Unit 2: Determination of Basis Period for Assessment · 4 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..