-LOSSES INCURED BY A COMPANY -this can be carried forward or relieved for a maximum period of four years except for Petroleum and agricultural business. Recently loss relief limit for insurance company was extended indefinitely(that is removed). -The loss to be relieved will not be more than the actual loss. -The loss must be relieved from profit from the same source. For more information call +234-80 67922530. Disclaimer : Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any damage whatsoever for your acting or refraining to act based on this publication. Consult your professional for advice. copyright(c) 2016-Obi Azubuike
SPECIALISED TAXATION -Air and sea transport business -Engaged in cable undertaking -Foreign companies engaged in -insurance business(life and non-life) -Authorized unit trust scheme Income derived in Nigeria Exempt -loaded or routes outside Nigeria -In transit in Nigeria COMPUTATION OF ASSESSABLE PROFIT BY FIRS . The format to be used is as prescribed by CITA However this format can be used as a guide Adjusted profit ratio=profit b4 depreciation /worldwide income. Depreciation ratio =Depreciation allowance /worldwide income Assessable profit =income receivable in Nigeria * profit ratio Less Capital allowance =income Received in Nigeria * depreciation ratio Total profit Income tax payable= CURRENT TAX RATE. C. Minimum tax APPLICABE RATE AS SPECIFIED BY CIT LIFE ASSURANCE...
Tax planning means legally arranging a person or corporate finance, business and tax affair in order to reduce tax burden. Note that ‘aggressive’ tax planning to the detriment of the government can be termed illegal. However the tax payer as a rational person will always try to minimize his/ her tax liability. T ax avoidance is legal while tax evasion is illegal. REQUIREMENT FOR TAX PLANNERS · Knowledge of tax laws (statutes, enactment, past and current case laws.) · Financial management. · Ability to apply tax skills to client peculiar circumstance. · Understanding of client operating environment. TECHNIQUES OF TAX REPORTING 1...
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