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...
Capital allowance is allowance given to tax payer for capital expenditure("fixed asset") incurred during the year. The rate of capital allowance is fixed by law. CAPITAL ALLOWANCE involves the following 1. Initial allowance- once in a life of qualify asset. Full amount even when not upto 12months= 2.Annual allowance- claimed annually. prorated in accordance to month. (cost-I.A)/N 3.Balancing charge = sales proceed > TWDV 4. Balancing charge= Sales Proceed <TWDV 5.Investment Allowance as specified by law CAPITAL ALLOWANCE is allowance given by tax authority for ‘fixed asset’ used in the business . is used in replacement of depreciation. The rate is stipulated by law. Capital allowance is restricted to 2/3 of assessable profit for any year of assessment except for agricultural and manufacturing business. GET TAX PLANNING TEMPLATE FOR 70,000NGN WHATSAPP 234 8098810999, 08067922530 Disclaimer: Obi Azubuike is not ...
Some individuals pay high taxes due to inability to plan their taxes and are ignorant about the provisions of tax laws This book highlights some tax planning and investment strategies. Some topics discussed include (a) Tax planning strategy (b) Indirect tax strategy (c) Fixed asset strategy (d)Risk Management Strategy (e)Investment Strategy. BUY
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