The focus of this course will be on personal tax and taxation for business income of a sole-proprietorship or partnership business. There is a need for Professional Accountants to have vast knowledge of the principles of taxation and it laws in order to support both compliance and effective basic professional advice. The emphasis shall be on:
i. Basic knowledge and application of tax legislation relating to employees, employers, trading, operating and local business activities in straightforward situations.
ii. Personal Income Tax.
iii. Introduction to Tax Administration.
iv. Business Income and
Course/Learning Objectives In this course, students will be introduced to taxation and at the end of the study, the students should be able to:
A. Distinguish, list and explain the following in relation to taxation in Nigeria:
1. Types of taxes
2. Enabling Acts
3. Sources of the tax laws
B. List, explain and contrast the roles, functions, compositions and powers of:
1. The Federal Inland Revenue Service and her Management Board
2. State Board of Internal Revenue
3. Joint State Revenue committee
4. Local Government Revenue Committee
5. Joint Tax Board
6. Tax Appeal Tribunal
C. Know the Taxation of Employment Income
D. Know how to compute Tax for Trust, Settlements and Estate
E. Know the Taxation of Investment Income
F. Have a full knowledge of Taxation of Business Income
- Successful completion of ICAN Foundation Courses.
- Students/individuals must have a recognized Degree in Accounting from a recognized University or Higher National Diploma of a recognized Polytechnic.
- Any other qualification as approved by the Council.
- Students/individuals must have basic educational qualification and such must be an educated person to be registered.
Introduction to Taxation