ICAN Taxation 2021
Past Questions

The Joint Tax Board is chaired by the:

Which principle of taxation requires that the amount, time and manner of payment of a tax should be clear to the taxpayer?

The current standard rate of value added tax in Nigeria is:

A business is required to register for VAT where its taxable supplies in a calendar year:

Which of the following supplies is exempt from VAT?

Withholding tax deducted from a payment represents:

The rate of capital gains tax in Nigeria is:

Which of the following disposals is exempt from capital gains tax?

Savannah Manufacturing Limited commenced business on 1 January and prepares accounts to 31 December. During its first year it acquired the following qualifying capital expenditure: Factory building ₦4…

(a) Distinguish between zero-rated supplies and exempt supplies under the Value Added Tax Act, giving two examples of each. (7 marks) (b) Bright Stores Limited, a registered taxable person, recorded t…

(a) Distinguish between tax avoidance and tax evasion, and state two consequences of tax evasion under Nigerian law. (7 marks) (b) Outline the composition and four functions of the Joint Tax Board. (8…

A company must file its self-assessment return for a year of assessment within:

The basis of assessment for companies income tax is generally the:

Which of the following is NOT collectible by the Federal Inland Revenue Service?

Companies income tax is due for payment:

Withholding tax deducted by a company must be remitted to the FIRS within:

Which of the following payments does NOT attract withholding tax?

Stamp duty on instruments executed between a company and an individual is administered by:

Zenith Plastics Limited prepares accounts to 31 December. Its statement of profit or loss for the year showed a net profit of ₦62,400,000 after charging or crediting the following: Charged: depreciati…

You are the tax manager in a firm of chartered accountants. A long-standing client, the managing director of a manufacturing company, asks you to include in the company's tax computation ₦8,000,000 de…