ICAN Taxation 2023
Past Questions

Which of the following taxes is administered exclusively by the Federal Inland Revenue Service?

A taxpayer who is dissatisfied with an assessment raised by the FIRS should first appeal to the:

The residence of an individual for personal income tax purposes determines:

Which expense is allowable in computing a company's adjusted profit?

Donations made by a company are allowable for tax purposes only if made to:

Capital allowances claimable by a company other than one in manufacturing or agricultural trade are restricted to:

Investment allowance on qualifying plant and machinery is granted at:

A company with an annual gross turnover of ₦18,000,000 is chargeable to companies income tax at:

Unrelieved losses of a company may be carried forward:

Mrs. Ngozi Eze is employed by Delta Foods Limited, Lagos. Her records for the year ended 31 December show: Basic salary ₦3,600,000; Housing allowance ₦1,200,000; Transport allowance ₦600,000; Leave al…

(a) Explain the nature and purpose of the withholding tax system in Nigeria. (5 marks) (b) State the withholding tax rate applicable to each of the following payments made by a Nigerian company, and i…

A best of judgement assessment may be raised by the tax authority where a taxpayer:

A tax clearance certificate issued by a tax authority covers:

A self-employed individual must file an annual self-assessment return of income on or before:

Interest paid to a foreign connected person is restricted for tax purposes to:

Expenditure is deductible for tax purposes only where it is:

A company with gross turnover of ₦75,000,000 is chargeable to companies income tax at:

Which of the following is a zero-rated supply under the VAT Act?

Failure to file a VAT return attracts a penalty of:

Duties charged as a fixed sum irrespective of the value stated in the instrument are described as:

The significant economic presence rule brings into the Nigerian tax net:

Alhaji Bello disposed of the following assets during the year: (i) A warehouse used in his trade, sold for ₦45,000,000. It cost ₦20,000,000 five years ago. Legal and agency fees on the sale were ₦1,35…

(a) Distinguish between fixed duties and ad valorem duties under the Stamp Duties Act, giving one example of each. (5 marks) (b) State the authority competent to administer stamp duties in each of the…