Podcast
Questions and Answers
Which of the following specialized businesses is NOT mentioned in the text?
Which of the following specialized businesses is NOT mentioned in the text?
- Banking
- Insurance
- Mining of Solid Minerals
- Technology (correct)
What is the main focus of this course according to the text?
What is the main focus of this course according to the text?
- Understanding general knowledge of income taxation
- Exploring specialized businesses and their specific tax rules (correct)
- Discussing common business practices
- Overview of international trade regulations
Which of the following is NOT one of the specialized businesses discussed in the text?
Which of the following is NOT one of the specialized businesses discussed in the text?
- Unit Trust
- Regulated Securities Lending Transaction
- Real Estate Investment Companies
- Software Development (correct)
What aspect of specialized businesses are specifically emphasized in the course?
What aspect of specialized businesses are specifically emphasized in the course?
What distinguishes the taxation of specialized businesses from nonspecialized ones?
What distinguishes the taxation of specialized businesses from nonspecialized ones?
What practical tax issues are highlighted for specialized businesses in the text?
What practical tax issues are highlighted for specialized businesses in the text?
What tax legislation governs the taxation of banks and financial institutions in Nigeria?
What tax legislation governs the taxation of banks and financial institutions in Nigeria?
Which tax type are banks liable to, similar to other companies?
Which tax type are banks liable to, similar to other companies?
What is the consequence of failing to file monthly and annual tax returns for banks?
What is the consequence of failing to file monthly and annual tax returns for banks?
Under what condition are banks allowed to open accounts for companies according to CITA?
Under what condition are banks allowed to open accounts for companies according to CITA?
What does Section 10 (2) of CITA require regarding companies' TIN for existing accounts?
What does Section 10 (2) of CITA require regarding companies' TIN for existing accounts?
How does CITA regulate banks' continued operation of existing accounts for companies?
How does CITA regulate banks' continued operation of existing accounts for companies?
What is the implication for microfinance banks in Nigeria based on the provisions in the text?
What is the implication for microfinance banks in Nigeria based on the provisions in the text?
What is the consequence for companies, including banks, for failing to file a self-assessment return annually?
What is the consequence for companies, including banks, for failing to file a self-assessment return annually?
What type of authority should banks deliver their monthly returns to within seven days after the end of each month?
What type of authority should banks deliver their monthly returns to within seven days after the end of each month?
What should be included in the monthly return that banks submit within seven days after the end of each month?
What should be included in the monthly return that banks submit within seven days after the end of each month?
Who should prepare a return at the end of each month specifying the names and addresses of new customers according to CITA?
Who should prepare a return at the end of each month specifying the names and addresses of new customers according to CITA?
What is the consequence of not delivering a monthly return showing new customer details on time?
What is the consequence of not delivering a monthly return showing new customer details on time?
