Specialized Business and Tax Rules Course

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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?

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?

Unit Trust

Regulated Securities Lending Transaction

Real Estate Investment Companies

Software Development (correct)

What aspect of specialized businesses are specifically emphasized in the course?

Taxation rules and provisions Signup and view all the answers

What distinguishes the taxation of specialized businesses from nonspecialized ones?

Specific accounting recognition requirements Signup and view all the answers

What practical tax issues are highlighted for specialized businesses in the text?

Any other practical tax issue impacting these businesses Signup and view all the answers

What tax legislation governs the taxation of banks and financial institutions in Nigeria?

Companies Income Tax Act Cap C21 LFN 2004 Signup and view all the answers

Which tax type are banks liable to, similar to other companies?

Company income tax and tertiary education tax Signup and view all the answers

What is the consequence of failing to file monthly and annual tax returns for banks?

Violation of the law with penalties/sanctions Signup and view all the answers

Under what condition are banks allowed to open accounts for companies according to CITA?

After obtaining the Tax Identification Number (TIN) of the company Signup and view all the answers

What does Section 10 (2) of CITA require regarding companies' TIN for existing accounts?

Companies must provide TIN within three months Signup and view all the answers

How does CITA regulate banks' continued operation of existing accounts for companies?

By requiring the provision of TIN within three months Signup and view all the answers

What is the implication for microfinance banks in Nigeria based on the provisions in the text?

They are required to submit a monthly return showing new customer details to the FIRS. Signup and view all the answers

What is the consequence for companies, including banks, for failing to file a self-assessment return annually?

A penalty of N25,000 in the first month and N5,000 for each subsequent month. Signup and view all the answers

What type of authority should banks deliver their monthly returns to within seven days after the end of each month?

Tax authority of the area where the bank operates Signup and view all the answers

What should be included in the monthly return that banks submit within seven days after the end of each month?

Names and addresses of new customers Signup and view all the answers

Who should prepare a return at the end of each month specifying the names and addresses of new customers according to CITA?

Every person engaged in banking Signup and view all the answers

What is the consequence of not delivering a monthly return showing new customer details on time?

A fine of N10,000 is charged per day until compliance. Signup and view all the answers

Specialized Business and Tax Rules Course

Podcast Beta

Questions and Answers

Which of the following specialized businesses is NOT mentioned in the text?

What is the main focus of this course according to the text?

Which of the following is NOT one of the specialized businesses discussed in the text?

What aspect of specialized businesses are specifically emphasized in the course?

What distinguishes the taxation of specialized businesses from nonspecialized ones?

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?

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?

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?

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 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 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?

What is the consequence of not delivering a monthly return showing new customer details on time?

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Specialized Business and Tax Rules Course

Podcast Beta

Questions and Answers

Which of the following specialized businesses is NOT mentioned in the text?

What is the main focus of this course according to the text?

Which of the following is NOT one of the specialized businesses discussed in the text?

What aspect of specialized businesses are specifically emphasized in the course?

What distinguishes the taxation of specialized businesses from nonspecialized ones?

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?

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?

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?

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 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 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?

What is the consequence of not delivering a monthly return showing new customer details on time?

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