ACC 305: Taxation I

Learning Outcomes

At the end of this course, students should be able to:

1. explain the administrative structure of tax system in Nigeria;
2. apply the tax rules and regulations in computing tax liabilities relating to individual and partnership; and
3. discuss the tax procedures covering assessments, appeals, collection and filing of tax returns.

Course Contents

The objectives, types, principles, and basic concepts of taxation. Nigeria system of income tax administration and policy. Roles, functions, compositions and powers of relevant tax authorities such as Local Government Revenue Committee, State Board of Internal Revenue, Joint State Revenue Committee, Federal Inland Revenue Service, Joint Tax Board and Tax Appeal Tribunal. Revised National tax policy, 2017, Tax Identification Number (TIN), and Voluntary Assets and Income Declaration Scheme (VAIDS). Tax procedures covering returns, assessments, collection and appeal with reference to necessary legislations. Taxation of employment income (PIT). Taxation of investment income, taxation of trusts, settlements and estates, taxation of a sole proprietor, taxation of partnership business.