TAX 223: Business Taxation II

Learning Outcomes

At the end of the course, student should be able to:

1. explain determination, assessment and collection of withholding tax, value added tax;
2. compare output and input taxes and their respective mutual relationship;
3. describe stamp duties and transaction liable to stamp duties, administration, objection and collection procedure;
4. explain custom/excise duties administration, assessment and collection procedures; and
5. distinguish between goods and services taxation.

Course Contents

Withholding Tax. Value Added Tax. Characteristics, Valuable Goods and Services. Exemptions, Determination, assessment and collection of taxes. Administration, Objections/Appeal Procedure, Offences and Penalties. Definition of Output and Input taxes and their respective mutual relationship. Stamp Duties, Constitutional Distribution of jurisdiction amongst the tiers of Government in Nigeria. Transactions liable to stamp duties. Head of charges: Administration, Objections/Appeal Procedure. Custom/ Excise Duties. Definition, Administration, Assessment and Collection Procedures. Incentive Scheme such as: Duty Drawback and Manufacturing in Board Scheme. Sales Tax.