dreal1: Morning all,

Please which tutorial centre in Lagos can I attend for CITN exams?...i mean the best

dreal1: Morning all,

Please which tutorial centre in Lagos can I attend for CITN exams?...i mean the best

dreal1: Morning all,

Please which tutorial centre in Lagos can I attend for CITN exams?...i mean the best

dahmie2013: @OP, please I need ur help. What happens to VAT, when a vendor brings his/her invoice and gives the customer a cash discount if the customer pays within a particular period,if the customer pays within that period, does it affect the VAT that he/she has paid? Or the customer will still pay the VAT he/she is suppose to pay, but the actual cost of the item bought will reduce because of the discount. Thanks!

Jarus:

Applicable on after-discount amount.

dreal1: The company is acting in a fiduciary capacity...tax collected is to be remitted to the government...so, it is NEITHER an income NOR asset, it is a LIABILITY to them until it is remitted when the liability account will be debited and bank account credited...

Hope this helps...

dahmie2013: @Jarus, pls pardon my too many questions, I just dont like making stupid mistakes especially when they can be avoided. Here's my issue, please analyse this scenario for me.

A vendor brings his invoice, the cost of the goods supplied is 60000, he charges me VAT of 5% which now makes d total amount 63000. Now this vendor is also to be charged a withholding tax of 5%, which is also 3000, how much will I pay the vendor?

Please I need answers asap!

dahmie2013: Thank u so much, that means the system I'm implementing this scenario on was actually correct, it deducted d withholding tax b4 allowing me 2 pay d vendor which made it 60000. Can u analyse how d VAT will be treated from the perspective of the vendor and also my own?

dreal1: hi tax pros...pls am registering for CITN...I have one of my ICAN lecturers as my referee...I need a second person...who is 2013 compliant in dues payment...anyone in the house

Jarus:

Treated as as how? The debit and credit?

Jarus: I work as Tax Accountant in a company in Lagos.


Let's share ideas and knowledge and discuss issues taxation here - from students to professionals.

Other tax professionals are also invited to give people advices and answer questions.

nitrogen: Well said, Oga Jarus!

With all that stated up there, I still think tax accounting is a monotonous work. Like the 'issue(s) with FIRS/SIRS thing', only clarifications and some sorting out is needed, or at worse, a tax audit is carried out in your company.

Arguably, the amendments to those acts brings out challenges (not much anyway), and maybe it is best for amendments to be done every five years.

Btw, the new PITA has got something unclear to many, maybe 'una' can help out.
Here we go:

'CRA (Consolidated Relief Allowance), which replaces personal relief is to be computed as the higher of #200k or 1% of gross income, plus 20% of gross income'

Meanwhile gross income isn't defined by the act (as amended), but gross emoluments, does that automatically replace our gross income?

oneblacboi: Did you say monotonous? You are very wrong.

Tax is a game. As you read laws, you start designing strategies. Very interesting i tell you.

And did i mention plenty money for less work compared to auditing.

qualityovenbake: Can anyone calculate the VAT LSP that will be charged on returns for November and December 2012 whose filing was filed on the 20th of July 2013 with the tax authority. The November and December 2012 returns are nil returns. Also what will be the scenario if they were filed on the 22nd of July 2013. Please practical illustrations. Thanks in advance