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Tax Professionals Forum - Career (3) - Nairaland

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Re: Tax Professionals Forum by nitrogen(m): 7:19pm On Mar 24, 2013
^^^
Oga mi sir! I did shoot you some mails in the early hours of today.

Thanks.
Re: Tax Professionals Forum by olusedo: 6:09am On Jun 02, 2013
Chartered Accountants can practice taxation unhindered, says ICAN
0
March 4, 2013 | 12:23 am
Finance

By BABAJIDE KOMOLAFE

The Institute of Chartered Accountants of Nigeria (ICAN) has insisted that its members can practice taxation unhindered.

In a statement issued weekend, ICAN President, Mr. Adedoyin Owolabi, said that the judgment of February 15, 2013 by the Court of Appeal did not restrained its members who are not members of Chartered Institute of Taxation  (CITN) from practicing taxation.

He said that the judgment has rather vindicated ICAN MEMBERS and made it clear that there is no order restraining members of the Institute from practicing tax in Nigeria.

“As a matter of fact, the two key reliefs sought by CITN, which form the kernel of the controversy between the two bodies (reliefs 3 & 5), were actually set aside by the court, namely:  A declaration that it is illegal for any member of the defendant (ICAN) who is not a member of the Claimant (CITN) to practice or hold himself out to practice as a tax administrator or practitioner for or in expectation of reward in Nigeria;  “An order restraining members of the Defendant (ICAN) who are not members of the Claimant (CITN) from practicing, representing or holding themselves out as Tax”

“For the avoidance of doubt, we hereby reiterate that while the Court of Appeal held that Taxation is a profession distinct from Accountancy and gave CITN powers to regulate and control the practice of taxation, CITN was denied the right to declare it illegal for ICAN members who are not members of CITN to practise as Tax administrators for a reward in Nigeria.

“The Court of Appeal also refused to grant a perpetual injunction restraining ICAN members who are not CITN members from practicing, representing or holding themselves out as Tax Administrators or Practitioners in violation of the Chartered Institute of Taxation of Nigeria Act No. 76 of 1992 Cap C10 LFN 2004.  The import of the judgement is clear to all and sundry: ICAN members can practise taxation unhindered without being members of CITN.”

“ICAN wishes to use this medium to appeal to its members, other stakeholders and the public at large not to be misled by the media hype. The court ruling, which nobody can alter, is available for all to read and draw their conclusions there from.

As a law abiding body of respectable professionals, ICAN, which was established by the Act of Parliament No 15 of 1965, has operated within the limits of the rule of Law in the past forty eight years. Our motto is Accuracy and Integrity and we will not allow anything to distract or derail us,” the statement said.
Re: Tax Professionals Forum by dreal1: 8:45am On Jun 04, 2013
Morning all,

Please which tutorial centre in Lagos can I attend for CITN exams?...i mean the best
Re: Tax Professionals Forum by teexzle: 7:56pm On Jun 08, 2013
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
Re: Tax Professionals Forum by teexzle: 7:58pm On Jun 08, 2013
dreal1: Morning all,

Please which tutorial centre in Lagos can I attend for CITN exams?...i mean the best
Try mantisa associate @ african churxh pri sch, abule oja..very close to unilag
Re: Tax Professionals Forum by dreal1: 2:39pm On Jun 18, 2013
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
Re: Tax Professionals Forum by dahmie2013: 10:47am On Jun 27, 2013
@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!
Re: Tax Professionals Forum by Jarus(m): 4:30pm On Jun 27, 2013
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!

Applicable on after-discount amount.
Re: Tax Professionals Forum by dahmie2013: 10:54am On Jun 28, 2013
Jarus:

Applicable on after-discount amount.

Thanks bro! wink
Re: Tax Professionals Forum by dahmie2013: 12:10pm On Jun 28, 2013
@OP, One more question, I want to set up a company's VAT on an ERP, but working with their chart of account, I noticed dey made VAT input an asset ie, a receivable while output VAT a liability. Is this right&if yes why? Is tax provision a liability, because from my understanding of what a provision is, u are 2 expense it since u're providing for it from your profit as a prudence measure.This company is making a tax provision a liability and I'm trying to figure out why, but I dont seem to understand.
Re: Tax Professionals Forum by dreal1: 9:34am On Jul 01, 2013
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...

1 Like

Re: Tax Professionals Forum by Jarus(m): 10:59am On Jul 01, 2013
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...

Well answered.
Re: Tax Professionals Forum by dahmie2013: 5:12pm On Jul 02, 2013
Thank u all!
Re: Tax Professionals Forum by dahmie2013: 1:15pm On Jul 05, 2013
@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!
Re: Tax Professionals Forum by Jarus(m): 1:51pm On Jul 05, 2013
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!

If you work in an oil company or government agency: 57,000 (you withhold both WHT avd VAT)
If you work in sectors other than the above: 60,000 (you withhold only WHT, pay him his VAT)

1 Like

Re: Tax Professionals Forum by dahmie2013: 2:00pm On Jul 05, 2013
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?
Re: Tax Professionals Forum by thirty(m): 12:33am On Jul 08, 2013
Do you need:
- part time accountant,
- filing company annual returns
- audited financial statements
- accounting manual
- accounting softwares
- management consultant
- etc
call Taiwo on 08025546052
Re: Tax Professionals Forum by Jarus(m): 6:21am On Jul 09, 2013
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?

Treated as as how? The debit and credit?
Re: Tax Professionals Forum by dahmie2013: 1:33pm On Jul 09, 2013
Thanks Jarus, I already found answers to wat I was looking 4! Thanks a-bunch! wink
Re: Tax Professionals Forum by phemmy26(m): 10:17pm On Jul 09, 2013
[quote author=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 [/quote

Also in your shoes, at least you have gotten one, I have been looking for more than a month now. i would also appreciate any help.

thanks
Re: Tax Professionals Forum by phemmy26(m): 10:18pm On Jul 09, 2013
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

Also in your shoes, at least you have gotten one, I have been looking for more than a month now. i would also appreciate any help.

thanks
Re: Tax Professionals Forum by Eyop: 7:34am On Jul 19, 2013
Yes Jarus please throw some light on this. Thanks
Jarus:

Treated as as how? The debit and credit?
Re: Tax Professionals Forum by sokus(m): 11:31am On Jul 19, 2013
Who can explain more on integrated tax offices. Does it mean you can pay the bank draft at a designated bank outside the zone of the integrated tax office(ITO)?
Re: Tax Professionals Forum by Nobody: 2:39pm On Jul 19, 2013
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Re: Tax Professionals Forum by qualityovenbake(m): 2:10pm On Sep 04, 2013
Are reimbursable expenses subjected to VAT. For example I received a contract of #100 for advertisement of lux soap. #50 out of this amount is my agency fee while the remaining #50 will be reimbursed to me by the company for my expenses. On my invoice to the company, the whole #100 is reflected. Please I need a thorough answer on this both from the accounting and tax angle. Thanks in advance.
Re: Tax Professionals Forum by qualityovenbake(m): 2:20pm On Sep 04, 2013
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
Re: Tax Professionals Forum by AwaisACCA: 8:03am On Nov 29, 2013
Hello therer!

This seems to be a good place to talk about Nigeria Tax. I need a little help and would be highly obliged if someone could assist me. I am looking for Paye return forms - I could not locate these on any web site. Wondering if anyone would be able to share these with me?

Really appreciate it.

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.
Re: Tax Professionals Forum by oneblacboi: 6:38am On Jan 07, 2014
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.

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?

1 Like

Re: Tax Professionals Forum by nitrogen(m): 3:57pm On Jan 07, 2014
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.

Very true! infact I don't mind more stint in Tax. I seriously don't mind.
Re: Tax Professionals Forum by labiola: 3:50pm On Aug 20, 2014
Let talk about tax, if you have any query or question on tax issues, don't hesitate to contact me @ labiola@yahoo.com
Re: Tax Professionals Forum by Nobody: 4:22pm On Aug 21, 2014
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

5000 for each month failure to file returns for each mnth respectively. Irrespective of whether the returns is nil.
Nov 40k
Dec 35k
Deadline for filing vat returns is 21st of the next month
Re: Tax Professionals Forum by labiola: 5:27pm On Aug 21, 2014
Have been receiving personal mail on tax matters lately, if you have any issues on your tax matter, let us talk about it here to help others.
Do you need:
- Internal control procedures.
- IFRS expert,
- filing company annual returns
- audited financial statements
- accounting manual
- accounting softwares
- Tax practioner
- Company incorporations
- Process improvement.

talk to labiola@yahoo.com

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