The Company Income Tax Act (CITA) is the principal law that regulates the taxation of companies in Nigeria. The tax regime in Nigeria is a multi-level tax system, which simply means that taxation is administered by the three tiers of government. The Federal Inland Revenue Service (FIRS) administers or oversee the income tax for companies. The objective of accounting for income taxes is to reflect and analyse the current and future tax effects of transactions and events reported in the financial statements. Greater complexity arises in recognizing and measuring the longer-term deferred tax effects of transactions which represent temporary differences and the basic concepts of accounting for income taxes – including recognition, measurement, valuation, presentation and disclosure
IAS 12 Income Taxes is the principal source of guidance on accounting for income taxes in IFRS. It is supplemented by SIC-25 Income Taxes – Changes in the Tax Status of an Entity or its Shareholders and IFRIC 23 Uncertainty over Income Tax Treatments.
Deliverables: At the end of the course, participants will be know how to lodge an income tax return for personal and businesses purposes.
- For those who are anxious to learn new skills, and who may be seeking employment with ITP The Income Tax Professionals, for the income tax season
- Persons looking for part time for during the income tax season between July and October
- Anyone who is good with numbers and looking to maximize their own tax personal or business income tax return