Advanced Taxation for Professional Students

Main competencies

On successful completion of this paper, candidates should be able to:

Apply and advise on specific provisions of the tax laws in computing the tax liabilities

of companies;

Recognize and explain ethical and legal issues arising in taxation scenarios;

Gain knowledge of how to run and manage a tax practice firm

Advise on tax planning including alternative tax treatments to defer or minimize tax

liabilities;

Understand tax dispute resolution mechanisms;

Discuss tax policy formulation and apply the principles of the National Tax Policy to

contextual scenarios;

Understand taxation of the digital economy and other contemporary issues in

international taxation;

Prepare petroleum profits tax computation in accordance with the relevant provisions

of the Petroleum Profits Tax Act; andDetailed syllabus

Candidates are expected to:

Explain the roles, duties and powers of the various organs of tax administration in

Nigeria;

Explain the guiding principles and application of the national tax policy (NTP), 2017;

Identify and explain the five fundamental principles of ethics as specified by the

International Ethics Standards Board for Accountants (IESBA); and

Acquire basic knowledge of tax legislations in computing the income tax liabilities

relating to individuals and corporate entities in complex situations.

Liaise with tax officials, clients and other professionals in a suitable way.

A Tax administration and taxation of business and investment income 40%

1 Tax administration

(a) Introduction to tax administration

Explain the Nigerian tax administration system with focus on:

(i) Constitutional provisions regarding fiscal federalism;

(ii) Structure and taxing rights of different levels of government;

(iii) Role of the three arms of government;

(iv) Functions of the various tax organs; and

(v) Challenges of multiplicity of taxes and possible solutions.