Question 6
ICAN
•
2024
•
TAXATION
•
mixed
Case Stimulus
Mr. Abiodun James returned to Nigeria after a long sojourn in America. In 2018, he incorporated James and Sons Nigeria Limited. At the company’s board meeting held in August 2021, the accountant of the company presented the tax query letter received from the Federal Inland Revenue Service (FIRS) for the consideration of the directors. Some of the directors thought that having engaged the services of external auditors, the FIRS should rely on the technical competence of the auditors in ascertaining the correctness of the audited financial statements submitted to them for their review. The Managing Director explained to the other directors that the administration of taxation on the profits of incorporated companies is vested in the FIRS whose management board is known as Federal Inland Revenue Service Board (FIRSB). The Federal Inland Revenue Services (Establishment) Act, 2007 (as amended) is relevant.
Requirements
(
a
)
State FIVE members of the Federal Inland Revenue Service Board.
(
b
)
State and briefly explain FIVE duties and functions of the Federal Inland Revenue Service.
(
c
)
State the basis for tax dispute that may arise with the Revenue.
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About This Question
This is
Ican
2024
Taxation
Question 6.
It is one of the
mixed
questions from the
2024
Ican
Taxation
examination.