Question 6
ICAN
•
2025
•
TAXATION
•
mixed
Case Stimulus
Global Legends Logistics Limited is a company that renders logistics services to financial institutions in Nigeria and worldwide. An extract of the statement of profit or loss for the year ended December 31, 2024 is as follows: N’000 N’000 Income: Contract supplies 668,250 Recruitment fees 318,750 Interest received 11,250 998,250 Expenses: Payments to suppliers 506,250 Management fees paid to Kosemani Konsults 45,000 Audit fees 10,000 Administrative expenses 337,500 Legal and professional fees 7,500 (906,250) 92,000. Note: The total withholding tax credit notes available to the company was N6,750,500.
Requirements
(
a
)
Compute the VAT payable by the company for the year ended December 31, 2024, assuming all figures are VAT exclusive.
(
b
)
Compute the withholding tax remittable by the company to FIRS.
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About This Question
This is
Ican
2025
Taxation
Question 6.
It is one of the
mixed
questions from the
2025
Ican
Taxation
examination.