Event Description:
Often times, companies are faced with the puzzle of how to swim out of the tax haze. This function requires specialist skills and a painstaking disposition. Applying tax rates, incentives and credit are options available to companies. This course would delve extensively on practical application of tax issues.
Learning Objectives
Participants would be able to handle tax issues seamlessly at the end of the training
Course Outline
Tax and tax matters in Nigeria – Lesson 1
- Definition of Tax and Taxation
- Objectives of Taxation
- Taxation Matters in Nigeria
- Summary and Conclusion
Qualifying expenses – Lesson 2
- Introduction
- Objectives
- Allowable and Disallowable Expenses
- Definition of Capital Allowances
- Types of Capital Allowances
- Categories of Qualifying Capital Expenditure
- Conditions for Granting Capital Allowances
- Rates of Capital Allowance
- Basis Period for Capital Allowances
- Overlapping Basis Period
- Conclusion
Tax Implications of Adoption of IFRS – Lesson 3
- Introduction
- Tax implications of first time adoption of ifrs
- Presentation of financial statements
- Inventories
- Change in accounting policies, changes in accounting estimates and correction of errors
- Construction contracts
- Income taxes
- Property , plant and equipment (ppe)
- Leases
- Revenue
- Employee benefits
- Accounting for government grants and disclosure of government assistance
- The effects of changes in foreign exchange rates
- Borrowing costs
- Accounting and reporting of retirement benefit plans
- Investments in associates and joint ventures
- Impairment of assets
- Provisions, contingent assets & contingent liabilities
- Intangible assets
- Investment property (ip)
- Agriculture
- Share based payment
- Business combinations
- Insurance contract
- Asset held for sale and discontinued operation
- Financial instruments
- Operating segments
- Consolidated financial statements
- Joint arrangements
- Fair value measurement
Final Accounts under the IFRS regime – Lesson 4
- Objectives & Scope of IAS12
- Definition of Key Terms
- Current Tax Assets & Liabilities
- Deferred Tax Assets & Liabilities
- Current & Deferred Tax Recognition
- Consolidated Financial Statement
- Temporary Differences Not Recognised for Deferred Tax
- Tax Rates & Discounting
- Disclosures
Taxation on Investment Income – Lesson 5
- Introduction
- Forms of Investment
- Tax Implications of Types of Investment
- Investment Incomes Under the Companies Income Tax Act
- Investment Incomes Subject to Personal Income Tax
Other Tax Matters – Lesson 5
- Tax Clearance Certificate and Other Documents
Course Timeline:
Lesson 1 begins with the introduction of Taxation and the Nigerian Tax matters. It proceeds with the objectives of taxation and other connected matters. The topics lined up for discussion are:
Definition of Tax and Taxation
Objectives of Taxation
Taxation Matters in Nigeria
Summary and Conclusion
Lesson 2 discusses the qualifying expenses, allowable and disallowed expenses, capital expenditures, capital allowances etc. The topics to be treated are as follows:
Introduction
Objectives
Allowable and Disallowable Expenses
Definition of Capital Allowances
Types of Capital Allowances
Categories of Qualifying Capital Expenditure
Conditions for Granting Capital Allowances
Rates of Capital Allowance
Basis Period for Capital Allowances
Overlapping Basis Period
Conclusion
In this lesson, we shall discuss the tax implications of adopting the IFRS. This session is loaded with a lot of fundamental tax issues. The topics to be discussed include:
• Tax implications of first time adoption of ifrs
• Presentation of financial statements
• Inventories
• Change in accounting policies, changes in accounting estimates and correction of errors
• Construction contracts
• Income taxes
• Property , plant and equipment (ppe)
• Leases
• Revenue
• Employee benefits
• Accounting for government grants and disclosure of government assistance
• The effects of changes in foreign exchange rates
• Borrowing costs
• Accounting and reporting of retirement benefit plans
• Investments in associates and joint ventures
• Impairment of assets
• Provisions, contingent assets & contingent liabilities
• Intangible assets
• Investment property (ip)
• Agriculture
• Share based payment
• Business combinations
• Insurance contract
• Asset held for sale and discontinued operation
• Financial instruments
• Operating segments
• Consolidated financial statements
• Joint arrangements
• Fair value measurement
This session would treat the problems of Final Accounts under the IFRS. It would treat the following topics:
Objectives & Scope of IAS12
Definition of Key Terms
Current Tax Assets & Liabilities
Deferred Tax Assets & Liabilities
Current & Deferred Tax Recognition
Consolidated Financial Statement
Temporary Differences Not Recognised for Deferred Tax
Tax Rates & Discounting
Disclosures
The last lesson which is lesson 5 will treat the problems of taxation on investment incomes. It would be concluded with the processes of obtaining Tax Clearance Certificates. The rest of the topics are:
Forms of Investment
Tax Implications of Types of Investment
• Investment Incomes Under the Companies Income Tax Act
• Investment Incomes Subject to Personal Income Tax
• Tax Clearance Certificate and Other Documents
Test
At the end of lesson...
Test
Lesson 5 has a test ...
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Lesson 4 too has its...
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At the end of Lesson...
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Lesson 2 also has a ...