ACC 331: TAXATION II

INTRODUCTION

This is the course guide for ACC 331 (Taxation II). The purpose of the course guide is to relate to you the basic structure of the course material you are expected to study as a B.Sc. Accounting Student in Godfrey Okoye University, Enugu, Nigeria. It is to guide the students on what to expect from the lecture note and at the end of studying the course contents.

The course outline consists basically of the treatment of transactions according to the provisions of the Nigerian tax laws. Specifically, background of business taxation, taxation of sole traders, partnership, limited liability companies and specialized businesses were the main focus of this lecture note.

Learning Objectives

The aim of the course is to bring to  the cognizance of the students the practical treatment of taxation of businesses in line with the Nigerian tax laws.

Expected Learning Outcomes

At the end of studying the course material, among other objectives, the students should be able to :

1. Provide an overview of Business Taxation in Nigeria

2. Explain the objectives of Business Taxation in Nigeria

3.Discuss the contribution of Business Taxation in Nigeria

4.  Highlight the challenges/Problems of Business Taxaton in Nigeria

5. Explain the  meaning of a Trade or Profession

6. Compute o Assessable Profit of a Trade or Profession

7. Determine  taxable/non-taxable Incomes and Allowable/Non-Allowable Expenses

8. Determine of Basis Period for Assessment

9. Compute Capital Allowance

11. Determination of Computation of Taxable and Non-Taxable

12. Assess  the income of a partner  and determinethe tax payable

13. Identify and Compute of Allowable and Non-Allowable Expenses of

Partnership

14. Compute Assessable and Chargeable Profit of Partnership

15. Determine how to treat Tax under Admission and Resignation of a Partner

16. Compute Company Income Tax

17. Determine   Basis Period for Assessment

18. Compute Capital Allowance

20. Explain theTaxation Provisions and Computation for Real Estate

21. Compute the tax payable byTrust and Settlement Businesses in Nigeria