35. The tricky part is the tax base. When paying income tax on interim dividends, on what BASE should the 30% be applied? #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
40. In section 40(1), tax is payable at 30% of TOTAL PROFIT for the assessment year. to get through, some complex analysis isrqd. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
41. The public notice by @FIRSNigeria indicated 30% of “the profits from which the dividends are paid”. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
46.Total profit is not the accounting profit. There's a chapter in CITA (PART V) that deals with ascertainment of total profits. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
49. Here's how total profit is defined in Section 31(1): “The total profits of any company for any year of assessment shall be...#TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
50. ..... the amount of its total assessable profits from all sources for that year….#TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
51. …..together with any additions thereto to be made in accordance with the provisions of the Second Schedule to this Act,….. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
52. …..less any deductions to be made or allowed in accordance with the provisions to be made or allowed….#TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
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