PROFESSIONAL EXAMINATION ‘B’ (PEB)

PEA IV – TAXATION PRINCIPLES AND PRACTICES

1. Review of Concept
   1. Taxation
   2. Historical Overview in Nigeria

2. Income Tax
   1. Personal Income Tax
   2. Company Income Tax
   3. The general system of administration of Nigeria tax, including assessments, collection, appeals, penalties and repayment claims
   4. Various classes of income
   5. Basis of assessment
   6. Computation of income
   7. Tax liability of individuals, including non-residents
   8. The treatment of business profits and losses in varying circumstances, relative to sole proprietors and partnerships
   9. Claims for capital allowances
   10. Back duty Assessment

3. Capital Gains Tax
   1. Administration of capital gains tax and computation of chargeable gains
   2. Exemptions and reliefs, indexation allowance, quoted securities, Stocks and shares
   3. Capital transactions of partnership and companies
   4. Legatees and artificial transactions

4. Petroleum Profit Tax
   1. Chargeable profit
   2. Treatment of losses
   3. Group and consolidated companies
   4. Petroleum profit tax, taxation of income from abroad: double taxation Relief – Individuals, companies and overseas subsidiaries
   5. Mergers, acquisitions and Takeover bids, Deferred Taxation

5. Valued Added Tax
   1. Principles, Administration, Accounting and Penalties

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