ACC318 List of Questions

Q1 Nigerian Adjusted profit in special businesses is derived as :
Adjusted Profit Ratio x Nigerian Income
Adjusted profit Ratio x Global Income
Ratio of the Nigerian Income to the Global Income
Nigerian Profit Over Global adjusted profit

Q2 Calculate the Nigerian Income from Fast Airline in 2016 tax year with respect to the following Income from passengers from Kenya to Nigeria ?6M, Income from cargo from New york to Nigeria ?10M,Income from passengers from Nigeria to Gatwick ?18M, Income from Cargo from Nigeria to Ghana ?2M
�?�16 Million
�?�18 Million
�?�20 Million
�?�36 Million

Q3 For any company that wants to take advantage of special business tax provison a formal application to be assessed on the basis of the two ratio should be made not later than———- years from the year of assesssment concerned

Q4 Special businesses in Nigeria constitute the following EXCEPT:
Insurance business
Shipping business
Unit trust schemes
Free trade zone enterprises

Q5 The taxation of transportation and telecommunication businesses will arise on the:
Normal basis
Actual year basis
Preceding year basis
Best of judgement basis

Q6 Which of the following income is taxable in a free trade zone:
Income of a company established with an export processing zone and 50 percent production of such company is for export
Incomes in respect of goods exported from Nigeria and the proceeds are repatritated back and used exclusively for raw materials
dividends recived from investments is wholly export oriented businesses
Incomes of a company whose supplies are exclusively inputs to the manufacturing of products for export.


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