Lecture Slides 2 Tax Administration.pptx - WEEK 2 Tax Administration Learning Objectives Explain the tax administration including various assessments

Lecture Slides 2 Tax Administration.pptx - WEEK 2 Tax...

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WEEK 2: Tax Administration
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Explain the tax administration including various assessments, collection, recovery, penalty and appeal. Learning Objectives SEGi University & Colleges. All rights reserved.
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Explain the responsibilities of taxpayers and roles of Director General Explain the various types of assessments and implications Explain the collection, recovery, appeal, offences and penalty. Learning Outcomes SEGi University & Colleges. All rights reserved.
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Returns Definition S77(1) & S77A(1) ITA 1967 A prescribed form to be furnished to the DG of IRB by every person specifying (1) the chargeable income and the tax payable (if any) for a year of assessment; and (2) such particulars as may be required by the DG. 4
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Submission datelines: A. Returns SEGi University & Colleges. All rights reserved. Form Taxpayer Deadline Form B Resident individuals with business income and other sources of income. 30 June of the next year Form BE Resident individuals with employment income and other sources excluding business source. 30 April of the next year Form C Companies 7 months from the date of closing of its basis period (i.e. accounting period). Form P Partnership 30 June of the next year Form PT Limited Liability Partnership 7 months from the date of closing of its basis period (i.e. accounting period).
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Returns 6 Taxpayer Return and Deadline Every person (other than a company, trust body or co- operative) S77(1) Without business income A return in the prescribed form by 30 April in the year following the year of assessment With business income A return in the prescribed form by 30 June in the year following the year of assessment A company, trust body or co- operative S77A(1) A return in the prescribed form within 7 months from the date following the close of the accounting period which constitutes the basis period for the year of assessment Amendment of Return S77B(1) Not later than 6 months from the due date for the furnishing of the return in accordance with s 77(1) or s 77A(1)
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Returns 7 Individual Company Current Year of Assessment With effect from 01.01.2000 With effect from 01.01.2000 Assessment Self assessment with effect from YA 2004 Self assessment with effect from YA 2001 Form BE - Resident without business income B - Resident with business income ME -Non-resident individual without business income M - Non-resident individual with business income P - Partnership C Deadline for submission BE - 30 April of the following year B - 30 June of the following year M - 30 April of the following year (without business income) M - 30 June of the following year (with business income) P - 30 June of the following year 7 th month after financial/accounting year- end
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Returns 8 Individual Company Estimate Employment income: no estimate is required Non-employment income: determined by the IRB Estimate (cannot be less than 85% of the latest estimate of tax payable for the immediately preceding year of assessment) made by company and furnished to the IRB 30 days before the beginning of the basis period Payment Employment income – monthly via Schedular
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