ICAN Past Question on Taxation

ICAN Past Question on Taxation. The Institute of Chartered Accountants of Nigeria (ICAN) is a professional accountancy body in Nigeria. It is one of the two professional accountancy. Taxation is offered by Accounting students and it is a compulsory course for ICAN students.

Taxation is a subject of the imposition of compulsory levies on individuals or entities by governments in the world. Taxation is used primarily to raise revenue for government expenditures, though it can serve other purposes as well.

We are interested in your success in the upcoming taxation examination which shall hold this year but you need maximum preparation to have great success. All our student who bought the past questions give testimonies on how it helped them scale through in  the examination. This is also possible with you since 60% of the questions in the past questions are usually repeated or rephrased every year.

This past questions and answers are a complete compilation of all  the questions that have been asked in past years and it appears according to the year which it was asked. The past questions are available as an electronic file which is accepted in any device wherever you are.

Why you need ICAN Past Question on Taxation

It is quite common to have an anxiety when the exams is near because your mind keeps thinking how the exams will look like and if you will get the best grades. Some student end up being sick because they cannot manage the pressure within them.

Past questions will help you overcome this by preparing your mind on what to expect. Past questions will help you to familiarize yourself with exam questions and as a result, you can have peace of mind because you know what you are likely to find in the exams. All you need to do so as to not get headaches and sleepless nights because you haven’t prepared your mind is to have a copy of past questions to help you out.

How is ICAN Past Question on Taxation Pattern?

Ican past questions and Answers are pattern in a multiple-choice question pattern. We have made it very easy for you. we bring all the questions for many years and put them together in the order of it occurrence. We provide the correct answers in order to save your time.

Sample of ICAN Past Question on Taxation

1. The following are examples of direct taxes except
   A. Personal income tax
   B. Companies income tax
   C. Capital gains tax
   D. Tertiary education tax
   E. Value added tax

2. Which of the following is not a source of tax laws in Nigeria?
A. Customary laws
B. Statute laws
C. Case laws
D. Circulars issued by and practices of the Federal Inland Revenue Service
E. Pronouncement by governors of states

3. Taxes which are collectible by the Federal Government exclude
A. Petroleum profits tax
B. Tertiary education tax
C. Stamp duties on corporate bodies
D. Slaughter slab fees
E. Value added tax

4. One of the following is not a specific objective of the national tax policy issued by
the Federal Government in 2017
A. Guide the operation and review of the tax system
B. Provide the basis for future tax legislations and administration
C. To settle disputes between the states as regards tax matters
D. Provide benchmark on which stakeholders shall be held accountable
E. Serve as a point of reference for all stakeholders on taxation

5. The following are information that shall be disclosed by a tax clearance certificate
except
A. Gross profit
B. Assessable profit or loss
C. Revenue (turnover)
D. Total profit
E. Tax payable

6. How many days notice should a Tax Appeal Tribunal give to an appellant and
Federal Inland Revenue Service of the date and place fixed for hearing of the
appeal?
A. 28 days
B. 21 days
C. 14 days
D. 7 days
E. 3 days

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7 Tips to Prepare for ICAN Exams

1. Don’t make reading your hobby: A lot of people put reading as a hobby in their CV, they might be right because they have finished schooling. But “You” are still schooling, so reading should be in top priority and not as a hobby. Read far and wide to enhance your level of aptitude
2. Get Exams Preparation Materials: These involve textbooks, dictionaries, ICAN Past Questions and Answers. These materials will enhance your mastering of the scope of the exams you are expecting.
3. Attend Extramural Classes: Register and attend extramural classes at your location. This class will not only help you refresh your memory but will boast your classroom understanding and discoveries of new knowledge.
4. Sleep when you feel like: When you are preparing for any exams, sleeping is very important because it helps in the consolidation of memory. Caution: Only sleep when you feel like it and don’t oversleep.
5. Make sure you are healthy: Sickness can cause excessive feelings of tiredness and fatigue and will not allow you to concentrate on reading. If you are feeling as if you are not well, report to your parent, a nurse or a doctor. Make sure you are well.
6. Eat when you feel like: During the exam preparation period, you are advised not to overeat, so as to avoid sleep. You need to eat little and light food whenever you feel like eating. Eat more of fruits, drink milk and glucose. This will help you to enhance retention.
7. Reduce your time in social media: Some people live their entire life on Facebook, Twitter, WhatsApp, Messenger chat. This is so bad and catastrophic if you are preparing for exams. Try and reduce your time spent on social media during this time. Maybe after the exams, you can go back and sleep in it.

If you like these tips, consider sharing them with your friends and relatives. Do you have a question or comments? Put it on the comment form below. We will be pleased to hear from you and help you to score as high as possible.

We wish you good luck

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