Taxation · November 2021

(a) Miss Opeyemi Computation of personal income tax for 2021 assessment year Employment with Joke Oil and Gas (1/4/21-31/12/21) N’000 N’000 Basic salary (9/12 x N50,000,000) 1/4/21 – 31/12/21 37,500 Housing allowance (9/12 x N20,000,000) 15,000 Transport allowance (9/12 x N2,000,000) 1,500 Utility allowance (9/12 x N800,000) 600 Meal allowance (9/12 x N500,000) 375 Leave allowance (9/12 x N5,800,000) 4,350 Clothing allowance (9/12 x N2,000,000) 1,500 60,825 Benefits-in-kind (BIK) Car (9/12 x 5% x N10,000,000) 375 61,200 Gross salary from former employment (1/1/21-31/3/21) ( 3/12 x N10,000,000) 2,500 63,700 Unearned income: Rental income (9/12 x N20,000,000) 15,000 Deduct: Interest on loan (20% of N12,000,000 x 5/12) 1,000 14,000 Total income 77,700 Tax exempt items: Life assurance premium 5,000 Contributions to national housing fund 5,000 Contributions to pension fund 3,000 Contributions to nation health insurance scheme 1,000 (14,000) Gross income 63,700 Consolidated relief allowance 1% of N63,700,000 +20% of N63,700,000 (13,377) Chargeable income 50,323 Computation of personal income tax (PIT) payable N First N300,000 @ 7% 21,000 Next N300,000 @ 11% 33,000 Next N500,000 @ 15% 75,000 Next N500,000 x 19% 95,000 Next N1,600,000 x 21% 336,000 Next N47,123,000 @ 24% 11,309,520 N50,323,000 PIT payable 11,869,520 147 Employment with Dabiri Hotel and Suites (1/4/2021-31/12/2021) N’000 N’000 Basic salary (9/12 x N55,000,000) 41,250 Transport allowance (9/12 x N10,000,000) 7,500 Utility allowance (9/12 x N2,000,000) 1,500 Meal allowance (9/12 x N5,000,000) 3,750 Leave allowance ((9/12 x N5,000,000) 3,750 Clothing allowance (9/12 x N 4,100,000) 3,075 60,825 Benefits-in-kind (BIK) Car (5% x N10,000,000 x 9/12) 375 61,200 Gross salary from former employment(1/1/21-31/3/21) (3/12 x N 10,000,000) 2,500 Total income 63,700 Tax exempt items: Contributions to life insurance premium 5,000 Contributions to national housing fund 5,000 Contributions to pension fund 3,000 Contributions to national health insurance scheme 1,000 (14,000) Gross income 49,700 Consolidated relief allowance: (1% of N49,700,000 + 20% of N49,700,000) (10,437) Chargeable income 39,263 Computation of personal income tax payable N First N300,000 @ 7% 21,000 Next N300,000 @ 11% 33,000 Next N500,000 @ 15% 75,000 Next N500,000 @ 19% 95,000 Next N1,600,000 @ 21% 336,000 Above N36,063,000 @ 24% 8,655,120 N39,263,000 PIT payable 9,215,120

(b) The results as computed have revealed the following: Joke Oil & Gas Dabiri Hotel and Suites N N Total income 77,700,000 63,700,000 PIT payable (11,869,520) (9,215,120) 65,830,480 54,484,880 Rent to be paid in PH (5,000,000) - Net income 60,830,480 54,484,880 148 Arising from the above, Miss Opeyemi is advised to accept the offer from Joke Oil and Gas which has a higher net income of N60,830,480.

Examiner’s report The question tests candidates’ knowledge of the taxation of employment income, taking into consideration the relevant provisions of Finance Acts 2019 and 2020. This being a compulsory question, all the candidates attempted the question. The performance of the candidates was fair. The common pitfalls of the candidates were their inability to prorate the basic salary and allowances, and benefits-in-kind of the taxpayer, taking into consideration the relevant dates of employment of the former and new employments. Additionally, some of the candidates could not compute the consolidated relief allowance correctly, in line with the provisions of the Finance Acts 2019 and 2020. Candidates are advised to read the Institute’s Pathfinder and Study Text, and cultivate the habit of solving taxation questions/problems before sitting for subsequent examinations to enhance better performance.

Marking guide Marks Marks 1(a) Computation of personal income tax Heading: - Name ¼ - Computation for relevant assessment year ¼ Joke Oil and Gas (i) Earned income (9 ticks @ ½ mark each) 4½ (ii) Unearned income (3 ticks @ ½ mark each) 1½ (iii) Tax exempt items (5 ticks @ ½ mark each) 2½ (iv) Consolidated relief allowance ½ (v) Computation of personal income tax payable (6 ticks @ ½ mark each) 3 Dabiri Hotel and Suites

(i) Earned income (9 ticks @ ½ mark each) 4½ (ii) Tax exempt items (5 ticks @ ½ mark each) 2½ (iii) Gross income ½ (iv) Consolidated relief allowance ½ (v) Chargeable income ½ (vi) Computation of personal income tax payable (6 ticks @ ½ mark each) 3 149

(vii) PIT payable 1 25 1b Advice on the employment

(i) Heading: Joke oil & Gas Dabiri Hotel & Suites ½ ½ (ii) Total income (2 ticks @ ½ mark each) 1 (iii)PIT payable (2 ticks @ ½ mark each) 1 (iv) Rent to be paid in PH 1 (v) Advice on the offer 1 5 Total 30

a. XYZ Limited Computation of interest deductible in 2021 assessment year N N Assessable profit 2,000,000 Add: Interests deducted : Diki (Malaysia) Ltd 1,050,000 : Other creditors 1,000,000 Depreciation 400,000 2,450,000 Earnings before interest, taxes, depreciation and amortisation (EBITDA) 4,450,000 Interest deducted before restriction: Interest paid to Diki (Malaysia) limited 1,050,000 Interest paid to other creditors 1,000,000 Total interest expenses 2,050,000 Interest for tax exempt profits (450,000) Interest qualifying for deduction 1,600,000 Restriction: 30% of EBITDA (30% of N4,450,000) = 1,335,000 Amount of interest deductible in 2021 assessment year is the lower of: (i) 30% of EBITDA (N4,450,000) = N1,335,000 or (ii) Interest qualifying for deduction = N1,600,000 The interest deductible is N1,335,000 150

b. Treatment of excess interest not deducted in the relevant assessment year The excess interest of N1,600,000 less N1,335,000 which is N265,000, will be carried forward and added to the interest expense for that year with a view to computing its restriction. It should be noted that the excess interest of N265,000, may only be carried forward for a period not exceeding five years, that is, 2026 assessment year, whilst applying for each of the years, the same rule based on which the excess interest expenditure was first computed.

Examiner’s report The question tests candidates’ knowledge of interest deductible in arriving at the adjusted profit of a limited liability company. About 30% of the candidates attempted the question but performance was poor. The common pitfalls of the candidates were their inability to compute interest to be deducted in arriving at the adjusted profit and explain how the excess interest not deducted would be treated in subsequent years, in line with the provisions of the Finance Act 2019. Candidates are advised to pay attention to the amendments to tax laws and effects on tax computations in their preparations for future examinations.

Marking guide Marks Marks 2a Computation of interest deductible:

(i) Heading:

- Name ½ - Computation for relevant assessment year ½ (ii) Assessable profit 1 (iii) Add backs (3 ticks @ 1 mark each) 3 (iv) Earnings before Interest, taxes, depreciation & Amortisation 1 (v) Interest deducted before restriction (2 ticks @ 1 mark each) 2

(vi) Interest for tax exempt profits 1 (vii) Interest qualifying for deduction 1 (viii) Restriction

- 30% of EBITDA - Amount of interest deductible in 2021 assessment year - Interest qualifying for deduction 1 2 2 (ix) Interest deductible 1 16 151 2b Treatment of excess interest not deducted:

(i) Excess interest to be carried forward 2 (ii) Carry forward period of 5 years 2 4 Total 20

(a) Adegboyega Enterprise Computation of VAT payable to FIRS Stage Computation N VAT payable N (i) Manufacturer: sales value 3,500,000 Gross VAT @ 7.5% 262,500 Net VAT 262,500

(ii) Wholesaler: sales value 4,900,000 Gross VAT @ 7.5% 367,500 Net VAT (N367,500 – N262,500) 105,000

(iii) Retailer: sales value (VAT inclusive) 6,300,000 Gross VAT (0.075 1.075 x N6,300,000) 439,535 Net Vat (N439,535 – N367,500) 72,035 Total VAT payable to FIRS 439,535

(b) i. Failure to register for VAT- Section 8 of VAT Act (as amended) A taxable person who fails to register for VAT, is guilty of an offence and liable on conviction to a penalty of N50,000 for the first month in which the failure occurs and N25,000 for each subsequent month in which the failure continues.

ii. Failure to notify change of address or permanent cessation of trade or business (section 28 of VAT Act) A person who fails to notify the FIRS of the change of address, is guilty of an offence and liable to pay a penalty of N50,000 for the first month in which the failure occurs and N25,000 for each subsequent month in which the failure continues. 152

iii. Failure to submit VAT returns – section 35 VAT Act (as amended) A taxable person, who fails to submit VAT returns to the FIRS, is liable to a penalty of N50,000 for the first month in which failure occurs and N25,000 for every subsequent month in which the failure continues.

(c) Merits and demerits of VAT

(i) Merits These include: (i) Reliable source of government revenue; (ii) It eliminates the narrow scope and cascading effect of the repealed sales tax; (iii) It is a consumption tax, hence very easy to collect; (iv) Fairness is established because consumers pay the tax in line with their consumption of goods and services received; and (v) It can be used as a tool of fiscal policy. Items can be exempted and tax rate can be changed to achieve specific economic objective.

(ii) Demerits These include: (i) High administrative cost on the part of the government; (ii) High cost of keeping records by the companies/agents; (iii) Injustice in the distribution of the VAT proceeds; (iv) Corruption on the part of tax officials can render VAT ineffective; and (v) Problem of inadequate information can make VAT administration ineffective.

Examiner’s report The question tests candidates’ knowledge of the computation of VAT payable by taxable persons to the Federal Inland Revenue Service (FIRS), penalties associated with late VAT filings and notifications, and merits and demerits of VAT. About 90% of the candidates attempted the question and the performance was average. The commonest pitfall of the candidates was their inability to explain penalties relating to late VAT filings. Candidates are advised to familiarise themselves with the provisions of VAT Act 2004 (as amended). 153

Marking guide

3. Marks Marks a. Computation of VAT payable:

(i) Heading: Name ½ Computation of VAT Payable ½ (ii) Manufacturer:

- Sales value ½ - Gross VAT 1 - Net VAT 1 (iii) Wholesaler:

- Sales value ½ - Gross VAT 1 - Net VAT 1 (iv) Retailer:

- Sales value 1 - Gross VAT 1 - Net VAT 1 9

b. Explanation of penalties payable:

(i) Failure to register for VAT:

- The penalty is N50,000 for the first month 1 - N25,000 for each subsequent month 1 (ii) Failure to notify change of address:

- The penalty is N50,000 for the first month 1 - N25,000 for each subsequent month 1 (iii) Failure to submit VAT returns:

- The penalty is N50,000 for the first month 1 - N25,000 for each subsequent month 1 6

c. Explanation on merits and demerits of VAT:

- Merits of VAT (3 ticks @ 1 mark each for any 3 points) 3 - Demerits of VAT (2 ticks @ 1 mark each for any 2 points) 2 5 Total 20 154

(a) Ajani Ogun Enterprises Computation of income tax payable for 2018 – 2021 assessment years YOA Basis period Assessable profit/loss 2018 1/9/2016 – 31/8/2017 N N N Adjusted loss (95,000) Unrelieved loss c/f (95,000) Capital allowance for the year 6,500 Capital allowance utilized - Unutilized capital allowance c/f 6,500 Total profit Nil Companies income tax@30% of total profit Nil Tertiary education tax @ 2% of assessable profit Nil 2019 1/9/17 – 31/8/18 Adjusted profit 55,000 Unrelieved loss b/f 95,000 Relieved loss for the year (55,000) (55,000) Unrelieved loss c/f (40,000) Capital allowance for the year: 5,000 Unutilized C/A b/f 6,500 11,500 Capital allowance utilised - Unutilized C/A c/f 11,500 Total profit Nil Companies income tax @ 30% of total profit Nil Tertiary education tax @2% of assessable profit 1,100 2020 1/9/18 – 31/8/19 Adjusted profit 35,000 155 N N N Unrelieved loss b/f 40,000 Relieved loss for the year (35,000) (35,000) Unrelieved loss c/f (5,000) Capital allowances for the year 4,200 Unutilized C/A b/f 11,500 Unutilized C/A c/f 15,700 Total profit Nil Companies income tax @ 30% of total profit Nil Tertiary education tax @ 2% of assessable profit 700 2021 1/9/19 – 31/8/20 Adjusted profit 65,000 Unrelieved loss b/f (5,000) Relieved loss for the year 5,000 (5,000) Unrelieved loss c/f Nil 60,000 Capital allowance for the year 4,000 Unutilised capital allowance b/f 15,700 19,700 Utilized capital allowance for the year (19,700) (19,700) Unutilized C/A c/f Nil Total profit 40,300 Given the fact that the company did not achieve a turnover of N25,000,000 during the year, it will not pay companies income tax and tertiary education tax.

b. Rules on loss relief The following points are to be noted in the application of the rules on loss relief for companies: i. Trading loss to be deducted from assessable profits of an assessment year, shall not exceed the actual loss incurred by the company in the previous assessment years. ii. Losses are not aggregated with assessable profits in the computation of a company’s total profits, in strict compliance with the provision of Section 31 (1) of CITA. Consequently, a trading loss from one of the company’s sources of profits cannot be set-off against profits from another source. A loss incurred from a particular line of business can only be relieved in future 156 years from assessable profits derived from the same source or line of business; iii. When losses incurred in two different assessment years are being carried forward against future profits, the first loss incurred will be relieved in priority to the subsequent loss; iv. When trade ceases, any terminal loss resulting there from which could not be relieved in the year of cessation due to insufficiency or non-availability of profit, is deemed lost; v. There is no provision under the Nigerian tax system for carry-back of terminal loss; vi. A claim for relief of losses takes precedence over claim for capital allowances; and vii. It is granted automatically to all taxpayers, that is, there is no need for a written application by the taxpayer.

Examiner’s report The question tests candidates’ knowledge of the computations of companies income tax, tertiary education tax and the rules governing loss reliefs for companies. More than 90% of the candidates attempted the question. Candidates demonstrated a poor understanding of the question, hence the performance was poor. The commonest pitfall was the inability of the candidates to explain the rules governing loss relief. Candidates are advised to read ICAN Study Text and Pathfinder when preparing for subsequent examinations to ensure better performance in future.

Marking guide Marks Marks 4(a) Computation of income tax for 2018 to 2021 assessment years

(i) Heading Name ¼ Computation of relevant assessment year ¼ (ii) 2018

- Adjusted loss ½ - Unrelieved loss c/f 1 - Capital allowances for the year 1 - Companies income tax @ 30% of total profit ½ - Tertiary education tax @ 2% of assessable profit ½ - 157

(iii) 2019

- Adjusted profit ½ - Unrelieved loss b/f ½ - Relieve loss for the year ½ - Capital allowances for the year ½ - Unutilised capital allowances b/f ½ - Companies income tax ½ - Tertiary education tax ½ (iv) 2020

- Adjusted profit ½ - Unrelieved loss b/f ½ - Relieved loss for the year ½ - Capital allowances for the year ½ - Unutilised capital allowances b/f ½ - Companies income tax ½ - Tertiary education tax ½ (v) 2021

- Adjusted profit ½ - Unrelieved loss b/f ½ - Relieved loss for the year ½ - Capital allowance for the year ½ - Unutilised capital allowances b/f ½ - Utilised capital allowance for the year ½ - Conclusion 1 15 4b Rules governing loss relief for companies (1 mark each for any correct 5 points) 5 Total 20

(a) Corporate organisations are required by law to file tax returns to the Federal Inland Revenue Service in accordance with CITA 2004 (as amended). The returns must be submitted to the integrated tax office nearest to the registered address of the business. Documents required to be forwarded to the relevant tax authority when registering with the nearest integrated tax office include:

(i) Certified true copy of the certificate of incorporation; (ii) Certified true copy of the memorandum and articles of association; 158

(iii) Certified copy of form CAC 7 (Particulars of directors); (iv) Letter of appointment of external auditors and tax representatives; (v) Letter of acceptance by the external auditors and tax representatives; and (vi) Answers to the questionnaire which include the following information:

• Date of commencement of operations;

• Accounting year end;

• Registered office and address of the company;

• Business address of the company if different from the registered office;

• Names and addresses of the directors of the company;

• Names and addresses of the bankers;

• Names and addresses of the auditors;

• Name and address of the company secretary;

• Particulars of the shareholders stating names, addresses and amount of shareholding; and

• Any other relevant information. The registration letter for VAT shall be accompanied with the following documents: (i) Completed copy of VAT form 001, that is VAT registration form; and (ii) Certificate of incorporation.

(b) The time lag for filing the first set of returns and subsequent ones are as follows: (i) First set of returns (New company) Within 18 months from the date of incorporation or 6 months after the end of its first accounting period, whichever is earlier.

(ii) Subsequent returns (Existing companies) A company that has been in business for more than eighteen months, the due date for filing tax returns is six months after the end of the company’s accounting year.

(c) Penalty for late filing of returns at the due dates Section 55, CITA (as amended) makes provision for payment of penalty by any company that fails to comply with the requirements for filing of tax returns. A defaulting company shall pay: (i) N25,000 in the first month in which it fails to file its annual returns; and (ii) N5,000 for each subsequent month in which the failure continues. In addition, any director, manager, secretary, servant or agent of a defaulting company who is proved to be guilty of connivance, neglect or acquiescence to the commission of the offence, of non–compliance with the above provision, shall be liable to a fine of N100,000 or imprisonment for 2 years or both. 159

Examiner’s report The question tests candidates’ knowledge of the computations of companies income tax, tertiary education tax and the rules governing loss reliefs for companies. More than 90% of the candidates attempted the question. Candidates demonstrated a poor understanding of the question, hence the performance was poor. The commonest pitfall was the inability of the candidates to explain the rules governing loss relief. Candidates are advised to read ICAN Study Text and Pathfinder when preparing for subsequent examinations to ensure better performance in future.

Marking guide Marks Marks 5a Documents/information required (1 tick @ 1 mark each for any 5 points) 5 b. Time lag for filing of tax returns

(i) First set of returns

- Within 18 months from incorporation 1 - 6 months after end of first accounting year 1 - Whichever is earlier 1

(ii) Subsequent returns

- Within 6 months from the accounting year end (1 tick @ 2 marks) 2 5 5c Penalty for late filing

- Penalty of N25,000 in the first month (1 tick @ 2 marks) 2 - Penalty of N5,000 for each subsequent month (1 tick @ 2 marks) 2 - Fine for director, manager, secretary, etc guilty of connivance 1 5 Total 15 160

Goods and services shall be deemed to be supplied in Nigeria in accordance with section 2 of VAT Act as amended by Finance Act, 2020, if:

(a) In respect of goods:

(i) These goods shall be physically present in Nigeria at time of supply, imported into Nigeria, assembled in Nigeria, or installed in Nigeria; or

(ii) The beneficial owner of the rights in or over the goods is a taxable person in Nigeria and the goods or right is situated, registered or exercisable in Nigeria.

(b) In respect of services:

(i) The service is rendered in Nigeria by a person physically present in Nigeria at the time of providing the service; (ii) The service is provided to and consumed by a person in Nigeria, regardless of whether the service is rendered within or outside Nigeria or whether or not the legal or contractual obligation to render such service rests on person within or outside Nigeria; and (iii) The service is connected with existing immovable property (including the services of agents, experts, engineers, architects, valuers, etc) where the property is located in Nigeria.

(c) In respect of an incorporeal:

(i) The exploitation of the right is made by a person in Nigeria; (ii) The right is registered in Nigeria, assigned to or acquired by, a person in Nigeria regardless of whether the payment for its exploitation is made within or outside Nigeria; or (iii) The incorporeal is connected with a tangible or immovable asset located in Nigeria. Tutorial It is pertinent to state that: (i) Services rendered to and consumed by a Nigerian resident while physically outside Nigeria, is not liable to VAT in Nigeria; (ii) Services rendered remotely, online or by other virtual means to Nigerian residents or persons, is liable to VAT in Nigeria; (iii) Regardless of the medium of delivery of the service, services provided to persons while in Nigeria, shall be liable to VAT in Nigeria; or (iv) Services performed in Nigeria to persons in Nigeria is liable to VAT irrespective of the residence status of the service provider. 161

Examiner’s report The question tests the candidates’ knowledge on when goods and services shall be deemed to be supplied in Nigeria in accordance with section 2 of VAT Act (as amended). Over 40% of the candidates attempted the question and they demonstrated a poor understanding of the question, hence the performance was poor. The commonest pitfall was the candidates’ inability to explain when goods and services shall be deemed to be supplied in Nigeria. Candidates are advised to read relevant study materials in order to perform well in future examinations.

Marking guide Marks Explanation on when goods and services shall be deemed to be supplied in Nigeria: In respect of goods (2 ticks @ 3 marks each) 6 In respect of services (3 ticks @ 2 marks each) 6 In respect of incorporeal (3 ticks @ 1 mark) 3 15

TAXPRO MAX has the capacity to handle the following aspects of tax administration:

(a) E-registration Deployment and use of a robust and integrated tax management software makes it possible for accurate taxpayers’ data to be captured by the tax authority. Each taxpayer enrolled is assigned a unique tax identification number (TIN) and it is now possible for taxpayers to do self-enrolment through a web application service;

(b) E-assessment When taxpayers file returns electronically, it is possible for their tax liabilities to be computed and assessment notice generated automatically and sent to their email accounts; 162

(c) E- payments Technology has made it possible for taxpayers to make payments through several electronic channels, such as point of sale (POS); internet banking; bank transfers; unstructured supplementary service date (USSD) or even using their credit/debit cards from the comfort of their homes;

(d) E-filing Most integrated tax management solutions come along with a module that facilitates electronic filing. This enables taxpayers to file their returns from their offices without the stress of going to the tax office which might be several kilometers away. For instance, the FIRS has been encouraging taxpayers to make use of the recently deployed TaxPro solution to file their periodic tax returns, including VAT and CIT returns;

(e) E-tax calculator Modern tax authorities develop and deploy this tool on their websites to enable taxpayers and their consultants to compute the accurate amount of taxes to be paid. This function has been part of the FIRS website (www.firs.gov.ng) in the last few years;

(f) E-TCC Many individual and corporate taxpayers require their tax authorities to issue tax clearance certificates (TCCs) to them on yearly basis. Through the use of appropriate technology, taxpayers can apply for their TCCs electronically and have them sent to their email accounts, if the conditions are met;

(g) E-reporting Each tax authority requires various performance reports to be generated on a periodic basis. These reports can be generated within seconds at the click of a button; and

(h) E-tax audit Technology has made it possible for the entire process of tax audit to be carried out without the tax auditors visiting the premises of the taxpayer and vice versa. For instance, all the pre and post –audit meetings can be held using video conferencing tools and documents can be exchanged electronically through emails. 163

Examiner’s report The question tests the candidates’ knowledge of aspects of tax administration and how the tax management IT solution known as TAXPRO MAX can be handle same. About 50% of the candidates attempted the question but performance was poor. The common pitfalls were candidates’ lack of knowledge of the different aspects of tax administration, and inability to explain how TAXPRO MAX can handle same. Candidates are advised to pay attention to this particular aspect of the syllabus when preparing for future examinations.

Marking guide Marks 7 Different aspects of tax administration that the tax management solution known as TAXPRO MAX can handle (a) E-registration

- Possible for accurate tax payers’ data to be captured 1 - Each taxpayer enrolled is assigned a unique tax identification number (TIN) 1 - Possible for taxpayers to do self-enrolment through a web application service 1 3 Marks (b) E-assessment

- Possible for taxpayers’ tax liabilities to be computed 1 - Assessment notice generated automatically 1 - Sent to their email accounts 1 3 (c) E-payments

- Payments through several electronic channels ½

- Point of sale (POS) ½ - Internet banking ½ - Bank transfers ½ - Unstructured supplementary service (USSD) ½ - Using their credit/debit cards ½ 3 164

(d) E-filing

- Module that facilitates electronic filing 1 - Enables taxpayers to file their returns from their offices 1 - File their periodic tax returns 1 3 (e) E-tax calculator

- To enable taxpayers and their consultants to compute the accurate amount of taxes to be paid 3

(f) E-TCC

- Taxpayers can apply for their TCCs electronically 3

(g) E-reporting

- Performance reports can be generated within seconds 3

(h) E-tax audit

- Process of tax audit to be carried out without the tax auditors visiting the premises of the taxpayer and vice versa 1 - All the pre and post-audit meetings can be held using video conferencing tools 1 - Documents can be exchanged electronically through emails 1 3 (3 marks each for any five aspects of tax administration) 165 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA