pathfinder - The Institute of Chartered Accountants of Nigeria
pathfinder - The Institute of Chartered Accountants of Nigeria
pathfinder - The Institute of Chartered Accountants of Nigeria
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PATHFINDERc. Tax invoices contain the following information:i. Tax payer‟s Identification Number(TIN)ii. Name, address and VAT registration numberiii. Customer‟s name and addressiv. Type <strong>of</strong> supplyv. A description <strong>of</strong> the goods and services suppliedvi. Quality <strong>of</strong> the goods and services suppliedvii. <strong>The</strong> rate <strong>of</strong> VATviii <strong>The</strong> rate <strong>of</strong> any cash discount <strong>of</strong>feredix. <strong>The</strong> total VAT payableNote: VAT on fixed assets bought are not to be remitted butcapitalized. Input VAT N2,100,000 will not be remitted.EXAMINERS‟ REPORT<strong>The</strong> question tests candidates‟ knowledge <strong>of</strong> the provisions <strong>of</strong> the Value Added TaxLaw.Candidates demonstrated a good knowledge <strong>of</strong> the question but could not distinguishbetween Invoice Value and Payment Received. <strong>The</strong> performance <strong>of</strong> the candidateswho attempted the question was good.<strong>The</strong> commonest pitfall is the inability <strong>of</strong> the candidates to know that VAT on fixed assetis to be capitalized.Candidates are advised to study the VAT Act and also practice the computation <strong>of</strong> VAT.INTERMEDIATE EXAMINATION - NOVEMBER 201079
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