TAXATION OF PARTNERSHIP

1.0 INTRODUCTION A partnership is a business organisation where two or more persons pool their resources together with a view to making profit. The business is usually conducted in accordance with certain terms and conditions as agreed to by all the partners. However, where no fixed terms are agreed upon for the period of partnership,…

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CAPITAL ALLOWANCES

1.0 INTRODUCTION For an item of expenditure to be treated as an allowable deduction, it must be in form of revenue, rather than being in form of capital. However, relief from taxation may be given in respect of capital expenditure by means of the system of capital allowances; the appropriate allowance being set off against…

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LOSS RELIEF

1.0 INTRODUCTION As you are going to see in this unit, tax is based on profits which accrue to businesses; but where losses occur instead, the assessment of tax interest of the business or organisation is nil. Hence, a business that makes a loss from its operations is to relieve such a loss by carrying…

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