Npower Tax (N-power #VAIDS) Likely Questions and Answers

Did you apply for Npower VAIDS, also known as Npower Tax in the ongoing  2017 Online Recruitment?

Here are he tax-related questions you might see on July 1, 2017 when you'll be writing the Online Assessment Test. 

Since Npower Tax is the newest programme added to the existing ones, it might be tasking to come up with the exact questions, unlike other programmes.

However, N-Tax questions might take the form of last year's questions, whereby a Yoruba graduates could effectively answer Npower Health questions. 

Don't also forget that the questions might also contain some personal questions about you.

It's like that last year for the first batch online assessment test.

This compilation was done by  the Editor of NpowerNG Solutions. 

N-VAIDS or N-Tax Likely Questions and Answers 

1) What is the full meaning of FIRS

Federal Inland Revenue Service.

It's one of the government's agencies, which is directly under the Federal Ministry of Finance. 

FIRS collects tax accrue to the Federal Government of Nigeria. 

2) What is Tax Return?

A tax returns is a report prepared by a Taxpayer which contains accurate information on his/her Tax affairs for a given period aimed at complying with Tax laws. 

3) What is filling of Returns?

Filling the Tax returns is beyond just filling, but "the submission of Tax returns by a taxpayer to the relevant authority in a way that follows the established Tax laws. 

4) What are the Types of Tax Returns filed with FIRS? 

5) What is VAIDS?

VAIDS means Voluntary Assets and Income Declaration Scheme

6) When is VAIDS launch date?

Voluntary Assets and Income Declaration Scheme (VAIDS) will be launching on July 1, 2017.

VAIDS launch date coincides with Npower Tax Online Assessment Test 

7) When did VAIDS become law?

VAIDS became law on June 29,2017 by the EXECUTIVE ORDER signed into law by the Acting President Yemi Osinbajo.

8) What's the number of economically-active Nigerian? 

Only 69.9million is economically active. 

9) When did #TaxThursday become effective?

TaxThursday took effect from June 29, 2017.

Every Thursday of every week beginning from June 29, 2017 is known as TaxThursday. 

Check the VAIDS PHOTO below for 10 Facts about FG's VAIDS 

10) How many types of Tax Returns are filed with FIRS? 

10, according to manual FIRS FILING TAX RETURNS (2014)

They're :

a) Companies Income Tax Returns 

b) PIT: Personal Income Tax returns

c) PPT: Petroleum Profit Tax Returns 

d) Transfer Pricing Returns 

e) VAT: Value Added Tax Returns 

f) WHT:  Witholding Tax Returns 

g) EDT: Education Tax Returns 

h) CGT: Capital Gains Tax Returns

I) NITDL  : National Information Technology Development Levy 

J) Companies operating in the Capital Market  

11) What does TIN mean?

It means Taxpayer Identification Number 

We're updating........STAY TUNED!

Sources:

1) FIRS Manual for Filing Tax Returns 

2) vaids.gov.ng