Going by Section 20 of CITA, the chargeable profit of a company liable to income tax shall be determined after deducting all expenses of the period. What tests must be applied to expenses before they can be deductible?

4. a) The State Board of Internal Revenue is responsible for the assessment and collection of taxes within a state. Its functions include administering the tax laws, assessing individuals and companies for various taxes (e.g., personal income tax, business premises tax), collecting these taxes, and enforcing compliance. 4. b) The membership of a Local Government Revenue Committee typically includes: • The Chairman of the Local Government Council (as Chairman of the Committee). • The Supervisory Councillor for Finance. • The Head of the Finance Department of the Local Government. • Representatives from relevant departments or agencies involved in revenue generation. • Other members as may be appointed by the Local Government Council. Send me the next one 📸