Tax Compliance & Advisory Services
The firm will provide advice on tax planning to minimise the organization’s tax burden through a careful arrangement of the company’s activities.
The firm will adopt a robust approach to the tax service which includes taking advantage of the loopholes in the tax law. Our focus is to help clients keep tax issues from becoming tax problems.
Issues to be considered in achieving this objective include the following:
- Providing recommendations for tax strategies that will contribute to achieving business planning objectives.
- Taking advantage of tax concessions and benefit applicable to our clients’ businesses including tax holiday.
- Advising on appropriate accounting year end for our client business.
- Aligning the payment of tax liabilities to coincide with a positive cash flow position based on seasonal trends of our client businesses.
- Analysing the tax consequences of business decisions.
The specific services we shall be providing will include:
- Reviewing the company’s operations from time to time to provide tax advice that is relevant to your business.
- Reviewing the company’s financials to properly manage Company Income Tax and Education Tax.
- Assisting the company in applying for and collecting the company’s Tax Clearance Certificate (TCC).
- Assisting the company in liaising with delegated officials to respond to tax queries that may be raised by the tax authorities from time to time.
- Providing upon request, professional opinion on the tax implication of proposed transactions, to minimize the tax liabilities of the company.
- Advising on the WHT and VAT implications concerning international transactions and dealings with non-resident entities.
- Advising monthly on proper and timely compliance with the VAT Act V1 2004 LFN.
- Advising monthly on the statutory responsibilities of the company concerning withholding tax deductions and remittance.
- Represent the company at Tax audits (State Inland Revenue & Federal Inland Revenue) conducted by the tax authorities and resolve post-audit issues.
- Assisting in rendering monthly withholding tax and VAT returns to the Federal Inland Revenue Service (FIRS) and the Lagos State Internal Revenue Service (LIRS).
The firm’s personal taxation services are geared towards ensuring that employees are subjected to the minimum possible taxation through innovative income distribution schemes. Further, we would handle personal income taxation matters on behalf of employees in the following areas:
- Staff salary structuring and PAYE tax planning.
- Registering the company with the relevant state Tax Office for PAYE remittance
- Obtaining personal income tax forms and remittance cards for employees
- Determining the correct amount of tax payables by each employee and remitting the same to the tax office
- Obtaining tax clearance certificates for employees
- Liaison with relevant state tax authorities and consultants during PAYE and withholding tax audit
- Filing of annual returns
- Filing of Directors' Annual returns and processing tax clearance certificates
- Generally advising on other levies and taxes as they fall due
Following the introduction of the transfer pricing regulation by the Nigerian tax authorities in 2012, it has become imperative for companies to be able to correctly identify their responsibilities in this regard and MEET up with the reporting and filing requirements.
This obligation cuts across both local group companies and Nigeria subsidiaries of multi-national companies.
The firm’s transfer pricing services cover the following:
- Transfer pricing policy development
- Transfer pricing policy implementation support
- Transfer pricing documentation for filing with tax authorities.
- Tax audit support
- Advance pricing agreement processing with tax authorities.
The firm's services under payroll management are aimed at taking the burden of the payroll function off the chest of our clients so they can focus on their core business activities. The service is also geared towards ensuring efficiency in payroll calculations and statutory deductions (PAYE, Pension, NHF) administration in a manner that eliminates the risks of missing deadlines and suffering the attendant legal consequences, while also ensuring the confidentiality of personnel emolument information both within and outside the organisation.
State Internal Revenue Service (“SIRS”) & Federal Inland Revenue Service (“FIRS”) Tax Audit Support Services
Periodically, the State Internal Revenue Service of various States of the Federation and even the Federal Inland Revenue Service (FIRS), will conduct special tax audits on companies to ascertain their level of compliance to all relevant taxes applicable to each of the operating entities. These audits could result in huge tax liabilities for the company as any established tax underpayment would become payable with penalties and accumulated interest.