Tax

Tax

Personal Income Tax

In connection with the PAYE tax services mentioned above, our work will encompass the following:

  1. compile from the information supplied in respect of each employee, the monthly payroll showing the basic salary, the allowances, the gross pay, the tax due, the statutory deductions, and the net amount payable;
  2. collection of Income Tax Forms (Form A) from the tax office on behalf of your employees;
  3. assist in the completion of Income Tax Forms (Form A) and e-TCC forms;
  4. agreeing on an annual basis, each employee’s free pay allowances with the State Board of Internal Revenue;
  5. compiling the returns of PAYE taxes payable to the State’s Board of Internal Revenue;
  6. prepare end of year returns to the State Board of Internal Revenue; and
  7. obtain, as and when required, tax clearance certificate for each employee.

Strategic Planning

Strategic Tax planning service involves the structuring of business activities in such a way to minimize the overall corporate tax burden. It also involves the provision of advice on how best to handle a particular business decision in the most tax-efficient way. On request, we shall provide general tax planning services to the company with the aim of minimizing its tax exposure and ensuring that full advantage is taken of all appropriate and relevant incentives and capital allowances claims. If agreed, we shall hold tax planning meetings with your management well before the financial year begins in order to discuss and agree on specific tax planning measures that may be of advantage to the company for that tax year.

Tax Health Check

This assignment is directed at conducting an independent review of the tax issue. The exercise focuses on the extent and level of compliance with respect to Companies’ Income Tax, Value Added Tax, Withholding Tax, as well as Employee Statutory Deductions like Pay As You Earn (PAYE) tax.

Tax Audit Support

The scope of tax audit support normally includes:
i provision of support during the audit exercise
ii review the tax audit findings
iii liaise with the relevant tax authority
iv obtain final clearance

Corporate Tax Compliance Services

The corporate tax compliance service relates to the annual recurrent tax computation and filing of tax returns with the Revenue. The scope of this service includes:
i computation of tax liability for inclusion in the audited accounts
ii preparation of annual tax returns
iii final returns
iv assessments
v liaison with the Federal Inland Revenue Service
vi processing withholding
vii tax credit notes
viii responding to tax queries arising from desk examinations of submitted returns
ix obtaining annual tax clearance certificate

Procurement of Acceptance Certificate

Acceptance Certificate is a document that the FIRS relies on in allowing capital allowances on individual assets costing N500,000 and above. Under the provisions of the Industrial Inspectorate Act (Cap 180 LFN), a company is required to support fixed assets acquired by it with fixed assets acceptance certificate issued by the Inspectorate Division of the Federal Ministry of Industries. The tax authorities are empowered to withdraw capital allowances claimed on such fixed assets where there are no certificates of acceptance to support them.

Tax Registration

This assignment is directed at registering the company with the Relevant Tax Authorities in line with the requirement of the Nigerian Tax Laws. The company will be registered with the nearest Area Office of the Federal Inland Revenue Service (FIRS) for the purpose of: The scope of tax audit support normally includes:
i Monthly Valued Added Tax returns
ii Annual Corporate Income Tax returns

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