The tax system in the country is complex to the undiscerning taxpayer. Quite often there is double taxation on the public by the sheer fact that different arms of the government (i.e. Local, State and Federal) have their own taxes. The prominent taxes in the country include:
- CompanyIncome Tax
- EducationTax
- ValueAdded Tax
- PersonalIncome Tax (especially Pay-As-You-Earn Tax)
- CapitalGains Tax
Our Firm assists clients in tax planning, tax computation and rendering of Tax returns to appropriate government agencies. We generally assist clients to fulfill their regulatory compliance requirements in the areas of taxation, pension, provident fund, training fund, technology fund, Certificate of acceptance of Fixed Assets (CAFA) and help to resolve any tax queries that may be raised on our clients by Tax Authorities.
TaxEfficient Compensation Packaging
We also undertake the preparation of a Tax Efficient Compensation Package. The package would guide the organization in designing the staff payroll structure that would minimize the staff tax liability and protect the organization from the harassment of Tax Inspectors at the time of Personal Income Tax Audit. The package will involve analyzing the income of every staff and advising on the tax implication of the proposed salary structure.
We emphasize on the Tax Efficient Compensation package because we should be able to synchronize the organization’s level of compliance with respect to Personal Income Tax provisions so as to avoid high levels of liabilities including penalties and interest after tax audits.
Under the Tax Efficient Compensation Package, we would restructure the payroll as to make it tax efficient within the provisions of the tax laws.
ValueAdded Tax Services (VAT)
Our services in this area include:
- Advising theCompany on all matters relating to VAT as may affect any aspect of its operation.
- Advising the Company on the preparation of relevant documents for the monthly VAT returns.
- Attending meeting with officials of FIRS on behalf of the Company on VAT matters.
- Representing companies on VAT monitoring exercise and audits by VAT
Withholding Tax Services
Our services in this area include:
- Advising the organization on all incomes that are subject to Withholding Tax,
- Representingcompanies on Withholding Tax Audit conducted by relevant tax authorities,
Advising the organization on legal matters relating to Withholding Tax.