Tax planning and management
Managing company’s tax strategy and statutory obligations in the face of today’s complex puzzle of rules and regulations can drain company’s time, money and resources. With dwindling sources of revenue for government across the globe, there is more focus on tax revenue and enforcement of tax laws. Tax compliance has now become more important and tax is as sure as death. Tax is a preferential debt even in a case of bankruptcy and this takes precedence before any payment of secured and unsecured creditors.
Tax strategies that harness the potential of change and align with the needs of business are crucial to sustainable growth. We partner with our clients in the areas of planning, accounting, controls, compliance, reporting and negotiating with tax authorities in order to mitigate reputational risks and enhance productivity.
Our tax professionals help our clients to ensure compliance with domestic and international tax laws. We also keep clients current on the latest changes that will impact the business’ tax strategy. We take a holistic view of tax, combining industries insight with the technical skills of our financial and tax professionals, both in-house and consultant experts, to develop comprehensive integrated solutions.
Our tax planning and management services include:
Ø Strategic Tax Planning
We assist our clients in building a strategic tax plan that fits into the overall corporate plan and enterprise risk framework by aligning organisation’s goals and planned business volumes with the tax implications and ensuring strategic, tactical and transactional business solutions that minimise tax impacts.
Ø Corporate Tax Filing
We assist our clients in preparing and filing their tax returns in a timely manner, avoiding unnecessary penalties and optimising tax savings. Late filing is now a major issue from the Revenue point of view and a compounded interest is charged on unpaid tax liabilities and penalties. We assist you to avoid this problem by prompting for early filing
Ø Handling of Statutory Payments
We assist our clients in the process of obtaining, registering, analysing, computing on a monthly basis and filing of tax returns. We assist in handling payments and maintaining records of the relevant files for Income Tax, Educational Tax, Pay-As-You-Earn (PAYE), Value Added Tax (VAT), Withholding Tax (WHT) management and IT Tax.
Ø Acceptance Certificate on Fixed Assets Additions
We assist our clients in obtaining acceptance certificates on fixed assets additions from the Ministry of Industries. This is a requirement for the Federal Inland Revenue Service (FIRS) to grant capital allowance on assets with values above N500,000. Companies cannot afford to have their capital allowances disallowed because of the tax implications. We will process this certificate for you within a very short period.
Ø Withholding Tax (WHT) Management
We assist our clients in managing transaction taxes especially withholding taxes. We help in structuring transactions to optimise the applicable taxes. We follow up to obtain the related tax credits and refunds. It is important to note that withholding tax is an advance tax and companies need to obtain WHT receipts to offset their income tax liability. We also assist in managing the company’s tax position records with the Revenue.
Ø Value Added Tax (VAT) Services
We assist our clients in filing their VAT returns and provide advice on implication of VAT on proposed transactions. We assist in claiming the relevant input VAT and VAT refunds where applicable. We also offer VAT accounting solutions.
Ø Comprehensive Tax Health Check
We assist our clients to undertake self reviews of their tax compliance, either pre-statutory audit or pre-revenue authority audit. We ensure that there are no surprises before major events such as back duty audits, acquisition or merger.
Ø Payroll and Employee Tax Management
We assist management in handling their payroll function for both local and expatriate employees, designing flexible and tax efficient payroll system and devising expatriates tax solutions.
Ø Tax Report Services
We prove tax compliance reporting, tax process improvement solutions and quantitative data analysis. We also provide update on tax implications of policy changes.