TAX: PROPOSED RANGE OF TAX SERVICES
Company Income Tax Services
Where applicable, we will help clients take advantage of the appropriate tax incentive schemes that apply to the business in line with the Companies Income Tax Act. We provide day to day taxation and tax compliance services such as filing of client’s tax returns with the relevant tax authorities, computing client’s tax liabilities, ensuring resolution of double taxation issues, advising / representing clients in the event of tax investigations and negotiating settlements with the Inland Revenue Service for tax offences.
We are experienced and prepared to:
- Render of tax advisory services to companies on tax planning through a careful review of the company’s operational activities and installation of tax efficient procedures.
- Render returns to the Federal Inland Revenue Service on behalf of clients.
- Obtain notices of assessment from Federal Inland Revenue.
- File objections where necessary, agreeing of accounts with the Federal Inland Revenue and arranging for payment of agreed liabilities.
- Handle all correspondence/queries and obtain Tax Clearance Certificate from the Federal Inland Revenue Service on behalf of clients.
Value Added Tax Services/ Withholding Tax Services.
We are experienced and prepared to:
- Register companies for Value Added Tax purpose.
- Render monthly VAT returns and withholding tax returns on behalf of our clients.
Personal Income Tax Services.
In view of the emergence of a strict regime in the implementation of the provisions of Personal Income Tax Amendment Act 2011, our firm has positioned itself to render an efficient and effective service to our clients in the areas of Pay-As-You-Earn (PAYE), Withholding Taxes (WHT) and other Government levies.
Specific services in this area include:
- Pre-Tax Audit Inspection – We establish the tax liability of our clients prior to the arrival of the Board of Internal Revenue Staff for similar exercise. This is done with a view to advising our client on how such ascertained liability could be managed.
- Post-Tax Audit Review Exercise – This is carried out after the Tax Audit team of the Board of Internal Revenue must have concluded their audit and issued statutory report to reflect the status of the company as regards tax liability. This will be done to ascertain the reasonability and correctness of the liability so established and where necessary contest the contents of the report with a view of resolving any area of disagreement.
- During Tax Audit Exercise – Our representatives will be present to guide the company in attending to the needs of Tax Audit teams of the Board of Internal Revenue and any audit query raised by Tax Audit team.
- Installation of a Tax Efficient Salary Structure – We will advise on various salary structures that can be adopted by our clients in order to take maximum advantage of the provisions of the law without violating it.
- Filing of Income declaration form and processing it with the Board of Internal Revenue.
- Guidance on monthly remittances of Pay-As-You Earn and Withholding Taxes.
- Obtaining Personal Income Tax Clearance Certificate for employees from the Inland Revenue service.
- Guidance on rendering of year end Returns to the Board of Internal Revenue as required by law to avoid fines and penalties.
Certificate of Acceptance of Fixed Assets
The official procedure for the processing of this certificate of acceptance requires the services of an experienced tax consultant, who would package the submission in accordance with the requirement and provisions of the IIA Cap 18, LFN 2007.
All companies involved in any capital undertaking of N500, 000.00 or more are required by the Industrial Inspectorate Division (IID) of the Federal Ministry of Industry, Trade and Investment to file notification and appropriate information to it.
The department after making satisfactory verification will issue a ‘Certificate of Acceptance of Fixed Asset’ certifying the value of the capital expenditure. This would be useful for the purposes of claiming capital allowance from the Federal Inland Revenue Service.
Benefits accruable clients
The advantages of Olayinka Oyebola & Co Tax Consultancy services are as enumerated below:
- Effective and Efficient Tax Planning and Management. Our focus is to help clients keep tax issues from becoming tax problems.
- Relief from undue interruption of normal business schedule and embarrassment from Tax Authorities or its appointed agents.
- Compliance with the tax laws to the client’s best advantage. Our tax planning service is forward-looking in that we look into the future to see legal ways of minimizing a client’s future tax liabilities.
- Filling of Tax returns on behalf of clients.
- Ensuring that double taxation is eliminated on passive incomes such as dividend, interest, and rent, royalties from investment activities other than trade or business; particularly for non-resident companies.
- Exploration of alternative accounting methods for stock, depreciation, etc with the aim of managing tax liabilities.