Tax Audit??? No need to worry.

The Federal Inland Revenue Service (FIRS) has introduced measures to improve the tax audit experience for all taxpayers in the country.The New measure have reduced the tax audit cycle to 63 days from 90 days and cut out multiple tax audits by various tax authorities through an MoU signed with the Joint Tax Board (JTB)

So, when you operate in more than one tax jurisdiction, at your request, you would go through ONE single tax audit; your business records and financial affairs need not go through ANOTHER audit process.

All you need to do is apply for a joint audit through the JTB or the Office of the Executive Chairman, Federal Inland Revenue Service, or the Office of the Chairman, State Internal Revenue Service where your head office is domiciled.

A tax audit is an inspection of a taxpayer’s business records and financial affairs to ensure that taxes reported and paid appropriate and in accordance with tax laws and regulations.

 

Source: FIRS