Value Proposition
We believe every going concern has its own uniqueness and hence deserve a tax strategy unique to its present growth stage or industry. At Taxaide®, we develop strategic plans, including a tax plan that is broad-based and prioritized yet flexible enough to accommodate the complex nature of the Nigerian tax regime. Our tax professionals can help your tax function become less laborious and time consuming.
WHAT WE OFFER
The effectiveness of a high-performance tax function relies on access to and use of information and technology. Taxaide® is well equipped to provide a wide range of tax management services with and without the integral use of its technologies.
For tax and related advisory (other than management) services and shall include general advisory services on issues bordering on:
- Transactional taxes including, Capital Gains Tax (CGT), Stamp Duties, Value Added Tax (VAT), Sales Tax, Withholding Tax (WHT), Consumption Tax, Customs Duties, Excise, Nigerian Content Development (NCD) Levy, Cabotage Levy, et.al.;
- Income taxes including Companies Income Tax (CIT), Personal Income Tax (PIT), Tertiary Education Tax (TET), WHT, National Information Technology Development (NITDA) Levy, et.al.;
- Employment taxes including Pay as you earn (PAYE), Employee/Employer/Voluntary Pension Contributions, National Housing Fund (NHF) Contributions, Employee Compensation Scheme (ECS) Contributions, Industrial Training Fund (ITF) Contribution/Refund, State Development Levy et.al.;
- Others including Business Premises Registration/Renewal Fees, Property Tax (Land Use Charge/Tenements) Local Government Taxes/Levies, et.al.; and
- Tax/fiscal incentives in any of the areas mentioned above.
The Annual Retainer also covers attending scheduled meetings at yours or our offices but excludes meetings at any tax/regulator/government office (see Tax Office Meetings at 13).
- Preparing Income Tax Computations and Returns documents, including:
- Tertiary Education Tax.
- Capital and Investment Allowances.
- Deferred Tax computation and analysis.
- Assembling Transfer Pricing (TP); Documentations; Preparing of TP Returns documents and filing of TP Returns.
- Filing of CIT Returns and or remittance of applicable taxes.
- Facilitating the process of obtaining CIT Clearance Certificate and other relevant certifications.
- Facilitating SONCAP accreditation process.
- Assembling relevant documentation for the import or export process.
- Facilitating inspection of goods by the Nigeria Customs Service.
- Payment of applicable import or export duties and obtaining the relevant receipts of payment.
- Processing application for exemption from import or export duties.
- Registration with the Nigeria Export Promotion Council (NEPC)
- General and specific advisory on fiscal incentives available in Free Trade Zones (FTZs).
- Filing of relevant tax/fiscal returns with the Nigerian Export Processing Zones Authority (NEPZA).
- Management of the process for obtaining/enforcing incentives through NEPZA, the Zone Manager or any other regulator.
- Obtaining all relevant incentives certification/approval.
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Special Annual Retained Services for Micro Businesses (businesses with ≤₦5million Annual Turnover). Listed services are as stated in the details column of Pricing Module.
- Annual Tax Advisory Service;
- Tax Regularization Service;
- CIT Management;
- VAT Management;
- Withholding Tax Payables Management; and
- Personal Income Tax Management.
- Preparing the PAYE Returns documentations, including the computation of and advising on any outstanding tax obligation to the RTA.
- Remitting any outstanding tax obligation to the RTA.
- Filing the PAYE Returns.
- Attending to any queries raised by the RTA in respect of the PAYE Returns.
- Applying for and obtaining the TCC, where employees are so eligible.
- Annual and monthly payroll computations.
- Remittance of monthly net salaries and any applicable year end net bonuses to employees together with the provision to employees of the corresponding salary payment notifications showing all deductions made.
- Facilitation and remittance of statutory deductions and other employment tax obligations required for the fulfillment of the employer’s tax obligations and liability: Income Tax (Pay as You Earn or PAYE), Contributory (employer and employee) Pensions, Employee Compensation Levy, Industrial Training Fund Levy, National Housing Fund Contributions, National Health Insurance Scheme Contributions, Development Levy and other applicable tax obligations or liabilities.
- Filing of all relevant Statutory Returns in respect of (iii).
- Keeping and providing correct and complete records in respect of payroll management.
- Facilitating the collection of electronic Tax Clearance Certificates for Employees and Directors.
- Facilitating the process of filing the annual PIT Returns, including the computation of and advising on possible PIT exposure.
- Obtaining the Notice of Assessment or related letter (“NoA”) issued by the RTA following the filing of PIT Returns.
- Undertaking all correspondence relating to the objection to any disputed NoA.
- Remittance of PIT due arising from the NoA or a negotiated assessment.
- Applying for and obtaining PIT Clearance Certificates, whether electronic or otherwise.
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- Facilitating the process of filing estimated PPT returns including any subsequent revision of PPT estimates.
- Remittance of PPT due arising from PPT estimates filed.
- Preparing annual PPT computations and Returns documents, including:
- computation of the actual profit and tax payable for the Period;
- statement of all amounts repaid, refunded, waived or released;
- all qualifying petroleum expenditure incurred;
- computation of capital allowance;
- Assembling Transfer Pricing (TP) Documentations; preparing of TP;
- Returns documents and filing of TP Returns;
- Filing of PPT Returns and or remittance of applicable taxes; and
- Facilitating the process of obtaining of PPT Clearance Certificate and other relevant certifications.
Special Annual Retained Services for Small and Medium Scale Enterprises (businesses with ≤₦10million Annual Turnover). Listed services are as stated in the details column of Pricing Module.
- Annual Tax Advisory Services;
- CIT Management;
- PAYE Returns Management;
- VAT Management; and
- Withholding Tax Payables Management.
- Undertaking preliminary review and generating confidential audit reports for management.
- Sorting out audit documents and facilitating the audit process including the field audit exercise.
- Sorting out all issues that arise from the tax audit including attending tax audit review meetings.
- Undertaking preliminary review and sorting of the Investigation documents.
- Facilitating the Investigation process including attending meetings and investigation sessions.
Attending tax audit review meetings or other meetings at any tax or other office for tax issues that we are not responsible for managing.
- Undertaking preliminary review and sorting of the Audit documents for the Audit.
- Facilitating the Investigation process including attending meetings and Investigation sessions.
We have a well- structured Annual retainer program, which provides tax and related advisory services on:
- General tax planning.
- Transactional taxes – Capital Gains Tax (CGT), Stamp Duties, VAT, Sales Tax.
- Income taxes – Company Income Taxes (CIT), Personal Income Taxes (PIT), Withholding Tax (WHT), Tertiary Education Trust Fund (TETFund), National Information Technology Development Levy (NITDL).
- Transfer Pricing advisory.
- Employment tax administration – PAYE.
- Other employer fiscal obligations – Industrial Training Fund (ITF), Pension, National Housing Fund (NHF) and Employer Compensation Fund (ECF).
- Advisory and Preparation on the necessary TP documentations which shall include internal TP policies, meeting with the FIRS for Advanced Pricing Arrangements (APA) negotiations.
- Preparation, assembling and filing of relevant TP Returns, which shall include:
- TP Declaration form;
- TP Disclosure form;
- Due diligence analysis of related-party transactions (RPTs) for the Period including mapping the RPTs to the relevant audited financial statements (AFS)
- General risk assessment report on likely TP adjustments for the Period; and
- Liaison with the TP department of the FIRS with regards to documents filed above.
- Management of any TP Audits and Investigations.
- Representation at the FIRS with regards to TP issues which shall include attendance at any TP Presentations or meetings.
- Monthly VAT (Value Added Tax) computations, remittances and filing of applicable VAT Returns.
- Facilitating the processes for the due recognition and us of all applicable Input Tax to offset Output Tax (VAT Refund Management).
- Keeping and providing correct and complete records in respect of VAT management, including obtaining all VAT receipt.
- Filling and filing of the relevant forms in compliance with the disclosure processes required by the Swiss Authorities.
- Obtain Eligibility certificate from the VOAR Facility in Switzerland (VOARFS).
- Computation and Remittance of the one-time 35% levy of offshore assets.
- Management of correspondence with the VOARFS.
- Subsequent update of tax records at the Nigerian RTA.
- Objections to Notices of Assessment on future taxes payable on income earned on offshore assets annually.
- Monthly WHT computation, remittances and providing Payees with WHT receipts.
- Ensure delivery of Credit Notes from RTA to relevant counter-parties.
- Keeping (onsite or offsite) and providing correct and complete records in respect of WHT management, including answerable to the FIRS for applicable WHT (payables) Audit.
Verification and computation of total WHT deducted at source and management of process (including managing Vendors) for obtaining WHT receipts and Credit Notes.
- Undertaking preliminary review and sorting of the Audit documents for the Audit.
- Preparing the Audit room and documents.
- Facilitating the Audit process (excluding meetings at tax offices) and directly responsible for all communications with the RTA.
- Meetings at Tax Offices.
- Attending Tax Audit Review Meetings or other Meetings at any tax office.
