Tax services in Nigeria

TAX SERVICES IN NIGERIA

The government in Nigeria has made tax compliance more rigid and rigorous with those failing to meet up to the standards set by the government facing various fines and penalties. Before any business in Nigeria is liable for tax payment, it must get all the necessary documents and ensure that the business owner registers and obtains the Tax Identification Number (TIN) from the State Board Internal Revenue in order to make the necessary payments of taxes such as the Personal Income Tax (PIT), Capital Gains Tax (CGT), Withholding Tax (WHT) and also the Value Added Tax (VAT). Various business are now seeking for experts and professionals that will support them in various tax services as well as remittance of tax at the right time.

WHO WE ARE

Business Cardinal is a member of Matog Consulting Group with over 12 years of experience dealing with providing various tax services to our clients.  We assist individuals or sole proprietors, corporations, partnerships and any size of business with various tax such as the Personal Income Tax (PIT), Capital Gains Tax (CGT), Withholding Tax (WHT), Transfer pricing, Education tax, Stamp duties act, Expatriate tax and Petroleum Profit Tax (PPT). We have a team of tax professionals, chartered accountants and experts that are ready to meet your tax needs.

IMPORTANCE OF TAX SERVICES TO YOUR BUSINESS

The following reasons are the importance of outsourcing your tax challenges and preparation:

  • It saves cost

Outsourcing your tax services to professionals and experts will help you in realizing cost savings which will in turn boost the profit margin of your business. The outsourcing team will prepare individual, corporate, partnership tax returns

  • It aids in cutting costs and increase revenue

Taxation services will also help reduce the money that is spent in an organization by trimming down the monthly expenses of the organization in order to increase the profit margins of the company

  • Growth of the business

Outsourcing your tax needs will enable you to focus on other aspects of your business that will lead to its growth and development

  • Reduced staff costs

Outsourcing your business tax needs will also reduce the staff costs of your business and will save you the time of going through the hassle of hiring staffs

  • Zero tension regarding tax laws

Tax services will ensure that you are not bothered while the experts and professional deals with the dynamic and changing tax laws and regulations.

THE TAX SERVICES WE OFFER

At Business Cardinal, our teams have a variety of skills including technical knowledge and experience, regulatory and standard setting experience, understanding of complex tax transactions. We provide the following tax services:

  • Expatriate tax services

We provide our client company with expatriate tax services. An expatriate is an individual living in a country other than his or her own native country or country of citizenship, most reasons are related to work or education. Expatriate employed in Nigeria are also liable to payment of various taxes such as the Personal Income Tax (PIT).  We will ensure that we properly plan and file tax returns. The taxation of such expatriates in Nigeria falls under the Nigerian Personal Income tax act (PITA. Expatriates in Nigeria are bound to all provisions of law guiding tax payments especially that of income tax payment.

  • Personal income tax services

The Personal Income Tax Act (PITA) as amended in 2011 divided individuals into two groups which are the employees (PAYE) and the self-employed. We help our clients to meet the requirement of Personal Income Tax Act 2011 as amended regarding the following

  • Proper filing of returns for the Personal Income Tax (PIT)
  • Acquiring tax clearance certificates
  • Acquiring a Tax Identification Number (TIN) for our clients
  • Completing various forms on behalf of our clients

Our firm can also help you develop a payroll system and prepare all necessary payroll tax returns in a timely manner.

  • Company income tax services

Presently in Nigeria, every limited liability company is meant to file their returns to the Federal Inland Revenue Service (FIRS).  New companies returns should be filed within eighteen (18) months of incorporation on or six (6) months after accounting year end which ever come first. For old and existing companies, the returns should be filed within six (6) months after the accounting
year end.

  • Education tax services

The returns for Education Tax are must be filled with Companies Income Tax or Petroleum Profit Tax as the case may be, in a form prescribed from time to time by FIRS. Education Tax is paid for separately. We can assist your company in the compilation of information and preparation of education tax in an efficient and timely manner.

  • Value Added Tax (VAT) services

The present charged VAT on Vatable goods and services is 7.5%. VAT is meant to be charged monthly. At Business Cardinal, we will ensure that your VAT returns to the relevant tax authority by filing at the appropriate due date which is on or before the 21st day of the month. We will aid in filling the appropriate VAT Forms by providing the necessary details such as the disclosure of the value of output tax charged on its invoices, total output tax, total input tax, VAT payable, total value of purchases on which input tax was paid, evidence of payment of the VAT and other relevant documents

  • Transfer Pricing returns compliance services

Transfer pricing can be used in some cases as a profit allocation method to distribute multinationals net profit or loss to other countries where it does business. We aid various organizations in ensuring transfer pricing declaration form and transfer pricing disclosure form with other documentations such as an audited financial statement, completed Self-Assessment Form and tax computation schedules

  • Capital Gains Tax (CGT) returns

The duty to file CGT returns arises when there is a capital gain from the disposal of a chargeable asset. CGT returns are filed along with the various tax returns for individuals and companies. Capital Gains Tax is paid separately at the rate of 10%. We will aid the business, individuals, and other corporations to file their capital gains tax returns when they dispose chargeable asset at 10% on the gains or profit.

  • Preparing tax returns, payments, necessary paperwork, and reports.

We aid our clients by proper filing of various taxes such as VAT, PIT, WHT and other relevant taxes in order to ensure that your business is not penalized. Depending on the type of tax payment, we also help get the different documentations come along with them such as the VAT 002 form and other necessary form

  • Assessing and researching difficult tax issues to identify solutions.

We ensure that we provide tax solutions to the tax challenges that you are facing in your business, our team of tax accountants and experts will ensure that your company’s tax needs are met and fulfilled

  • Managing and maintaining the company’s tax database

We will also aid your business by keeping proper records of your company’s tax database. This might be needed at any point of time and it could also be used to notice the trend and pattern of tax payment in your business organization

  • Determining tax savings and recommending strategies to improve profits.

We help devise means help will bring about tax savings to your organization and also recommend and implement various strategies that will bring profit

  • Ensuring that you comply with regulations by forwarding required information to federal, state, and local authorities.

At Business Cardinal, we ensure that your organization comply with the relevant tax laws guiding your type of business or the geographical location of your business. We also administer preparation of all federal, state and local income tax returns.

  • Offering support and guidance during audits.

We offer supports and guidance in the case of both internal and external audit of the organization

  • Evaluating tax regulations and suggest policies that diminish tax burden

We evaluate the tax regulations in Nigeria and suggest various policies that will reduce the tax burden on your business

  • Keeping track of industry trends and changes related to taxes

Tax is an ever dynamic and changing issue. We ensure that we keep track of industry trends on payment of taxes that are related to your organization

  • Preparing accurate quarterly and annual tax reports

We ensure that we accurately prepare reports regarding all tax related payments quarterly and annually in your organization

  • Tax return preparation

We help our clients in meeting their tax needs by gathering the relevant documents that will be used remitting tax returns. We develop a strategy around the client’s financial situation to minimize income tax.

Some business owners attempt to do their tax needs all by themselves because they don’t want to bore additional expenses. But you need to see outsourcing tax services as a part of company’s growth and development. At Business Cardinal, our broad experience dealing with businesses of all kinds, sectors and industries would provide the solution to what you are lacking. Contact us for your tax services on 08023200801, 08075765799, Email:info@businesscardinal.com