Our tax practice is made up of functional and industrial specialists. We advise and support clients on a wide range of tax and business issues, including restructuring of transactions for minimum tax advantage. Our core tax services include:
• Personal Income Tax Management
• Corporate Income Tax (CIT) and Education Tax (ET)
• Comprehensive Integrated Tax Check;
• Business/Transactional taxes (VAT and WHT)
• Payroll Management Services
• Tax Audit Support Services
• Tax Advisory and Support Services
• Technology Transfer Advisory Services with National Office for Technology Acquisition and Promotion (NOTAP)
• Certificate of Acceptance for Fixed Assets
• Certificate of Capital Importation (CCI)
• Transfer Pricing
• Pioneer status / Tax exemption
Personal Income Tax Management
Our services under Personal Income Tax Management are geared towards ensuring that the company efficiently meets its statutory obligations as provided in the Personal Income Tax Act. We can assist your company to carry out the following:
• Review the monthly payrolls for all employees and prepare a summarized annual schedule of Pay and Tax Deduction on a State by State basis.
• File the returns with the relevant tax authority.
• Prepare the Employer’s Certificate of Pay and Tax (Form H2) for each employee and deliver them for stamping and authentication by the company.
• Following up on the process at the various tax offices and answering queries on behalf of the company, to ensure successful and timely release of the TCCs/e-TCCs.
Corporate Income Tax (CIT) and Education Tax (ET)
The objectives of our corporate taxation services are to ensure that the tax liability in the audited accounts is correctly stated on a yearly basis and to facilitate the process of obtaining the companies tax clearance.
Comprehensive Integrated Tax Check
We would undertake detailed review of the company’s compliance with the various tax laws for three (3) years preceding the current year. We can assist your company to carry out the following:
Business/Transactional taxes (VAT and WHT)
Our specific services under VAT is to ensure proper and timely compliance with the VAT Act in the following areas:
Value Added Tax (VAT):
The Nigerian withholding tax system makes it obligatory for companies to deduct at source from most business transactions. This could lead to the overpayment of tax by companies. Such excess tax payment is allowed to be used to offset the company’s future tax liabilities or refunded in cash to the company by the tax authority, depending on the preference of the taxpayer.
Our work in this regard would include the following:
Payroll Management Services
Our service under payroll management is aimed at taking the burden of the payroll function off the chest of our clients so that they are able to focus on their core business activity. The service is also geared towards ensuring efficiency in payroll calculations and statutory deductions (tax, pension, NHF, etc) administration in a manner that eliminates the risks of missing deadlines and suffering the attendant legal consequences, while also ensuring the confidentiality of personnel emolument information both within and outside the organization.
We can assist your company to carry out the following:
Tax Audit Support Services
We can assist your company to carry out the following:
Tax Advisory and Support Services
In light of the paradigm shift in the global markets and economy, TBS Professional Services provides financial management advice through their experienced partners, understanding of costing and management accounting systems to strengthen operational and financial structures of our clients.
This includes identifying appropriate operational and financial structures, determining funding requirements, providing cash flow projection, feasibility study, accounting manual, documented financial analysis, preparation of business plans, and facilitating finance for projects.
Technology Transfer Advisory Services with National Office for Technology Acquisition and Promotion (NOTAP)
Every contract or agreement involving the transfer of foreign technology to a Nigerian company must be registered with the NOTAP within sixty (60) days of execution or conclusion of the agreement. An agreement involves transfer of technology if, in the opinion of NOTAP, it is wholly or partially connected with any of the following matters:
Registration with NOTAP is necessary, as non-registration will frustrate transfer of any fees or payment due under the contract to the account of the aliens outside Nigeria. We can assist your company to register your contract or agreement involving the transfer of foreign technology to Nigeria with NOTAP by:
Certificate of Acceptance for Fixed Assets
Under the provisions of the Industrial Inspectorate Act (Cap 180 LFN), a company is required to support fixed assets acquired in any financial year with acceptance certificate issued by the Inspectorate Division of the Federal Ministry of Industries. The tax authorities are empowered to withdraw capital allowances claimed on such fixed assets where there are no acceptance certificates to support them.
We therefore liaise with the Federal Ministry of Industry and assist clients in annual compilation and remittance of relevant returns and obtain fixed assets acceptance certificates on their behalf.
Certificate of Capital Importation (CCI)
Certificate of Capital Importation is aimed at providing customers with statutory evidence of capital inflow/investment into a Nigerian company. It legitimizes and facilitates the repatriation of dividends and capital to the foreign investor.
CCI’s are Central Bank of Nigeria (CBN) certificates issued by banks for importation of cash (foreign currency Inflow) for investment as Equity or Loan, and also for importation of machinery and equipment for investment as Equity or Loan. We can assist your company to secure certificate of capital importation from the Central Bank of Nigeria:
The Nigerian government launch the Income Tax (Transfer Pricing) Regulation No 1 through the Federal Inland Revenue Service (FIRS) with effect from August, 2012.
The regulations cover transactions between connected legal entities both locally and internationally and require related or connected entities to prove that transactions between them are at arm’s length.
In other to help our numerous clients in achieving this compliance requirement by the FIRS, we provide the following Transfer Pricing services:
Pioneer status / Tax exemption
The objective of the pioneer status relief is to grant corporate income tax exemption to companies involved in certain industries:
The incentives granted under the Industrial Development (Income Tax Relief) Act (IDITRA) include:
A service charge of 2% based on projected tax savings is payable to the Nigerian Investment Promotion Commission during application – [Pioneer Status Incentive Regulations 2014].
We can assist your company to secure pioneer status Certificate from the Nigeria Investment Promotion Commission, (NIPC).