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Nairaland Forum / Nairaland / General / Business / How Best To Mitigate Tax Liabilities (1038 Views)
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How Best To Mitigate Tax Liabilities by Positiveminds(m): 1:41pm On Jul 29, 2015 |
The current stance of the Federal Government is to increase its non- oil revenues. One good way to achieve this to enhance its tax administration machineries. In the days to come, Nigerians shall see the Federal Inland Revenue Service enforcing on tax collections, and this would inevitably lead some people to jail terms . It is important, therefore, to understand the dynamics of taxation in Nigeria, with a view to mitigating possible future tax liabilities. This is particularly important to owners of businesses. To reduce tax liabilities, the following should be done. 1. Engage the services of qualified Tax Consultant. 2. Ensure that your books of accounts are properly kept. Create cashbooks, payment vouchers. 3. Do not throw away those receipts of assets purchased. Keep them properly. 4. Reconcile your bank statements to cashbooks. 5.Separate your personal expenses from those of the business, and as much as possible, do not pay your personal money into the company's bank accounts. 6. File your tax returns within due dates. 7. Avoid rushing to FIRS alone. You will get into trouble, if your Tax Consultant is not there. Seek for help when you are in shit already! |
Re: How Best To Mitigate Tax Liabilities by Kossyne(m): 1:42pm On Jul 29, 2015 |
9c one. 1 Like |
Re: How Best To Mitigate Tax Liabilities by laudate: 12:01pm On Aug 13, 2015 |
The government is not really thinking out of the box in its' bid to enhance tax collection and administration. For example, why can't the govt issue an entrepreneur with a TIN number at the point where he registers his business with the Corporate Affairs Commission (CAC)? Once you get your RC No, you should be able to get your TIN No the same day. It boasts of having over 3,000 workers nationwide. How has it deployed them? Tax officials like to harrass and initimidate people left, right and centre with wrongly computed tax figures or assessments. A neighbour of mine with a small provisions shop on our street was recently asked to pay over =N=800,000 naira as annual corporate tax, simply because the business name she used was a limited liability company. This is a woman whose profit is barely up to 37,000 naira in a month. Out of her earnings, she pays the wages of one salesgirl, pays local govt signboard tax, pays council levies, pays for petrol to power her genset etc. Most of the time her shop is closed, whenever she has to go outside town to see her children in boarding school. All attempts to make the tax officials see reason fell on deaf ears. They sealed the shop oh! Only God knows how they arrived at that tax assessment figure! 1 Like |
Re: How Best To Mitigate Tax Liabilities by laudate: 12:28pm On Aug 13, 2015 |
Please read this article on taxation in Nigeria
1 Like |
Re: How Best To Mitigate Tax Liabilities by Positiveminds(m): 12:03am On Jan 17, 2016 |
Cases like that of the woman in question should be reported to the corporate office of FIRS. Those tax officers are thieves. The reason they succeed is because some taxpayers do not involve tax consultants in their affairs. I like to handle cases like this, as I would put such tax officers into trouble and watch them pay for their sins! |
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