Monday, September 26, 2016 8:50 PM / parlanceac.com
In the face of dwindling crude oil prices and the foreign exchange reserves, the federal government have redirected its focus from an oil-based economy to other non-oil revenue sources – tax - receiving major emphasis.
To enable Nigeria fund the 2016 budget, the National assembly is making efforts to increase the current VAT rate as well as enforce compliance. The federal and state governments have also charged their tax agencies (i.e. the FIRS, LIRS etc.) to increase their drive to bring all companies within their tax nets and ensure full compliance.
Now more than ever, the government is on a hunt for tax defaulters, so it is of the essence that companies engage tax advisors in order to comply with the applicable tax regulations.
Furthermore, in a bid to grow revenue and stay afloat, in the current economic tide, and with the 2016 budget implementation centred on capital projects, the tax clearance certificate (TCC) obtained from being a good tax payer, as well as, compliance with other statutory requirements afford companies the opportunity to prospect for contracts from government parastatals & agencies, multinationals and other blue chip companies.
Besides, engaging tax consultants would help with tax planning to position your company to take advantage of all minimum tax benefits in line with relevant tax laws. This translates to cash savings and effective cash flow management.
Your tax consultants will also ensure the proper utilisation of tax credit notes, which improves your cash flow, tremendously. In addition, prompt and regular filing of returns will ensure all leaks resulting from penalty payments (due to defaults) are eliminated.
Finding the right firm for you may be a challenge, that is why we are willing to help you narrow down your search.
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