Tax Consulting Firms in Lagos Nigeria
Tax Consulting Firms in Lagos Nigeria help their customers with solving problems relating to withholding tax credits that are held by the Federal Inland Revenue Service. In Nigeria, companies are obligated by law to make withholding tax deductions on payments made on contracts of supply or sale of goods. Withholding tax, there is a form of advance tax pay by the party who has rendered a service or supplied goods to another under contract. The company that have deducted withholding tax at source from its vendors are of necessity required to remit such deductions to the Federal Inland Revenue Service. In doing so, it must state the name of the company whose moneys have been withheld as withholding that for that company to benefit from such payments. In turn, the Revenue Service will issue a Withholding Tax Credit to the the name of the Company that suffered the advance tax payments. It is therefore the responsibility of such company to forward such withholding tax credit notes to the company whose money were withheld in the first place.
However, in many instances,the withholding tax credit notes are left with the Revenue Service and thus the paying companies are denied the use of the tax credit to offset their company income tax liability in the year that such payments relate.
As a leading tax consulting firm in Lagos Nigeria, Biz Summit provides tax consulting services to take the heat of companies in matter relating to withholding taxes and hence, help to minimize their tax burden with the astute utilization of such tax credits to the benefit of the client. To this end, our specific services to our clients is discussed below.
Withholding Tax (WHT)
- Assisting the Company to remit WHT deducted from vendors invoices and following up with the tax authorities to obtain receipts.
- Assisting Companies whose monies have been deducted at source as withholding tax to obtain the accompanying tax credits note from the Federal Inland Revenue Service in conjunction with the Company that made the withholding tax deduction from vendor invoices.
- Representing the Company at routine WHT audits, and attending to any queries that may arise.
- Rendering advisory opinion on WHT matters.
- We also help State Government carry out withholding tax audits on companies to ensure that they deduct the appropriate withholding taxes and remit same within the time allowed
- We also determine where non-compliance with the Companies Income Tax Act as it relates to withholding tax and recover the tax, in addition to the interest charged and penalties.
If you desire efficient results with your withholding tax issues, you cannot afford not to engage a tax consulting firm in Nigeria today. Biz Summit is waiting for your call. Do us an email to firstname.lastname@example.org or call the Head of Tax Practice on +234 8188888893