BTN Tax Consultants is another independent arm of Baker Tilly. The firm offers, from time to time, tax advisory services in relation to corporate tax, personal income tax, value added tax, withholding tax matters, off-shore tax and other incidental services. It is important that clients comply with various tax laws in all its ramifications. The services rendered are all embracing from the submission of the tax returns to obtaining tax clearance certificates and ultimate agreement of the tax computations. Clients are adequately advised promptly on effect of changes in legislation and by issuing out “Tax Watch” notes to clients from time to time.
Our Approach to Handling of Clients Tax Matters
There is usually co-ordination between the audit and the tax sections of our firm as regards computation of corporate tax of our clients. The audit team who should be familiar with the transactions would have computed the various taxes due, such as income tax, education tax, capital gains tax etc. The audit team would also have reviewed and scheduled the movement of taxes transactions and completed the relevant sections of our audit programme relating to taxation. Personnel from BTN Tax Consultants towards the end of the final audit, join the audit team to obtain all information and documentations relevant to the clients tax matters, including the tax computations and they take over from this point in time. It is the responsibility of BTN Tax Consultants personnel to ensure that:
- Auditors are monitored to complete clients financial statements within the statutory time limit
- They review the financial statements, management schedules and details of related incomes and expenditure items
- They carry out proper review of the relevant sections of audit working paper file regarding taxation
- The turnover figures in the VAT returns are duly agreed with the financial statements, to ascertain compliance or otherwise with VAT laws
- The withholding tax made from incomes or deductible from payments are adequately accounted for
- The tax computations already checked for accuracy and total compliance are submitted to the Federal Inland Revenue Services (FIRS) along with other related documents
- They follow up the remittances of the tax cheques to FIRS by taking full advantage of the self-assessment benefits
- Tax clearance certificate is obtained for clients in good time because without this, their business can be hampered
- Points raised ultimately by the FIRS are promptly attended to and follow-up formal agreement of the tax computations by FIRS obtained
- Where clients so desire, the personal tax of the directors and management staff are handled direct with the relevant State Board of Internal Revenue and also oversees the PAYE tax returns of clients where the payroll staff are unable to cope
- Adequate professional advice is given regarding various aspects of tax planning that will benefit clients.