Razaq Olayiwola is a Senior Associate in Tax and Regulatory Compliance unit at PML with over 11 years’ professional experience in both Tax and Audit
Razaq started his career at PKF Professional (Chartered Accountant) where he gained experience in tax and Audit and manage tax for several company in different sectors of the economy such hospitality, financial service, Manufacturing, oil and gas etc.
He further joined BBC Professionals as Senior in Tax Department where he provided tax advisory and compliance services to many company. He served clients in financial services, construction etc.
Razaq is familiar with the general tax requirements in Nigeria and has built relationship across different tax offices.
He has a Bachelor of Science Degree in Accounting from Olabisi Onabanjo University, Ogun State.
NOTIFICATION OF CHANGE OF PARTICULARS When Do You Need to File a Notification? Life and business move fast. You must notify the tax authorities if any of the following occur: For Individuals Change of Name: Usually due to marriage or legal deed poll. Change of Address: Moving your primary residence (this may affect which State Internal Revenue Service you pay your PAYE or personal income tax to). Change of Employment: Transitioning from an employee (PAYE) to a self-employed person or business owner. Contact Information: Updates to your phone number or the email address linked to your NIN/TIN. Change in Business Name: If the company rebrands or changes its registered name with the CAC. Change in Registered Office: Moving the physical headquarters or principal place of business.
Changes in Directorship: When directors resign or new ones are appointed.
Nature of Business: If a company shifts from, for example, "General Contracts" to "Oil and Gas Services" (this often changes the tax rate or applicable incentives). - Cessation of Business: If the business stops operating entirely, you must notify the NRS to prevent continuous "Best of Judgment" (BOJ) assessments.
Why It Matters Failing to update your records is more than a clerical error; it carries real-world consequences: - - - - Invalid Tax Clearance Certificates (TCC): If your records on the NRS portal don't match your current CAC status, your TCC application will likely be rejected. Missed Legal Notices: The law considers a notice "served" if it is sent to your last known address on file. If you’ve moved and don't receive an audit notice, the NRS can proceed with legal action in your absence. Penalty Accumulation: In the case of business cessation, if you don't officially notify the NRS that you've closed, they will assume you are still earning income and continue to charge late filing penalties. Bank Account Freezes: With the 2026 integration of NIN-TIN-BVN, discrepancies in your data across different agencies can trigger automated "Red Flags," leading to temporary restrictions on your bank accounts.
