We will take care of your tax and compliance issues and provide full information for filing with the inland revenue service. We will ensure that your returns are timely to avoid penalties.
Payroll
Avoid the headaches and let us take care of your payroll. Our software is developed and maintained in-house. We use tried-and tested methods of operation with a focus on accuracy. Your payroll is meticulously checked by our payroll experts. We maintain comprehensive notes of the full payroll process, ensuring your payroll is always processed even when key personnel are absent.
Tax Compliance and Payroll
Every financial service e.g, banks, insurance, stock-broking and others shall or will ensure every taxable person provides tax ID.
Every person that makes or has source of income and is of taxable age must be able to provide the tax ID, it is used to to track the flow of funds and how much the person is able to generate.
The uses of a Tax ID
– Legal and business compliance: A business, company or an organization cannot legally operate a formal business or register (with the CAC in Nigeria) without eventually linking the business name to TIN (Tax Identification Number).
– Filing Obligations: You cannot legally file annual tax returns or pay personal/corporate income tax without a TIN.
– Avoiding Penalties: Operating a business or earning a significant income without a TIN can lead to audits, fines, or legal action for tax evasion.
– Tax Identification Number: It allows the government to uniquely identify taxpayers and link them to their tax records, much like a social security number or a national ID.
– Opening Accounts: Most commercial banks require a TIN to open business accounts and, increasingly, high-tier personal accounts.
– Loans and Credit: Financial institutions use your tax history (linked to your TIN) to verify income and assess creditworthiness. Before securing a mortgage or a business expansion loan is nearly impossible.
– Government Contracts: To bid for government tenders or contracts, a Tax Clearance Certificate (TCC) is usually required, which can only be issued if you have a valid TIN and a clean tax record.
– Import and Export: If you are involved in international trade, a TIN is required to clear goods through customs and obtain necessary shipping licenses.
– Invoicing and VAT: To legally charge and remit Value Added Tax (VAT), a business must be registered with a TIN.
– Asset Registration: In many countries, you cannot register a vehicle, purchase land, or obtain a Certificate of Occupancy without providing a TIN.
– Foreign Exchange: Accessing official foreign exchange markets or transferring large sums of money internationally often requires tax identification for anti-money laundering (AML) compliance.
– Professional Licenses: Many professional bodies require a TIN before issuing or renewing licenses to practice (e.g., in law, accounting, or medicine).
– Social Safety Nets: During crises, governments often distribute subsidies, grants, or relief packages. Having a registered TIN makes you eligible for these formal support systems.
– Refunds: If you overpay your taxes or are eligible for tax credits, the government uses your TIN to process and issue your refund.
