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TAX PLANNING TECHNIQUES IN TAX REPORTING

        Tax planning means legally arranging a person or corporate finance, business and tax affair in order to reduce tax burden. Note that ‘aggressive’ tax planning to the detriment of the government can be termed illegal. However the tax payer as a rational person will always try to minimize  his/ her tax liability.   T ax avoidance is legal while tax evasion is illegal.     REQUIREMENT FOR TAX PLANNERS   ·           Knowledge of tax laws (statutes, enactment, past and current case laws.)   ·           Financial management.   ·           Ability to apply  tax skills to client peculiar circumstance. ·           Understanding of client operating environment.    TECHNIQUES OF TAX REPORTING 1...
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CAPITAL ALLOWANCE IN NIGERIA("TAX DEPRECIATION")

Capital allowance is allowance given to tax payer for capital expenditure("fixed asset") incurred during the year.  The rate of capital allowance is  fixed by law. CAPITAL ALLOWANCE  involves the following 1. Initial allowance- once in a life of qualify asset. Full amount  even when not upto 12months=  2.Annual allowance- claimed annually. prorated in accordance to month. (cost-I.A)/N 3.Balancing charge = sales proceed > TWDV 4. Balancing charge= Sales Proceed <TWDV 5.Investment Allowance as specified  by law CAPITAL ALLOWANCE is allowance given by tax authority for ‘fixed asset’ used in the business . is used in replacement of depreciation. The rate is stipulated by law. Capital allowance is restricted to 2/3 of  assessable profit for any year of assessment except for agricultural and manufacturing business.     GET TAX PLANNING TEMPLATE FOR 70,000NGN  WHATSAPP 234 8098810999, 08067922530   Disclaimer: Obi Azubuike is not ...
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TAX APPEAL AND OBJECTION PROCEDURE IN NIGERIA.

According to company income Tax Act-LFN-2004. When FIRS raise an assessment or raise  additional assessment and the tax payer is not satisfy, he has to object. Condition for Valid objection. a)It must be  in writing. b)It must contain the ground of objection. c)It must be made within 30 days of the receipt of the  notice of assessment. When FIRS  objects, it will raise a notice of refusal to amend. The tax payer is free to appeal within the stipulated time.  HIERARCHY OF  TAX APPEAL. 1.TAX APPEAL TRIBUNAL. 2.HIGH COURT. 3.COURT OF APPEAL. 4.SUPREME COURT OF NIGERIA Disclaimer: Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for advice. Copyright(c)2015-Obi Azubuike
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