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...
Some individuals pay high taxes due to inability to plan their taxes and are ignorant about the provisions of tax laws This book highlights some tax planning and investment strategies. Some topics discussed include (a) Tax planning strategy (b) Indirect tax strategy (c) Fixed asset strategy (d)Risk Management Strategy (e)Investment Strategy. BUY
COMMENCEMENT RULE. This rule below applies when the business is new. YR1=DATE OF COMMENCEMENT TO 31 DECEMBER OF THE SAME YR YR2=12MONTH FRM DATE OF COMMENCEMENT. YR3=PYB=WHERE NOT POSSIBLE REPEAT 2 ND YEAR FIGURE=WHERE LESS THAN A YEAR AND MORE THAN A YEAR. The result is compared with Actual year basis. The lower tax result is elected. The finance act 2020 has changed the rule of taxation based on the actual profit for the year TCONCEPT PROFESSIONAL SERVICES is a firm that specialized in tax consulting and accounting. For more information see www.tconceptpro.com or call +234 (0)8067922530. Disclaimer : Obi Azubuike is not by this publication(or post) acting as a professional advisers and therefore not liable for any damage whatsoever for your acting or refraining to act based on this publication(post). Consult your professional for advice. Copyright(c)2018-Obi Azubuike
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