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There  are some few tips that will help you reduce your taxes legally. 1.Keep accurate records of your income and expenditure. 2.Prepare a yearly financial  budget-This can be done by simulation of different income level and expenditure. 3.Get a tax advice from a tax consultant that understand your business. 4................................................................................................................... For more information call us  +234(0)8067922530 or see www.tconceptpro.com 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) 2017-Obi Azubuike

Documentation is required for pricing of goods and services for connected parties e.g partners,blood relatives,subsidiaries etc. Some documentation required are as stated below. 1.Data and information for examination of connected parties' pricing. 2.Analysis of  functions performed, risk taken and assets employed. 3.Analysis of comparability factors. 4.Forms and other items prescribed by the tax authority. For more information call us  +234(0)8067922530 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) 2017-Obi Azubuike

There are some indices which indicates mispricing when dealing with transfer pricing. They are as stated below 1.'High' pricing with no associated risk. 2.'High' pricing which is not commensurate with cost contribution. 3.'High' pricing without proper documentation to justify the reason for such pricing. 4............................ For more information call us  +2348067922530 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) 2016-Obi Azubuike

There are different methods of pricing goods and services for the purpose of determining appropriate price.    some of the methods are highlighted below. 1.Cost plus margin. 2.Cost plus markup. 3.Comparable price method. 4.Profit split method. 5.Cost contributory method. 6.Expected cashflow method from asset/invention. 7.Advance pricing agreement. Sometimes it becomes more difficult to price a product or services. For example pricing invention is more difficult to do. However there are legal requirements for pricing goods and services for tax purposes as specified by different countries. For more information call us  +2348067922530 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) 2016-Obi Azubuike

Managing tax risk  associated with VIADS  is crucial in the present nigeria condition with the recent executive order on voluntary declaration of income and assets for tax purposes with waiver of interest and penalty.This incentive which must be taken within a period of 9 months from 1st of july 2017 after which aggressive enforcement of tax laws will commence. Managing of risk of the scheme includes managing the risk of cash flow involve. For more information call  +2348067922530 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) 2016-Obi Azubuike

The law requires  the employer of labour to file annual tax return for their staff emolument  to relevant tax authority before 31st of January. For more information call us +2348067922530 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) 2016-Obi Azubuike

According to  Company Income Tax Act 16(1 )Notwithstanding anything to the contrary contained  in this Act, insurance business shall be taxed as a.An insurance company ,whether proprietary or mutual ,other than a life insurance company. b.A Nigerian company whose profit  accrued in part outside Nigeria,  the taxable profit=Gross premium interest and other income receivable in Nigeria less reinsurance and deducting from the balance so arrived at, a reserve fund for unexpired risks at the percentage consistently adopted by the company in relation to its operation as whole for such risks at the end of the period for which the profit are being ascertained, subject to the limitation imposed in subsection(8)(a) -The implication of the above is that Life  insurance business is seen as a separate business from other non-life insurance  business from tax perspective. For more information call us +2348067922530 Disclaimer : Obi Azubuik...