Ijewere Tax Consultants Ijewere Ijewere Ijewere
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What we do
Tax consulting:
  • PERSONAL INCOME TAX MANAGEMENT
    (Routine & Planning Services)
  • CORPORATE TAX MANAGEMENT
    • (Routine & Planning Services)
  • TAX EFFICIENT COMPENSATION PACKAGE
  • STAFF PROVIDENT FUND SCHEME
  • WITHHOLDING TAX MANAGEMENT (WHT)
  • VALUE ADDED TAX MANAGEMENT (VAT)
  • ASSETS MANAGEMENT (TAC)
  • TAX CONSULTING
  • TAX HEALTH CHECK
  • TAX OPINION ON TECHNICAL MATTERS ON REQUEST
  • STATUTORY AUDIT AND INVESTIGATION
  • MANAGEMENT CONSULTING
  • SECRETARIAL SERVICES AND ALLIED MATTERS
Our core specialized business areas are as follows:
1. PERSONAL INCOME TAX MANAGEMENT SERVICES
ROUTINE SERVICES
This will involve the followings:
  • Assisting and consulting every registered member of staff individually on tax problems and regular update from time to time on changes in the tax laws.
  • Filing Personal Income Tax Returns Forms with the relevant Internal Revenue Department.
  • Obtaining Tax Deduction Cards and maximum Free Pay Allowance for every member of staff.
  • Obtaining Tax Clearance Certificate for every registered member of staff at the beginning of every tax year ? usually before the middle of February, each year.
  • Reconciling the amounts deducted from individual staff salaries with the amounts payable to the relevant Tax Authority.
  • The tax matters of expatriate staff are handled separately to meet both local and international tax requirements.
 
2. TAX EFFICIENT COMPENSATION PACKAGE
Under the tax efficient compensation package, the staff compensation is structured to make the remuneration components tax efficient within the provisions of the tax laws.
The assignment takes the following order: -
  • Reviewing the existing compensation package for tax efficiency
  • Preparing a tax efficient compensation package
  • Discuss the draft compensation package up till its finalization with the management
  • Assist in preparing and designing all relevant personal file, payroll accounting documentation.
  • Assisting in the implementation of the compensation package for the first three months of its introduction.
 
3. PAYE TAX AUDIT MANAGEMENT

PAYE tax audit is conducted by State Government to ascertain the level of compliance of the employer with the provision of the tax law.

The state government in their quest for increased revenue has on yearly basis embarked on tax audit.
In order to safeguard the interest of our clients we approach tax audit as follows:
Pre-Audit Preparation

At this stage we embarked on a comprehensive review of the company’s records in preparation for the audit. Problem areas will be identified and adequately planned for. The documents requested by the Tax Inspectors will be collated and made ready for the audit.
Field audit Management

We physically present the records of our clients to the Tax Inspectors. All questions and queries raised on the record will be attended to by us and the file of the clients is monitored at the inspector’s office.
Post audit Management

At this stage, we review the report of the Tax Inspectors and file an objection letter on the areas of disagreement. We also attend tax reconciliatory meetings and agree our tax position with the inspector at the end of which we advise the client to effect payment of the agreed liability if any.
Finally, we also obtain the tax audit clearance letter at the conclusion of the audit exercise.
 
4. TAX IMPLEMENTATION SERVICES
This will involve:
  • Reviewing the compensation package
  • Determining the tax payable
  • Physical presence and assisting in the automation of tax related field in the payroll system.
  • Testing of payroll run for adequacy of tax deduction for three months of implementation
  • Reconciliation of monthly payroll tax figures with end of year tax report.
  • Reconciliation of tax deducted with tax remitted to the State Government
 
5. STAFF PROVIDENT FUND SCHEME (APPROVAL/ RENEWAL)
This includes the following:
  • Reviewing the draft copy of the trust deed or amended trust deed as applicable and other required documents to obtain provisional approval or annual renewal of the Joint Tax Board
  • Submitting the relevant documents to the Joint Tax Board on behalf of the company at the JTB office in Abuja
  • Liaising with the officials of the Joint Tax Board on behalf of the company
  • Applying for, and processing the approval from the Joint Tax Board
  • Any other assignment incidental to approval of the Staff Provident fund scheme
 
6. CORPORATE TAX MANAGEMENT SERVICES
Our CORPORATE TAX menu includes the following:
TAX PLANNING
We carry out the following:
  • We examine the budget proposal for the year and advise on its tax implication and make necessary recommendations.
  • We also examine the management accounts and give advice on its tax implications and necessary recommendations.
  • We advise on the tax implication of all its major financial transactions that come to our notice.
 
TAX COMPLIANCE
It involves the following:
  • Preparing Annual Tax Returns every year and submitting the returns to the Federal Inland Revenue Service.
  • Preparing Tax and Capital Allowances Computations based on the operating results for every tax year.
  • Applying and obtaining Tax Clearance Certificate for each year.
  • Attending interviews with officials of Federal Inland Revenue Service on Tax matters.
  • Attending to the Tax queries raised by the Federal Inland Revenue Service based on the Income Tax Annual Returns filed.
  • Rendering other Advisory Management Services on any matter relating to the Corporate Taxation.
  • We also examine and advise on the tax implications of every item in the audited accounts before the Board of Directors approves the accounts.
 
TAX AUDIT BY FEDERAL INLAND REVENUE SERVICE
In order to safeguard the interest of our clients we approach tax audit as follows:
Pre-Audit Preparation

At this stage we embark on a comprehensive review of company’s records in preparation for the audit. Problem areas will be identified and adequately planned for. The documents requested by the Tax Inspectors will be collated and made ready for the audit.
Field audit Management

We will physically present the records to the Tax Inspectors. All questions and queries raised on the record will be attended to by us and the file will be monitored at the inspector’s office.
Post audit Management

At this stage, we will review the report of the Tax Inspectors and file an objection letter on the areas of disagreement. We will also attend tax reconciliatory meetings and agree our tax position with them.
 
7. ASSETS MANAGEMENT & TAX ACCEPTANCE CERTIFICATE ON QUALIFYING ASSETS
The Industrial Inspectorate Act 1970 provides that every establishment which intends to acquire in a year of assessment Fixed Assets worth N500,000 or more must file a notification of its intention with the Industrial Inspectorate Division of the Federal Ministry of Industry. On the acquisition of the Fixed Assets, a Tax Acceptance Certificate must be obtained; failing which the capital allowances claimed on the assets may be rejected by the Federal Inland Revenue Service.

For effective tax planning and management, taxpayers will be expected to manage its assets portfolio in such a way as to enable it maximize the capital allowances benefit on these assets.

We have a good working relationship with both the officials of the Federal Inland Revenue Service and the Industrial Inspectorate Division of the Federal Ministry of Industry.

We undertake the following services:
  • Filing intention to incur qualifying capital expenditure with the Industrial Inspectorate Division of Federal ministry of Industry
  • Compiling the detailed schedule of the Fixed and leased Assets
  • Filling the relevant returns with the Inspectorate Division of the Federal Ministry of Industry.
  • Carrying out the documentation of the assets on year by year basis with the officials of the industrial Inspectorate Division
  • Carrying out the physical inspection of the assets in their various locations with officials of the Industrial Inspectorate Division of the Federal ministry of Industry
  • Obtaining Tax acceptance Certificate on the assets of the company on yearly basis.
 
8. WITHHOLDING TAX MANAGEMENT SERVICES
The services include:
  • Advising on the incomes that are subject to withholding tax and their rates
  • Attending to tax queries raised by Federal and State tax authorities
  • Reconciling the amounts deducted on each transaction or service that has been subjected to withholding tax with the amount paid to the tax office
  • Monitoring the withholding tax audit to be conducted by Federal and State Tax Authorities
  • Advising on the laws relating to withholding tax in Nigeria.
  • Enlightenment talk on withholding tax
 
9. VALUE ADDED TAX MANAGEMENT SERVICES
This will involve:
  • Advising on transactions on which VAT can be charged
  • Advising on the preparation of relevant documents for the monthly VAT returns
  • Advising on all matters relating to VAT as it may affect any aspect of its operation
  • Attending interviews with officials of the Federal Inland Revenue Service on behalf of the company on VAT matters
  • Attending to tax queries raised by the Local VAT offices of the Federal Inland Revenue Service based on the VAT returns filed
  • Assisting in defending the VAT returns filed on the occasion of VAT monitoring exercises and audits by VAT inspectors.
10. PAYROLL MANAGEMENT SERVICES
We undertake the following:
  • Preparation of the monthly payroll. The payroll will show various component of the staff emolument such as basic, housing, transport, etc.
  • The preparation of the monthly payroll reports, pay slip etc.
  • Preparing monthly report on the loan and other personal accounts of the staff.
  • Preparing schedule of monthly statutory deductions such as PAYE, NSITF, ITF, NHF etc.
  • Preparing quarterly payroll report for the management
11. TAX HEALTH CHECK SERVICES
Under this service, we undertake a comprehensive review of the compliance with the following legislation's:
  1. Companies Income Tax Act 1990
  2. Withholding Tax Regulations
  3. Value Added Tax Act
  4. Personal Income Tax Act (PAYE)
  5. Capital Gain Tax Act
  6. Nigeria Social Insurance Trust Fund (NSITF) Act 1993
  7. National Housing Fund (NHF) Act of 1992
  8. Industrial Training Fund Act
Specifically, the following amongst others will be highlighted in our report:
  • The level of compliance with the various tax laws
  • The adequacy or otherwise of existing documentation for tax purposes
  • Potential liabilities on various taxes
  • Likely problem areas during tax audit by tax authorities
  • Recommendations for improvement
Implied Duty Accepted
As a firm of Professionals, we place high premium on confidentiality of the records, documents and information that may come our way in the course of rendering our professional services.
Therefore, we owe our clients the following duties of care:
  • To provide an efficient and quality service
  • To ensure confidentiality of all information and documents of the clients
  • To keep as secret all information and documents of the client and not to use any for the purpose outside the authority given to us by the clients
Our Approach to Service Rendition
Team Composition

A team of seasoned experts are usually assigned to the assigned task. Our teams in all cases are led by a Partner who is experienced in the required services. Our team works with the officials of the clients responsible for the related assignments.
Reporting

We are so much delighted in writing a comprehensive report of observations in the performance of the assigned service and make recommendations for improvement. This is submitted and discussed with the clients.

Compliance Monitoring

We also ensure optimal compliance through occasional visits, regular guiding advices and reminders in areas where constructive professional advice has been given.
 
Compensation for Services Rendered

Our fee is usually based on the scope of work and the skill required for the performance of any assigned task. We usually give an estimate of our fee after a preliminary discussion and review of the scope of our engagement.

However, discussions are always held to arrive at a fee where the work done and benefits derived would be commensurate with the compensation received or paid.
 
Consultancy:

Training Arm: The training arm of Ijewere consulting is primarily concerned with developing and upgrading human capital of private, public sectors as well as small-scale businesses of the economy. This is because ours is a financial and management consultancy, accounts, computerization, tax manpower training and advisory services.

Ijewere consulting is poised to make the difference in organization with our focused training approach which is set to bridge the knowledge of scheduled officers and in depth training with hands-on exercise/case studies using modern technology and techniques.

Scope: Our scope of training comprises accounting and financial training, Banking and management training. In addition to the regular open courses we also organize special courses tailored to meet the specific needs of individual organizations premises.
 
Capital Nominees for Secretarial Services
 

a. Incorporation of Companies
b. Attend Board Meetings, Annual General Meetings and Extra Ordinary General Meeting.
c. Taking of minutes at board meetings
d. Routine drafting of minutes
e. Posting and reconciliation of Register of Members
f . Maintenance of statutory books
g. Filing of Returns on behalf of Companies on the occurrence of the following events:
        i. an allotment of shares
       ii. the change of Registered address
      iii. the creation of a mortgage(s) or charge(s)
      iv. On the satisfaction of a mortgage(s) or Charge(s)
       v. On the creation of a series of debentures
      vi. alteration in the Memorandum or Articles of Association
     vii. On the passing of every special or ordinary resolution.
h. Winding up and restructuring of companies
i . Conduct searches for and on behalf of companies
j . Obtain business permits, expartriate quota and residents permits for companies
k .Prepare and perfect agreements relating to land and other commercial transactions for and on behalf of our clients
l. Offer advice and general assistance on Corporate Matters.
  For further information, mail: info@ijewere.com  

 
  O. Odunowo - Director
   
  Corporate Tax
   
   
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