Broadview Advisory Partners Limited

21/09/2020

The Tax Appeal Tribunal (TAT) Lagos zone in the case of *ESS-AY* *HOLDINGS LTD Vs FIRS*, on September 10, 2020 held that rents/lease on commercial properties are not VATABLE.

This pronouncement is now the law until a higher court gives a contrary opinion.

Dear friends, when next you are paying your office rent/lease and you are being charged VAT, just remind your landlord or his agent of this suit.

Please keep the appeal number for your reference.
*APPEAL NO:TAT/LZ/VAT/029/2019*

Dear landlords/landladies, please stop charging my friends VAT on your rents, the court says so!

Good Morning!

**
*08087183003*

15/09/2020

You will make it

08/09/2020

Hello

I have not written about taxes in a while because of the realities of time.

Covid-19 has impacted almost all sectors negatively, people are poorer and the pressure is higher.

This time calls for being sensitive and employing emotional intelligence.

If I'm to make a wish to President Buhari, I will suggest that, *ALL* tax penalties be suspended until further notice.

While I hope my prayer come to pass, please do not incur more penalties.

Don't miss your filing deadlines. Respond to all tax queries.

Let me know what I can do to help.

This time shall pass, you are not ALONE!

Taxdoctor
08087183003

22/07/2020

Please note.

Benefits of Voluntary Tax Filing.

1. Self Assessment: This is the tax payment method where the taxpayer is allowed to compute their tax liability, complete the return forms and pay the liability on or before the due date. The benefits of this scheme far outweigh adminstrativ assessment by FIRS. You should never provoke that in your best interest.

2. Avoid Enforcement: There are several provision of the Tax Acts that supports enforcements. Such as placement of default sticker, lock up of business premises, appointment of tax agents, court proceedings etc. Enforcement usually comes with business disruption.

3. Avoid penalty & Interest: The later you delay in filing, the more expensive it becomes. Non filing of VAT return is the most dangerous of these penalties because of compounding nature.

4. Tax Clearance Certificate: You cannot afford to limit your opportunities. TCC is an enabler to your business growth.

Please get started today and avoid all future tax complications!

Call Taxdoctor on 08087183003.
ikoyiwives

07/07/2020

Please take note.

It is true that Finance Act 2020, exempts small businesses i.e those whose annual gross revenue is less than N25m from;
👉 Payment of Company Income Tax.
👉 Charging & filing of Vat.

But, this does not exempt them from preparing Audited Financial Statement (AFS) and filing with the tax office.

If you had this assumption before now, you are wrong, you will continue to incure late return penalty until you file your account.

If your accounting year end is December 31st, you are about setting yourself up for unnecessary TAX PENALTY.

But you can avoid it if you take advantage of the one month extension given by the FIRS for filing of AFS.

It's not in your interest to delay further, remember every naira you save counts.

Call Taxdoctor on 08087183003 for assistance.

06/07/2020

Please share to help someone.....

This circular clarifies the one month extension for CIT.

Taxpayers that are yet to submit their 2019 Financial Statement should attempt to meet the new deadline of July 31st 2020.

Not meeting this deadline will expose you to the following consequences.

*Late Submission Penalty (LSP).*

*Penalty & Interest on Company Income Tax Due*

You can't afford to miss this opportunity.

Call Taxdoctor on 08087183003 for assistance.

Talk Soon.

Kayode Okunola

29/06/2020

Please read and share....

Submission of 2019 Audited Financial Statement is due today.

Painfully many business owner will lose a lot of money on penalty & interest over this because they will not *PREPARED* or *FILE* the audited account.

The minimum amount to lose is *N50, 000* if you miss deadline by just a day while others will accumulate *N25,000* for subsequent months.

If you delay in filing 2019 audited account for a year, it attracts a penalty charge of N320,000, and N300,000 for subsequent years.

You will sure hurt yourself if you allow the default to tarry.

Gracefully, you can avoid the penalty if you take advantage of FIRS one month extension due to COVID-19 pandemic.

The rush to beat this deadline will peak any moment from now.

Auditors/Tax Consultants will work under severe pressure to conclude all jobs with them before taking in fresh ones.

That's why you should start yours TODAY and NOW!

Call Taxdoctor on 08087183003.

22/06/2020

Please read and share

Don't work against yourself!

Covid-19 pandemic has significantly impacted the economy negatively.

Governments globally will attempt to reflate their economies through Central banks by approving various interventions in form of grants and loans at significantly low rates.

Nigeria, through CBN is disbursing N50b NIRSAL Microfinance Banks to households, and SMEs among many other schemes.

Some commercial banks are also creating sector targeted loans at single digits.

But they will need to see your PAST to assured of your character and capabilities.

You will need to show *AUDITED FINANCIAL STATEMENT* as record of your past.

If you have not been doing it, then you have been working against your growth.

Every owners of funds, including the government is worried about the possibility of borrowers not being able to repay their loans.

They will view you as a potential defaulter and not give you a chance because it's only through Audited Financial Statement they can assess your history.

You need every support you can get, it's in your interest to do this.

Call taxdoctor on 08087183003 for assistance on how to get started.

Talk Soon.

Kayode Okunola FCA

https://taxdoctor.ng/blog/dont-work-against-yourself/

18/06/2020

Read & take action

No Update,No Tax Clearance Certificate! FIRS just migrated her Tax Clearance Portal from Amanda to Tax Promax. Consequently, all Taxpayers are required to complete…

15/06/2020

Please read, learn and share.

08/06/2020

Business entities are encouraged to acquint themselves with some of the provisions of Finance Act 2019 and Tax Modification Circular 2020.