SIAO Partners provides tax services to local and international businesses.
At SIAO Partners, our tax practice is structured in a way that we position ourselves strategically to address the tax challenges that are peculiar to our tax system in relation to various stakeholders’ activities.
We are always involved in assisting the government in shaping the country’s tax system by making our voice heard, particularly during matters of national tax discourse. We have at various times aired our views on some tax matters and also having same communicated to the appropriate authority.
Our firm is committed to identifying and understanding clients’ needs, hence tailoring our services to meeting our respective clients’ expectations by providing tax solutions that focus on adding values to our clients’ without running foul of relevant provisions of the tax laws.
The firm’s tax practice is endowed with seasoned tax personnel with wide range of experience cutting across all fields of tax.
Our services are structured in a way that we listen first to have adequate understanding of client’s request and challenges to be able to deliver accordingly.
Every member of the team possesses in-depth knowledge of local and international tax laws. Over the years, we have brought together a balanced team of professionals who are skilled in the provision of relevant service offerings. across all sectors of the economy.
Brief of Nigeria Tax System
The Nigeria tax system is built on three things (known as tripod of a tax system) namely: legislation; policy and administration which are the key drivers of the tax process.
The legislations are the enabling laws upon which tax operations are laid. The legislations are reviewed from time to time to facilitate transformation to reality and alignment with global best practices. Some provisions Nigeria tax laws have been consistently repealed from 2004 cutting through 2007 & 2011 to 2019. It is important to state that over time, amendments to existing tax laws have not been on all the tax types until 2019 through the Finance Act where amendments cut across all tax types.
Tax Policies are initiated to promote a robust and efficient tax system. In Nigeria, the national tax policy was initially published in 2012 and later reviewed in 2016 following the inauguration of a review committee by the then Honourable Minister of Finance.
The National Tax Policy provides the fundamental guidelines for the orderly development of the Nigeria tax system. The Policy is expected to achieve the following specific objectives, among others;
- Guide the operation and review of the tax system;
- Provide the basis for future tax legislation and administration;
- Serve as a point of reference for all stakeholders on taxation;
- Provide benchmark on which stakeholders shall be held accountable; and
- Provide clarity on the roles and responsibilities of Stakeholders in the tax System.
Tax administration focuses on the agencies responsible for administering tax activities in the country. Tax affairs are administered by both the federal and state tax authorities.
At the federal level, the apex agency responsible for tax administration is the Federal Inland Revenue Service (FIRS, The Service) while at the state level, taxes are administered by the state internal revenue service across the various state and the Federal Capital Territory tax authority at the nation’s capital.
It is important to note that above (tax legislations; tax policy & tax administration) are the key requirements for an ideal, robust and well-functioning tax system.
The major tax forms and duties in Nigeria include:
- Companies Income Tax
- Petroleum Profit Tax
- Value Added Tax
- Personal Income Tax
- Capital Gains Tax
- Stamp Duties
- Customs and Excise Tariff
- Tertiary Education Tax
- Withholding Tax (Not a form of tax but an advance payment of income tax).
The tax services offered by the firm include but not limited to the underlisted:
Compliance & Advisory Services
- Corporate Tax Support (Income Tax)
- Personal Income Tax (Local & Expatriate tax support)
- Transaction Taxes (VAT & WHT)
- Other Taxes (Capital Gains Tax, Stamp Duties, etc.)
- Transfer Pricing Service
- Tax Health/Compliance Check
- Strategic Tax Planning
- Tax Risk Assessment
- Contract Review and Advisory
- Taxation of shared Service Arrangement & Joint Ventures
- Tax Appeals and Advocacy
International Tax Support Services
- Transfer Pricing support services
- Common Reporting Standard Support Services
- Country by Country Reporting
- Cross border transactions tax review
- Global mobility tax services.
- International assignment services
Tax Deal Advisory, Reporting & Strategy
- Advisory on Merger & Acquisition/ Buy-Over options.
- Tax Restructuring/Re-Engineering
Tax Transformation & Regulatory Services
- Tax support services for tax audit exercises.
- Process review of relevant statutory requirements
Other Consulting Services
- Provision of tax outsourcing functions
- Facilitation of trainings on taxes to clients; general public, etc.
- Facilitation of seminar/conferences/workshops on tax discourse.
- Business Start-up Regulatory and Advisory Services
- Facilitation of registration for regulatory requirement and processing of compliance certificate
- Managing tax resolution relating to tax audit/monitoring/examination, etc.
- Processing tax refund and managing transaction tax issues.