COMPANY INCOME TAX, SELF ASSESSMENT AND 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 administrative assessment by FIRS. It enable the tax payer to be seeing in light of tax compliance.


2. Non compliance and 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 non compliance with tax law.


3. Avoid penalty & Interest: The later you delay in filing, the more expensive it becomes as the tax payer would be asked to pay penalty and interest in a cumulative charge as stated in Finance act 2019. Non filing of VAT return is the most dangerous of these penalties because of compounding nature please be warned especially is you are not in category of small companies in Nigeria.


4. Tax Clearance Certificate TCC : You can get the tax clearance certificate when you comply with basic tax routine filing.

Please contact www.innerkonsult.com for accountancy services, assurance, tax advisory services, CAC- Company and business registration services.

WhatsApp: 08038460036

Location: Lagos, Ogun and Abuja