PLEASE MEET WITH THE TAX MAN

All you need is an expert in matters of tax. Your position will be assessed, proper planning will be put in place and you will gladly welcome the Revenue officials on visits for a check.
Our team, led by the veteran tax man is your best choice.

THE TAX MAN

Jonathan Adegboyega Adejuwon (Jp), M.Sc, (ib), FCTI, FCA

He is a Chartered Accountant and an astute administrator with extensive experience in Management Accounting, Auditing, Taxation, Administration and Banking within the Nigerian Economy. A prolific and experienced lecturer in several institutions of higher learning is also one of the leading Professionals involved in the training of candidates for the examinations of the Institute of Chartered Accountants of Nigeria (ICAN) He is a partner in J A ADEJUWON & Co, a firm of Chartered Accountants, where he handles various and divergent matters relating to tax, taxation and investigation. He holds the practicing license of the Institute of Chartered Accountants of Nigeria and the Chartered tax institute of Nigeria. He is a fellow member of both institutes.
A little bit of insight into his activities in the tax environment is as stated below:

His activities in the tax environment

  • Facilitating /Teaching

     Lead tax lecturer in Yaba College of Technology for five [5] consecutive years.
     Lead tax lecturer in PYE – ICAN tuition provider for four [4] consecutive years.
     Founding Chairman/lead tax lecturer: Risk Free Standard Associates - ICAN tuition provider.
     The Managing Partner and Partner in charge of tax practice; J A ADEJUWON & CO, Firm of Chartered Accountants.

  • Consulting

     Formulates suitable tax policies for both expatriates and local clients.
     Handles Tax Planning procedures generally
     Provides in-house training to corporate client’s staff on new tax policies encompassing PAYE, CIT, CGT, IDITRA, PPT, Transfer Pricing etc.

  • Practical tax experience

    • Filing of tax returns to all categories of tax office.
    • Agreeing taxes with all categories of tax office.
    • Handling tax audit and investigation matters on behalf of foreign and local corporate taxpayers.
    • Presenting and arguing successfully tax cases with the Tax Appeal Tribunal.
    • General advisory provision on tax matters.

  • An author: He wrote these books:

     Analysis of Taxation Principles for Nigerian Students Book 1
     Analysis of taxation Principles for Nigerian Students Book 2 and
     The Relevance of International Financial Reporting Standards [IFRS] to the Nigerian Economy.

PAY YOUR TAX WITH SMILES

It is cheaper to register as a taxpayer, file your returns as appropriate and pay the amount of tax arising for the defined tax year. By so doing, you must have properly planned and set up relevant procedures that will ensure your payment of the least tax possible. Failure to comply voluntarily will lead to Revenue running after you. The related uncertainties will not enable you to do all the necessaries required to reduce your tax liability. You will pay much more and in some cases, you will pay additional penalty and interests.

INDIVIDUAL CORPORATE CIRCUMSTANCES

Q1]

I HAVE BEEN IGNORANT OF TAX PROCESSES. WHAT DO I DO?

My company has been in business but we are not registered for tax purpose Registrations with the tax office on commencement of Business As statutorily required, every company is expected to submit information to the FIRS as specifically stated in their questionnaire with the following documents:
(i) Photocopy of Certificate of Incorporation with the original compulsorily sighted.
(ii) Signed copy of the Memorandum and Articles of Association.
(iii) Letter of Authority appointing a firm (if any) as Tax Consultants, to deal with the FIRS on its behalf.
iv) Written and signed letter of application for registration as a taxpayer
Q2]

I HAVE BEEN REGISTERED WITH THE FIRS BUT I HAVE NOT FILED ANY RETURN

Corporate Taxpayer Returns. Every company including those granted exemptions from tax, are required to file their tax returns to the Relevant Tax Authority every year. The audited accounts of the business for the preceding accounting year must be accompanied by:
* Income tax computations,
* Capital allowance computations,
* Schedules of non-current assets, trade debtors and trade creditors and
* Evidence of payment (whole or part) of tax being assessed.

The timing of filing returns is as discussed below:
  Every company must file its annual tax returns with the tax office within 6 months after the end of its financial year in accordance with the provisions of the existing Act.
 After this date the accounts filed shall be deemed late and will attract a penalty. The penalty for late submission of audited accounts is currently N25,000 in the month of default and N5,000 for every subsequent month in which the failure continues.
 Newly incorporated companies should file tax returns within eighteen months from the date of incorporation or not later than 6 months after the end of its first accounting period, whichever is earlier.
 Extension of time can be granted upon application subject to being made before the expiration of the initial period and showing good cause for inability to meet the initial stipulated period
Q3]

I HAVE BEEN IGNORANT OF TAX PROCESSES. WHAT DO I DO?

Tax audit.
A tax audit is when the Revenue decides to examine your tax return a little more closely and verify that your income and deductions are accurate. Typically, your tax return is chosen for audit when certain things you have entered on your return is out of the ordinary.

Tax Investigation:
This is a systematic and detailed search for facts in other to determine the truth of the matter. It is carried out with suspicion in mind that the Taxpayer might have evaded taxes which will be recovered in the process. Every case of Tax investigation is prepared as if it is going to court or Tax Appeal Tribunal.

Objectives of Tax Investigation:
 To detect and deter Tax evasion and other willful breach of Tax laws.
 To determine the Tax loss arising from the breach.
 To identify the penalties / sanctions imposed by law for the breach.
 To trace and locate the offenders.
 To identify Tax avoidance and recommend change to process system and the Tax laws.
 To provide sufficient evidence of the breach for prosecution of the offenders

What can make you to be jittery of tax audit?

  • Myth: Be very afraid of an audit

    The looming myth out there suggests the audit process is something to be desperately feared. The truth, is that most people only need to respond to a few tax office’s questions provided that all information are available “There’s the myth that if a paper comes from the tax office you should break into a cold sweat. You shouldn’t. More often than not it’s a situation of, ‘Our records show this. Is that right?’ A lot of times it’s a very simple problem to resolve. You send the information or a cheque for the additional money and the case is closed.”

  • Myth: Professionally filed returns are audit-proof

    Engaging a professional auditor will not shield you from an audit. Many people who thought that relying on a tax service guaranteed a solid, mistake-free return.

  • Myth: Those with low to moderate incomes don’t get audited

    The IRS is doing audits across the board, for all incomes. Although the IRS has increased its level of auditing, the number is a very small percentage of the returns filed.

  • Myth: Filing for certain deductions or credits increases the chance of an audit

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THAT UGLY SITUATION WILL NOT REMAIN THE SAME

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