One Sure Way Of Guiding Against Possible Tax Headaches With The F.I.R.S
==================================

Dear Business Owner,

Are you in business for the long haul? If yes, then, do not disregard this simple advice. If you do, or act ignorantly, be sure you’ll have yourself to blame when Uncle Sam, sorry, Uncle Fowler comes with his full squad of F.I.R.S investigators knocking powerfully on your company door effectively from July 1, 2018 to establish your level of tax compliance.

What is the advice?

If you sincerely want to prevent issues or headaches as the case maybe with the F.I.R.S, then, take heed to this warning -

DO NOT USE YOUR COMPANY BANK ACCOUNT FOR PERSONAL TRANSACTIONS. I repeat, DO NOT USE YOUR COMPANY BANK ACCOUNT FOR PERSONAL TRANSACTIONS.

THAT WHICH IS PERSONAL, USE YOUR PERSONAL BANK ACCOUNT FOR IT AND FOR COMPANY TRANSACTIONS, USE YOUR COMPANY BANK ACCOUNT FOR IT.

Someone I know is dealing with this challenge at the moment and the FIRS have asked that he submit his bank statements for three years (2017, 2016 and 2015) all because they saw large transactions in his corporate account via their webportal for which they claim VAT was not adequately captured & remitted. They've calculated N2,555,622 as outstandings on VAT to be paid by him.

It was also revealed that he understated his turnover for 2015, 2016 and 2017 based on the information received from their web portal and bank data information.

When asked about the large amount deposits in his corporate account, he said they’re personal borrowings and fund but they’ve have refused to believe him. Right now, it is his words against theirs.

I hope this helps.


Chidera

PS
The VAIDS ( Voluntary Assets and Income Declaration Scheme) of the FG will officially terminate on the 30th of June, 2018 and as far as the FG is concerned, they’ve given business owners and entrepreneurs ample space to take advantage of the VAID Scheme.

July 1, 2018 they’ll start banging on the doors of companies and possibly will seal up a few.