Sometimes as #businessowners and/or enterprise decision-makers, we tend to overlook indices that will inform us whether we are overpaying our taxes or underpaying them; either of which can harm our business.
As an introduction, a tax health check is a review of a taxpayer’s tax and accounting records to ascertain the level of compliance with relevant tax laws, quantifying the potential tax exposures(if any) and evaluating recommendations for improved compliance.
The Nigerian tax environment is dynamic. Regulations are constantly evolving (Finance Acts 2019, 2020 and currently 2021). To keep pace with the changing business landscape, businesses, therefore, must thoroughly assess their tax structures, tax positions and tax compliances on an ongoing basis, to ensure that the overall tax positions are backed by adequate support, compliances are monitored and matters that are under litigation (if any) are dealt with appropriately.
In this edition of ‘A Stitch in Tax, Saves Cash’, I shared an easy-to-use 9-Step Guide for conducting a Tax Health Check and mitigating potential Tax Exposures.
Watch the video below:
Tax Health Check: A 9-Step Guide for the Mitigation of Potential Tax Exposures
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