Greystone Solicitors are well positioned to assist clients with Federal Inland Revenue compliance. We process Tax Clearance Certificates, issued by the Federal Inland Revenue Service in their bid to capture the informal sector into the tax net. Most multinationals and large cap companies must request for Tax Clearance Certificate from Vendors before contracts are consummated and LPO’s issued.
Another compliance requirement our lawyers can prepare are Vat and WHT Remittances – VAT and WHT are indirect taxes collected by companies on behalf of the Government. The Government expects these deductions to be remitted monthly as such any failure to do so can attract very stiff penalties. You must make sure your remittances are up to date. Non-evidence of VAT and WHT remittances can often lead to a non-issuance of Tax Clearance Certificate.
Employers must be conversant with the following compliances-Pension, NHF, and PAYE
Pension Fund deductions are remitted to the Pension Fund Custodians.
NHF (National Housing Fund) which is a contribution to the fund by employees to enable them access mortgage loans is contributed to the Federal Mortgage Bank.
PAYE is the statutory income tax employees pay based on Pay As You Earn paid to the resident State Government.
At Greystone Solicitors, we provide guidance on compliance because failure to comply attracts various penalties as prescribed by law.