In resent time, tax audit has been the order of the day both from The Federal Inland Revenue Service and State Internal Revenue Service.
It is true that government of the day is currently going through the hardship of fulfilling all campaign promises with the little fund available from the sharp drop in crude oil price.
No wonder companies are beginning to feel the heat as the era of tax has come to stay.
The appointment of the new Federal Inland Revenue Service chairman is a great sign of the change in the direction of revenue generation in the country having considered his antecedent with the Lagos State Internal Revenue Service.
We will agree that the president of the Federal Republic of Nigeria is not making a mistake appointing him as the chairman.
The Federal Tax laws seems robust enough to generate the kind of revenue needed to move the country to the change we all clamor to get.
The question is how prepared are the companies especially the SMEs.
It is true that by nature Nigerians are not tax conscious going with the trend since independent, we have been carried away by the devilish oil boom that has currently brought us to the state of backwardness, laziness and dreadfulness .
Tax is here to stay, are we ready?
This question every one find very difficult to answer
Experience has shown that businessmen attitude to proper record keeping is fast killing Nigerian SMEs than even the era of tax compliance culture coming to limelight. Professionals sometimes are not helping in educating companies in the right direction to follow.
In my view, SMEs need to step up the game by paying attention to their financial records especially the once that has impact on their tax obligations and proper record keeping.
Have a nice day!!!
Your Tax Consultant
Kola Olashile B.SC, ACA, CITN