Buc Tax (Chatered Tax Practitioners)

BUC Tax Practitioners is a firm of Chartered Tax Practitioners registered and licensed by the Institute of Chartered Taxation of Nigeria to practice tax. We provide thorough and sound tax advisory services to individuals, groups, companies, Federal, State, and Local government tax matters, as well as the tax aspects of transacting business in foreign jurisdictions. Our clients include both public and private companies. Our tax practice aims to combine its commercial and tax law expertise to provide efficient tax solutions. The frequently changing nature of tax law, as a result of court decisions and regular changes to tax legislation combined with the dynamic domestic and global operational environment, creates a need for specialised and professional tax advice. This is the reason our tax practitioners have acquired extensive experience with transactions, especially those involving mergers and acquisitions.

Our strength is also our tax controversy practice, which includes representation in connection with audits and appeals and litigation of federal and state tax matters. Our tax team have both depth and breadth in respect of tax law skills and thorough knowledge base. Members of our tax practice are versatile in daily topical tax, commercial and legal issues. This gives them the requisite knowhow to regularly contribute to publications and write articles on developing tax law, commercial and fiscal policies of the government. BUC Tax Practitioners work closely with the rest of the group to ensure that the tax aspects of any transaction are thoroughly considered and planned. In addition, We also regularly liaise with and make representations to the Federal Inland Revenue Services (FIRS) regarding legislative amendments affecting our clients, and the obtaining of tax directives.

Our Specialization

The complexity and the frequent changes in tax laws require individuals and companies to embark on vigorous tax plan. We provide advice on company and Personal assessment, liaising with Inland and Internal Revenue Departments and ensuring that our clients carry the minimum tax burden possible. BUC Tax Practitioners offers a wide range of services to our numerous clients both domestic and international all of which are provided by our tax partners who specialise in the particular field. Our specialization includes:

Structuring all aspects of investments made into Nigeria by foreign investors (individuals and corporates) and Nigerians in Diaspora;

Advise on the taxation implication of the contracts with non-resident

Apply for and obtain tax Clearance Certificates on behalf of Clients.

Advise clients on the operation of the Pay-As-You-Earn (personal taxation) System; and where requested (e.g. to ensure absolute confidentiality), we provide computerized or manual Payroll services.

Federal Inland Revenue Service Act, 2007

Tax Administration (Self Assessment) Regulations, 2011

Personal Income Tax Act (As amended by Act No. 20 2011)

Companies Income Tax Act, 2007

Value Added Tax, 2012

Capital Gain Tax Act, 1967

Taxes and Levies (Approved List for Collection ) Act, 1998

Income Tax (Authorized Communications) Act 1966

Stamp Duties Act, 1954

Petroleum Profit Tax Act, 1999

Deep offshore and Inland Basin Production Sharing Contracts Act, 1999

Nigeria LNG (Fiscal Incentives, Guarantees and Assurances) Act, 1990

Casino Taxation Act, 1965

Industrial Development Act, 1971

Tertiary Education Trust Fund (Establishment, etc) Act, 2011

Companies which our clients may plan to enter into.

Structuring of debt and equity funding provided by local and international financial institutions;

Advising on business and personal planning of all taxes for existing or new business and for its owners;

Advising on cash flow effect of taxation plans in order to optimize the cash available to a business at any point in time;

Tax advice on all aspects of mergers and acquisitions, including outbound and inbound cross-border transactions

Tax due diligence investigations and other investigations aiming at minimising and optimising tax charges

Advising and obtaining certificate of acceptance

Advising local corporate on their international investments, including exchange control advice, tax treaty planning, effective management issues and all other tax considerations of international investments

All aspects of tax litigation including assistance with Federal Inland Revenue Service’s queries, audits, objections, appeals, alternative dispute resolution and the negotiation of settlements of tax disputes

Providing tax advice on all types of commercial agreements

The formation of private equity funds and advice on private equity transactions

Commercial property transactions

Dealing with the preparation, submission and negotiation of income and company’s tax returns;

Advising on all other taxes and negotiations with inland revenue on client’s behalf;

Intellectual property transactions

Capital gains tax

Dividend tax

Employees’ tax Restructuring of groups of companies in Nigeria

Mining tax

Share and other incentive schemes and related tax issues for general commercial transactions

Planning, formation and registration of public benefit organisations

Advising public private partnerships and modelling and maintaining comparative tax computations over life of contract Transaction tax planning, including Securities Transfer Tax

Value Added Tax (VAT) Customs, excise and international trade related aspects of imports, exports and local manufacturing of goods

Produce, as and when necessary, technical memorandum on new tax legislation.

Organize seminars for the benefit of employees of our Clients.

Provision of outsourced tax managerial functions, which include continuous tax planning via tax committees

Act as consultants to government and tax authorities on tax matters

Nigerian Tax Laws

Some Nigerian Tax Laws we work with and are important to our clients include: