Services

MAYOL CONSULTING VENTURE has three different units with each division handling distinct activities as analyzed below:

A. TAX CONSULTING UNIT

Tax Services

Our Tax Services Unit provides taxation services – for compliance and advisory services to both our audit and non-audit clients, and the services include the underlisted:

Acting as Consultant to State and Federal Government for the purpose of boosting the revenue profile in the form of tax audit monitoring agent.

We act as tax consultant to our clients on tax matters like:
PAYE
Withholding taxes – Rent, Contract/Supplies, Dividend, Directors fees etc.
These services include preparation of monthly tax returns, obtaining tax clearance certificates for the staff and general liaison with relevant authorities.

Corporate Tax Services

Income Tax

  • Preparation of Annual Income Tax with the necessary Capital Allowances computations.
  • Filling of Annual Returns together with duly competed Self Assessment Forms to the relevant Area Offices of the Federal Inland Revenue Services (FIRS) that is nearest to the registered office of companies.
  • Payment of cheques for assessed tax, or tax based on Self-assessment to the FIRS designated banks, allocated to Area Office.
  • Processing and obtaining Tax Clearance Certificates for companies.

Value Added Tax

  • Monthly computation and submission of returns to VAT office.
  • Monthly reconciliation of VAT Accounting
  • Collection of VAT receipts from VAT office

We also provide:

  1. Advisory and technical assistance to our clients in any part of the country on tax matters.
  2. Regular circulation of Tax commentaries in respect of Federal Government Budget proposals, and charges in Tax legislation(s) with their tax implication.
  3. Provision of tax advisory services to companies.

EDUCATIONAL TAX

Preparation of Annual Educational Tax Returns and filling of same with Federal Inland Revenue Services.

CAPITAL GAIN TAX

Preparation of capital gains, computation and returns to the appropriate tax authority.

PETROLEUM PROFIT TAX

Preparation of petroleum profit tax, computation and necessary returns to the appropriate authority, where applicable.

WITHHOLDING TAX RETURNS TO FEDERAL INLAND REVENUE

  • Computation and submission of WHT monthly returns to FIRS
  • Reconciliation of WHT Tax Accounts monthly.

PENSION

Preparation and submission of employee’s pension to relevant Pension Fund Administrator (PFA).

We also offer tax consulting services in the following areas:

  1. VAT Accounting
  2. PAYE Accounting
  3. Enterprise Tax Accounting
  4. Tax Planning
  5. Transaction Structuring for tax optimization
  6. Tax optimization through restructuring of existing companies, mergers integration and acquisitions.
  7. Tax optimization in the case of disposal of companies or other capital investments.
  8. Cross Boarder Operations and Transfer Pricing.
  9. Representation of entities in tax audits, back duty cases and revenue courts.
  10. Correspondence with tax authorities
  11. Review of tax assessments
  12. Securing Joint tax Board Approval of Pension Schemes.
  13. Securing Acceptance Certificate from the Ministry of Industry for Capital Expenditure
  14. Securing NOTAP, approval of Technical/Management Fees, Royalties, Patents, Trade Agreements, etc.

B. FUNDS RECOVERY / FINANCIAL ADVISORY SERVICES UNITS

This unit is saddled with the responsibility of recovering of funds trapped in the financial system and rendering quality financial advisory services to clients.

  1. FUNDS RECOVERY SERVICES: recovery of trapped/hidden funds from the financial system Such as undrawn balances, un-utilized balances, excess bank charges, excess offshore charges and repartriation of offshore interest.
  2. Rendering financial advisory services to clients on concepts such as all matters relating to letters of credit establishment, amendment, cancellation and up to drawings/shipment.
  3. Analyzing the impacts of Government fiscal and monetary policies and exchange control regulation including tariffs, quotas and incentives/ subsidies for exporters.
  4. Liasing with Banks and Inspections agents on behalf of clients.
  5. Sourcing of Foreign suppliers and negotiation of terms on behalf of clients.
  6. Networking with the Industrial Inspectorate Department of the Federal Ministry of Industry and Commerce for the processing and obtaining Acceptance Certificate on behalf of clients for the purpose of enjoying capital allowance on fixed assets.

C. Organizing trainings for SMEs

  • Educating entrepreneurs on Banking record keeping.
  • Educating Business interests on the local and foreign intricacies in international trade transactions especially as it impacts on the exchange control regulations within Nigeria.
  • Creating awareness to entrepreneurs on the sources of funding available and the requirements for eligibility.