As the Federal Government intensifies efforts to ensure everyone in the tax bracket perform their civic responsibilities, Taxaide has taken the initiative to educate and assist every taxpayer on related matters to avoid defaulting on their tax functions.
Taxaide has deployed products and mobile app to help Nigerians and expatriates perform their tax duties in compliance with the Federal Inland Revenue Service (FIRS) guidelines.
With tools like Tbook and Taxit, individuals and companies will be able to efficiently manage their Payroll, PAYE, Withholding tax and VAT transparently.
Why Taxaide is vital for taxpayers: The Federal Government had engaged in several tax reforms last year, which are being implemented this year. Individuals, small and medium enterprises might be punished by the complexity of the tax reforms if they don’t properly understand the changes.
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So Taxaide develops strategic schemes like tax plan, which simplifies the complex Nigerian tax regime for taxpayers seeking clarity, through technology, thereby bridging the knowledge gap across urban and rural areas.
Chief Executive Officer, Taxaide, Bidemi Olumide, faulted the tax orientation in Nigeria, stating that the knowledge gap is what his company plans to fill, “The tax culture has not developed significantly because the government has not passed the message right.
“All you hear is, pay your tax, pay your tax, but then, we try to equalise it with information, that look, there are rules to this game. I do a lot of work for expatriates, and I have not seen any expatriate when he sees what he’s asked to pay in his own country and what he has to pay in Nigeria, who has ever told me that he will choose his own country as a tax residence.
“They will always want to choose here (Nigeria) because our rates are one of the lowest in the world.” Olumide disclosed. The only problem is just the complexity, and Taxaide will eliminate those cumbersome process to ease and sort tax payment.
Is your tax expenses more than it should be? Olumide argued that the lack of knowledge have compelled tax payers to pay more than they should. According to him, if Nigerians are properly guided on tax matters, most will realise they could pay less than what they currently paying to the government.
Olumide explained that there are certain factors that could cut down individuals tax burden, but because the tax payment system is gigantic and tiresome, majority of the tax payers are not aware of activities that are tax exempt.
He said with Taxaide mobile app, TBook, “If a tax payer want to know what to declare and what tax will arise from it, you put your figures there, and then you see a lot of options as to how, as a tax payer, you can save yourself from (unnecessary) tax payment.
“For example, if you have a mortgage, the interest payment on the mortgage is a tax deduction, a lot of Nigerians don’t know it. If you’ve taken up a life insurance, that’s a tax deduction.
“So when you hear the government say pay your tax, they don’t give you information as to how you can legitimately reduce your figures (tax expense).” That’s where Taxaide comes in according to Olumide.
Meanwhile, he said Taxaide solutions are integrated with a couple of authorities. However, the goal of Taxaide is to be able to bring all revenue collection agencies across the country into a single platform, in order not to unnecessarily burden the average Nigerian.