The Investment Promotion Authority (IPA) and the Internal Revenue Commission (IRC) are currently working on a Memorandum of Understanding (MOU) on the provision and sharing of information between the two organizations.
The move came after the existing MOU expired some time back.
A series of meetings have begun in which officers from both organizations have met and did presentations on their roles and functions.
In their last meeting at the IPA Office, the IRC team made a presentation on the various tax requirements available, processes involved and the appropriate types of taxes for appropriate business entities.
The key factor highlighted by the IRC was that most companies avoid tax responsibilities after registering with the IPA.
Having an MOU in place would enable IPA staff at the Companies Office counters to advise clients on the various taxation requirements for the types of business entities they intend to register.
IPA could also use the opportunity to source updated Taxation information from the IRC to supply to its clients, especially investors when they enquire about necessary requirements before coming to do business in the country.
Labels: Commerce Regulations, Taxation