The Industrial Inspectorate Act 1970 provides that every establishment which intends to acquire in a year of assessment Fixed assets worth 500,000 or more must file a notification of its intention with the Industial Inspectorate Division of the Federal Ministry of Industry.
On the acquisition of the Fixed Assets, a Tax Acceptance Certificate must be obtained; failing which the Federal Inland Revenue Service may reject the capital allowances claimed on the assets.
For effective Tax Planning and Management, Tax payer will be expected to manage its asset portfolio in such a way as to enable it maximize the capital allowances benefits of this assets.
We have a good working relationship with both the officials of the Federal Inland Revenue Service and the Industrial Inspectorate division of the Federal Ministry of Industry.
Our Intended Approach to Providing the Service is listed below:
Filing Intention to incur qualifying capital expenditure with the Industrial Inspectorate Division of the Federal Ministry of Industry
Compiling the detailed schedule of the Fixed and Leased Assets
Filing the relevant returns with the Inspectorate Division of the Federal Ministry of Industry
Carrying out the documentation of the assets on Year by Year Basis with the officials of the Industrial Inspectorate Division
Carrying Out Physical Inspection of the assets in their various locations with the officials of the Industrial Inspectorate Division of the Federal Ministry of Industry
Obtaining Tax Acceptance Certificate on the Assets of the company on Yearly Basis
