All companies in Nigeria apply to the Federal Inland Revenue Service for a claim of capital allowances to substitute depreciation and amortization amounts charged to the income statements but disallowed as an expense for the purpose of tax. However a valid claim of capital allowance can only be made where a company has duly processed an “acceptance certificate” for the capital assets acquired in any tax year. This is required by legislation and all companies are required to comply with this legislation.
An acceptance certificate is only processed with the Federal Ministry of Industry – Abuja and specialized compilation of the returns must be made followed by physical inspection of the assets to merit the grant and issue of the acceptance certificate.
Goldwyns has processed these for several of its clients and has established the network and capacity to handle the most intricate engagement relating to this assignment.