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Tax Payment Agreement

Tax Payment Agreement Template for Nigeria

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Key Requirements PROMPT example:

Tax Payment Agreement

"I need a Tax Payment Agreement for my manufacturing company to settle a ₦50 million corporate tax liability with FIRS through monthly installments starting January 2025, with specific provisions for potential company restructuring during the payment period."

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Document background
The Tax Payment Agreement is a crucial document used in Nigerian tax administration when taxpayers require structured arrangements to settle their tax liabilities. This agreement becomes necessary when a taxpayer cannot immediately pay their full tax obligation or wishes to establish a formal payment structure with the tax authority. It outlines detailed payment terms, includes provisions for interest and penalties, and ensures compliance with Nigerian tax laws and regulations. The document is particularly relevant in situations involving substantial tax assessments, tax arrears, or when businesses are experiencing temporary financial constraints but demonstrate commitment to fulfilling their tax obligations. The agreement must comply with various Nigerian tax legislation, including the Federal Inland Revenue Service (Establishment) Act 2007 and relevant tax administration regulations.
Suggested Sections

1. Parties: Identifies and provides details of the taxpayer and the relevant tax authority

2. Background: Outlines the context of the tax obligation and the purpose of entering into the payment agreement

3. Definitions: Defines key terms used throughout the agreement

4. Tax Liability: Specifies the total amount of tax liability being addressed in the agreement

5. Payment Terms: Details the agreed payment schedule, including amounts, frequencies, and payment methods

6. Interest and Penalties: Specifies any applicable interest rates and penalties for late or missed payments

7. Taxpayer Obligations: Outlines ongoing compliance requirements and reporting obligations

8. Default and Remedies: Describes what constitutes default and the available remedies

9. Representations and Warranties: Contains statements of fact and promises made by the taxpayer regarding their financial situation

10. Term and Termination: Specifies the duration of the agreement and conditions for termination

11. Governing Law: Confirms Nigerian law as governing law and relevant jurisdiction

12. Execution: Signature blocks and execution formalities

Optional Sections

1. Security Arrangements: Required when collateral or security is being provided for the tax payment arrangement

2. Third-Party Guarantees: Included when a third party is guaranteeing the tax payments

3. Tax Dispute Resolution: Needed when there are ongoing or potential disputes about the tax assessment

4. Acceleration Clause: Optional provision for immediate payment of full amount under specified circumstances

5. Refinancing Provisions: Included when there's possibility of refinancing the tax debt

6. Compliance with Other Tax Obligations: Required for taxpayers with multiple tax obligations

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment amounts and due dates

2. Tax Assessment Details: Breakdown of the tax assessment and calculations

3. Security Details: Description and documentation of any security provided

4. Contact Information: List of key contacts and their details for both parties

5. Supporting Documents: List of all supporting documents provided by the taxpayer

6. Compliance Requirements: Detailed checklist of ongoing compliance requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Applicable Law
Assessment Period
Business Day
Commencement Date
Completion Date
Default Event
Due Date
Effective Date
FIRS
Force Majeure Event
Governing Law
Interest Rate
Late Payment Penalty
Material Adverse Change
Outstanding Amount
Payment Date
Payment Schedule
Payment Terms
Principal Amount
Relevant Tax Authority
Security
State Internal Revenue Service
Tax Assessment
Tax Liability
Tax Period
Tax Year
Taxes
Taxpayer
Term
Territory
Total Tax Obligation
Working Days
Relevant Industries

Financial Services

Oil and Gas

Manufacturing

Telecommunications

Real Estate

Mining

Retail and Commerce

Construction

Agriculture

Professional Services

Healthcare

Education

Technology

Transportation and Logistics

Relevant Teams

Finance

Legal

Tax

Treasury

Compliance

Accounting

Corporate Secretariat

Risk Management

Internal Audit

Executive Management

Relevant Roles

Chief Financial Officer

Tax Manager

Financial Controller

Finance Director

Tax Director

Compliance Officer

Legal Counsel

Finance Manager

Accounts Manager

Treasury Manager

Tax Consultant

Financial Advisor

Company Secretary

Managing Director

Chief Executive Officer

Tax Accountant

Senior Accountant

Industries
Federal Inland Revenue Service (Establishment) Act 2007: Establishes the Federal Inland Revenue Service and provides for its powers, duties, and administration of federal taxes in Nigeria
Companies Income Tax Act (CITA) Cap C21 LFN 2004 (as amended): Governs the taxation of companies' profits and provides the framework for corporate tax obligations and compliance
Value Added Tax Act Cap V1 LFN 2004 (as amended): Regulates the imposition and collection of Value Added Tax (VAT) on goods and services in Nigeria
Personal Income Tax Act Cap P8 LFN 2004 (as amended): Governs the taxation of individuals, including payment arrangements and collection mechanisms
Tax Administration (Self Assessment) Regulations: Provides framework for self-assessment, tax payments, and installment arrangements
Finance Act 2021: Contains recent amendments to various tax laws and introduces new provisions affecting tax administration and payment
Nigerian Tax and Fiscal Law (Amendment) Order: Provides updates and modifications to existing tax laws and payment procedures
Tax Appeal Tribunal (Establishment) Order 2009: Establishes the framework for resolving tax disputes and handling appeals related to tax payments
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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