Taxation

Taxation and revenue law is notoriously complex and the fast changing tax environment has meant business owners must now consider the tax implications of almost every business transaction. We can assist you with a variety of services including:

• Preparation of income tax returns
• Preparation of fringe benefit tax returns
• Management of capital gains tax
• VAT advice & returns
• Service turnover tax
• Environment & climate adaptation levy
• Employee monthly summary (EMS)
• Plastic bag levy

There are increased taxation implications through the introduction of capital gains tax, fringe benefits tax, VAT legislation, as well as increased penalties for failing to pay the correct amount of tax.

We understand that taxes can be a considerable drain on the cash flow of any business and we believe that when properly managed, the right tax advice can give you a competitive edge. We are therefore committed to minimising the impact of taxation on our clients. Taxation can be a minefield for the unwary! Our team can help clients in negotiations with the FRCS and in taxation disputes.

Each year we are required to prepare and lodge our income tax returns. In this we have little choice and say. However, we can have some say in the amount of tax (if any) we are required to pay. This can be achieved by undertaking some prudent and legal tax planning. Tax planning is simply smart business planning.

You will find it is critical that you have access to the right people who are able to guide you in making astute business decisions and also warn you of potential pitfalls. Here at NMC Partners, our service offering is to become your trusted business partner. The NMC Partners’ approach is to harmonise your business aspirations with sound commercial and tax advice and form a long successful partnership as your trusted business partner.

NMC Partners can provide commercial and tax planning advice to guide you to plan for success if you wish to:

• Buy & sell a business
• Transfer your business to the next generation of your family
• Merge your business with another
• Introduce employees or business investors into your business
• Expand your business overseas
• Undertake property development whether on your own or with another person
• Reward and retain key employees
• Produce a fairer division of family assets in the event of a marriage breakdown (divorce)
• Establish a family trust which can be an effective means of reducing the amount of tax paid by your family and also help safeguard the family’s assets from creditors
• Resolve a dispute with the Fiji Revenue and Customs Service (FRCS) including the reduction of penalties & interest

As you can see, tax planning is more than the lodgement of income tax returns; it is NMC Partners’ smart business planning.

Clients and Expertise

NMC Partners works directly with clients, primarily small-to-medium enterprises in industries such as communications, events management, medical, architectural services, IT and property development; foreign subsidiaries, as well as clients who are looking to expand internationally or bring on board international investors.

Some of the areas where NMC Partners provides advice include the tax treatment and implications of commercial transactions; creating effective tax structures; preparing a business for sale, purchase, merger or demerger. We advise Fiji companies on the tax implications of expanding into international markets and assist them to develop appropriate business structures and models which are designed to reduce the incidence of tax. We also assist foreign companies to set up their business within Fiji in a manner that enables them to extract maximum value.

NMC Partners is well positioned to assist individuals and businesses in dealing with contentious issues with the Fiji Revenue and Customs Service (FRCS), representing their case to achieve resolution. Our focus is to become the trusted adviser to business owners with a view of maximising their wealth creation through well considered and implemented business planning.

Tax Service Offering
NMC Partners’ main areas of tax specialisation are:

• Capital gains tax: e.g. structuring the buy & sale of a business to provide stakeholders with maximum net cash return;
• Undertaking of tax due diligence (tax health check) common in preparation of the purchase or sale of a business;
• Corporate transactions: mergers & acquisitions of corporate groups;
• International tax: establishing tax and business structures for Fiji businesses expanding overseas and foreign business entry into Fiji;
• Conduct, negotiation and management of FRCS audits;
• Stamp duty advice;
• Review of commercial documentation for tax implications which may arise;
• General tax advisory.