FAQ Commodity TaxWhy should we consider having a commodity tax review?
To recover what's rightfully yours. NMI's knowledge-based tax solution will uncover any and all overpayments, allowing your company to recover its capital and put it to the best possible use.
How much does a review cost?
Nothing! NMI works on a contingency-fee basis. You only pay us if we can find savings for you.
When do we pay you?
NMI gets paid when you take your credit, or get a refund from the government or supplier.
We have a Tax firm that reviews our taxes on a regular basis. Why hire NMI?
Our experience and thoroughness has almost always delivered additional savings to our clients regardless of the number of previous reviews. The combined knowledge, skills, and thoroughness of our staff are the reasons we're able to find monies that others have overlooked.
What if we are not in a position to undertake a general review?
NMI has contacted you based on our belief that one or several recovery issues are relevant and of high potential to offer you savings. NMI discovers and develops new grounds for recoveries on a regular basis.
Can NMI handle the large volumes of transactions we have?
NMI uses a knowledge-based solution approach that allows us to process large volumes of transactions from your existing system, and apply search criteria that reflects the targeted issues that directly affect your company.
Can NMI assign a consultant to be our permanent advisor?
Yes. Clients are also encouraged to utilize our toll-free help line if they have any questions.
How can NMI handle multinational or national operations?
NMI operates nationally, and we have partners with whom we consult in different jurisdictions, enabling us to provide a complete tax solution to your company.
How could NMI be better than our own staff?
Knowledge-based tax recovery is NMI's specialty, and we have had considerable success in recovering monies for our clients. On a daily basis we are exposed to court case decisions, new rulings, and legislative and interpretive changes of the Excise Tax Act. It's our job to ensure we understand and apply these obscure tax changes and administrative policy changes to your operations.
What if we want our staff trained?
This is provided as part of our service at the end of the review. In the course of our review process, and from the NMI Report, your staff will gain valuable insights on how to improve their handling of commodity taxes.
I have a stack of similar proposals. Why choose NMI?
Because of our great service and results. Our mission is to stand out from the competition and provide superior service to our clients. Our many satisfied clients have helped us become one of the best in the tax recovery industry.
How is NMI different from all the other companies?
NMI's expertise and thoroughness is unparalleled in the industry. Our staff has in excess of 30 years experience in working in various government and private companies tax departments. We also provide a toll-free line to answer your questions, and customized on-site seminars. We'll ensure you continue to benefit from our review long after our work is done.
What type of businesses can benefit from NMI's Review?
All types of business can benefit from a NMI Review. NMI primarily works with companies whose revenues exceed $5 million. There are exceptions for associations and not-for-profit organizations.
My Staff is too "busy." Can you still help if we can't devote time to you?
We hear that word a lot. We initially require just an hour to your time. The review is conducted with no disturbance to you or your staff. Questions from us are only asked periodically, if required. Minimal disruption is our pledge.
How are we going to find space for you?
All we need is a "work space" and use of a photocopier. Our staff requires no office, and they work independently.
We are happy with our external auditor. How can NMI be better?
We are results oriented and actually complement your existing accounting resources. NMI specializes in commodity taxes. We do not advise on audit matters, corporate income taxes, financial reporting or any of the usual accounting/audit functions.
What happens if we are assessed?
Your dedicated NMI staff will be available to review any government assessment and to file an appeal if required.
Aren't our operations too small to make a review worthwhile?
NMI has a history of success with smaller firms. Plus, your staff gains valuable insight on how to improve the handling of commodity tax issues. Most reviews usually take only a few days. If we're working for longer it means we have discovered substantial issues that will result in bigger savings for you.
What will we have to do with Tax authorities if there is a recovery?
NMI looks after that for you. Some issues require a lengthy approval period. We work with the governing agency until approval is granted and we will keep you up to date as to when you can expect the monies.
Our organization is tax exempt. Why would we need your services?
Some entities, such as charitable organizations, and non-profit organizations and associations don't have to collect or pay tax. Commodity taxes are "hidden" and you are in fact paying tax unknowingly. NMI can recover those monies for you. You may also have an opportunity to reorganize the way you do business to minimize your tax costs.
If we have special issues why can't you tell us your approach before we sign an Agreement?
Each situation is unique, and there can be several approaches to commodity tax recovery. NMI has developed many optimized methods in our recovery procedure, and so our ideas are NMI's proprietary product. Once an agreement is in place, and we have conducted our initial review, you receive full disclosure of the issues as they apply to your operation.
Why go through all the effort if there is ultimately no return?
NMI works on a contingency basis. We don't agree to partner with you unless we believe there is a 99% chance of success. We don't want to waste your time, and we can't afford to waste ours. The NMI Review also provides you with a reassurance that you're on the right track and that your staff is well versed in preventing overpayments.