Role of Forensic Accounting and Investigation in Preventing Financial Fraud Financial fraud is a significant concern for businesses and organizations of all sizes. The consequences of fraud can be devastating, ranging from financial losses to reputational damage. In this landscape, Forensic accounting and investigation play a crucial role in not only uncovering fraud but also […]
Top 10 Tax Management and Planning Tips for Startups and New Businesses Starting a new business is an exciting venture, but it also comes with a myriad of responsibilities, including managing and planning for taxes. Proper tax management and planning can not only save your startup money but also ensure compliance with tax regulations. In […]
How Audit and Assurance Services Can Boost Your Company’s Financial Health In the competitive landscape of modern business, maintaining robust financial health is essential for sustainable growth and success. Audit and assurance services play a critical role in achieving and maintaining this financial stability. But how exactly do these services contribute to your company’s financial […]
Introduction The Federal Inland Revenue Service (FIRS’) gives guidance on the tax treatment of foreign exchange transactions. In its circular dated 14 June 2024, it noted that the treatment prescr0.1ibed by the International Financial Reporting Standard, although sufficient for accounting purpose is not the same treatment for tax purpose and as such requires some adjustments […]
Introduction The mandatory payment of 50% of tax assessed has been reversed. This is a fundamental change in the Rules. Now a taxpayer who intends to appeal would not need to pay 50% of the disputed tax into an account designated by the Tax Appeal Tribunal (TAT) as security for the appeal. Voiding Court Order […]
INTRODUCTION Pursuant to section 12(2)(a) of the NITDA Act (National Information Technology Development), companies and enterprises enumerated in the Third Schedule and having turnover of #100,000,000 and above are liable to pay a levy of 1% of their Profit before Tax (PBT), in the relevant accounting year. The Third Schedule provides; – Businesses which section12(2)(a) […]
Facts You Need To Know Introduction Section 66 of the CITA provides: “If the Service discovers or is of the opinion at any time that any company liable to tax has not been assessed or has been assessed at a lesser amount than that which ought to have been charged, the Service may, within the […]
This articles aims to explore the highlights of the 2022 Finance Bill and how it will influence the future of taxation in Nigeria.
INTRODUCTIONThe manufacturing industry is a fundamental part of any nation’s economy. The growth of this industry in Nigeria has been hindered by many factors such as the epileptic power supply, tax compliance burden, high cost of importation etc.The government however has made conscious effort to improve fiscal policies to ensure growth and the Finance Act […]
INTRODUCTIONOffshore trusts are usually set up by High net-worth individuals (HNIs) and business owners seeking to ensure that their assets and investments are held to guarantee optimal returns and preservation of wealth. The generally adopted structure for this purpose is the Private Trust Agreement.A trust is an arrangement whereby legal ownership of certain assets is […]