Author name: ORE_NYS

Introduction Post-merger integration stands as a formidable challenge for businesses, encompassing potential pitfalls such as loss of focus, employee transitions, cultural shifts, system integration complexities, and customer engagement concerns. Drawing from our expertise in orchestrating successful business transformations, we’ve compiled a comprehensive guide outlining key challenges in post-merger integration and practical strategies to circumvent them …

Navigating Post-Merger Integration: Challenges and Strategies for Success Read More »

As we approach another audit season, it’s essential for business professionals to gear up for what can often be a demanding period. Proper preparation and organization not only streamline the audit process but also lead to reduced audit adjustments, lower future audit fees, and overall improved value derived from the audit. Let’s delve into seven …

Steps to a Successful Audit: Essential Strategies and Best Practices Read More »

Introduction Financial reporting is not just about numbers; it’s a narrative that tells the story of a company’s performance, risks, and potential. In today’s global economy, this narrative extends beyond financial metrics to encompass environmental, social, and governance (ESG) factors, collectively known as sustainability. This shift in focus has led to a collaborative effort between …

Driving Sustainability through IFRS: Enhancing Financial Reporting for Global Market Access Read More »

Introduction In Nigeria’s evolving tax landscape, Transfer Pricing (TP) has emerged as a focal point for both businesses and tax authorities. The Federal Inland Revenue Service (FIRS) has intensified TP audits, leading to increased scrutiny and potential disputes between taxpayers and tax authorities. Understanding the TP audit process and exploring effective dispute resolution options has …

A Comprehensive Guide to Dispute Resolution in TP Audits Read More »

Introduction The longevity of family-owned businesses is a testament to their resilience and strategic planning. However, the transition from one generation to the next is often challenging, with statistics indicating that a significant percentage of family businesses do not survive beyond the second or third generation. To address this issue, families need to engage in …

Practical Insights into Family Wealth Succession Planning Read More »

The directive issued by the Federal Inland Revenue Service (FIRS) appointing MTN, Airtel, and deposit money banks (as defined by the Central Bank of Nigeria guidelines) as Value Added Tax (VAT) Collection Agents stirred significant discussion and analysis within the business and taxation sectors. This article aims to provide an in-depth examination of this directive, …

A Comprehensive Analysis of FIRS Directive Appointing MTN, Airtel, and Deposit Money Banks as VAT Collection Agents. Read More »

The Federal Inland Revenue Service (FIRS) issued Information Circular No. 2023/01 on 3 March 2023, detailing guidelines for the withholding and self-accounting of Value Added Tax (VAT). These guidelines are crucial for understanding the legal obligations and procedures related to VAT management in Nigeria. Here are the key points outlined in the circular: Guideline on …

A Review of FIRS Guidelines on Withholding and Self-Account of VAT Read More »

The Federal Inland Revenue Service (FIRS) has released Guidelines outlining the process for refunding Value Added Tax (VAT) payments made by Diplomats, Missions, and International Organizations (Qualified Persons) on goods and services. These Guidelines aim to provide a structured framework for handling VAT refund requests from such eligible entities. Under these Guidelines, Diplomats, Diplomatic Missions, …

VAT Benefits for Diplomatic Missions and International Organizations Read More »

The Nigerian tax scene witnessed notable shifts towards the end of 2023, setting the stage for anticipated trends in 2024. Here are some highlights: JB Daudu SAN v. Hon. Minister for Finance, Budget, and National Planning & Anor. A significant legal ruling settled the long-debated issue regarding the constitutionality of rules mandating the prepayment of …

Key Developments in Nigeria’s Tax Landscape and Prospects for 2024 Read More »

Introduction The recent announcement by the Federal Inland Revenue Service (FIRS) regarding the migration of Transfer Pricing (TP) filings from the electronic TP platform (e-TP Plat) to the TaxPro Max platform has stirred discussions among taxpayers and experts alike. This shift, outlined in the FIRS Public Notice dated 18 February 2024, comes with both potential …

Benefits and Challenges of Transfer Pricing Filings Migration: From e-TP Plat to TaxPro Max. Read More »