Author name: Yemisi2025

Understanding and Adapting to the Industrial Training Fund (Amendment) Act 2011.

The Industrial Training Fund Act (ITFA) became effective on October 8, 1971. Its purpose was to establish the Industrial Training Fund (ITF) to promote and encourage skill acquisition in Nigerian industry or commerce. This aimed to create a pool of trained indigenous manpower to meet the economy’s needs. The Act mandated the Council to provide […]

Understanding and Adapting to the Industrial Training Fund (Amendment) Act 2011. Read More »

LIRS Takes Stringent Action Against Non-Compliance: 34 Companies and 23 Hospitality Businesses Shut Down for Unsettled Tax Debts.

The Lagos State Internal Revenue Service (LIRS) has enforced the closure of 34 corporate organizations and 23 establishments in the hospitality sector for their failure to remit Personal Income Taxes of employees and non-remittance of consumption taxes to the Lagos State Government, accumulating a total tax debt of over N356.12 million. In a statement released

LIRS Takes Stringent Action Against Non-Compliance: 34 Companies and 23 Hospitality Businesses Shut Down for Unsettled Tax Debts. Read More »

Lagos State Internal Revenue Service Implements Eco Fiscal System for Streamlined Hospitality Tax Collection.

The Lagos State Internal Revenue Service (LIRS) has unveiled an advanced approach to collecting Hotel Occupancy and Restaurants Consumption Tax (HORCT) in the region. In a public notice directed at stakeholders in the hospitality sector, including hotel owners, event centers, restaurants, and bars, the Executive Chairman of LIRS, Ayodele Subair, introduced the Eco Fiscal System

Lagos State Internal Revenue Service Implements Eco Fiscal System for Streamlined Hospitality Tax Collection. Read More »

15 NOTES ON NIGERIA’S UPDATED VAT E-FILING PLATFORM.

Nigeria’s Federal Inland Revenue Service (FIRS) has implemented significant updates to enhance the Value Added Tax (VAT) compliance processes on its ICT-based tax compliance platform known as TaxPro MAX. The revisions impact Sales, Purchases, Sales Adjustments, and the VAT Returns Form. Below are 15 key notes elucidating the changes on the Platform and their implications

15 NOTES ON NIGERIA’S UPDATED VAT E-FILING PLATFORM. Read More »

Ensuring Regulatory Compliance: A Guide to Statutory Audits in Nigeria.

Introduction: Statutory audits in Nigeria play a crucial role in promoting financial transparency, ensuring regulatory compliance, and maintaining the integrity of financial reporting. These audits are mandatory examinations of a company’s financial records, designed to ascertain its financial health and adherence to legal and regulatory requirements. In this article, we will provide a comprehensive guide

Ensuring Regulatory Compliance: A Guide to Statutory Audits in Nigeria. Read More »

The Impact of IFRS Adoption on Auditing in Nigerian Firms.

Introduction: The adoption of International Financial Reporting Standards (IFRS) by Nigerian firms has marked a significant milestone in the country’s accounting and auditing landscape. IFRS, developed by the International Accounting Standards Board (IASB), is designed to create a common global language for financial reporting. In this article, we will explore the profound impact of IFRS

The Impact of IFRS Adoption on Auditing in Nigerian Firms. Read More »

Auditing in the Digital Age: Challenges and Opportunities in Nigeria.

Introduction: The digital age has brought about a transformative shift in how businesses operate, and the field of auditing is no exception. As businesses in Nigeria increasingly embrace digital technologies, auditors are confronted with both new challenges and opportunities. In this article, we will explore the impact of the digital age on auditing in Nigeria,

Auditing in the Digital Age: Challenges and Opportunities in Nigeria. Read More »

The Evolution of Auditing in Nigeria: A Historical Perspective.

Introduction: Auditing, the systematic examination of financial records, plays a vital role in ensuring transparency and accountability in the financial landscape of Nigeria. As a profession, auditing has evolved significantly over the years, adapting to changes in the business environment, regulatory landscape, and technological advancements. In this article, we will explore the historical perspective of

The Evolution of Auditing in Nigeria: A Historical Perspective. Read More »

Navigating Tax Audits in Nigeria: Tips for Businesses.

Introduction: Navigating tax audits is an integral part of operating a business in Nigeria. The Nigerian tax environment is dynamic, with regulations and tax laws subject to changes and updates. Therefore, understanding how to prepare for and manage a tax audit is crucial to ensure compliance, reduce potential risks, and maintain a smooth business operation.

Navigating Tax Audits in Nigeria: Tips for Businesses. Read More »

Medical Malpractice Insurance in Nigeria: Accounting and Financial Planning.

Introduction: The practice of medicine in Nigeria, like in many countries, is not without risks. Medical professionals often face the potential of malpractice claims, which can have significant financial implications. Medical malpractice insurance is a critical aspect of risk management for healthcare providers. In this article, we will explore the importance of medical malpractice insurance,

Medical Malpractice Insurance in Nigeria: Accounting and Financial Planning. Read More »

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