CAC- Corporate Affairs

The Role of Effective Internal Control Systems in the Decision-Making Process.

Introduction In today’s complex and fast-paced business environment, an effective internal control system is indispensable. Factors such as business growth, increased operational complexity, and the potential for errors and fraud necessitate robust internal controls. Without them, business managers struggle to oversee and manage activities effectively. An internal control system comprises the control environment, accounting systems, …

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Enhanced Tax Compliance Obligations for Approved Enterprises in Nigerian Free Zones

Introduction In late February 2024, the Nigeria Export Processing Zones Authority issued new Guidelines for Tax Compliance for Approved Enterprises operating in Nigeria Export Processing Zones. These Guidelines, jointly endorsed by the Authority and the Federal Inland Revenue Service, introduce additional tax compliance requirements. This article outlines the key aspects and implications of these Guidelines …

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Integrating ESG in Nigeria: A Key to Sustainable and Responsible Corporate Decision-Making.

Introduction In today’s business landscape, understanding the impact of Environmental, Social, and Governance (ESG) considerations on corporate decisions is crucial for companies and investors alike. Balancing profitability with sustainability and social responsibility has become increasingly important as stakeholders recognize the long-term benefits of integrating ESG criteria into business practices. The Essence of ESG ESG encompasses …

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Further Insights on Regulatory Challenges in Fintech: Challenges and Solutions for Nigeria’s Fintech Industry

Introduction The fintech industry has revolutionized financial services by harnessing technology to enhance customer experience, security, and convenience. Artificial intelligence and digital innovation have fueled its rapid growth, enabling seamless self-service options, prompt support, and instant access to information. However, this exponential growth is threatened by a complex regulatory landscape, which hinders progress and poses …

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Retroactive Application of Finance Act 2019: Considering Accugas vs FIRS Case

Introduction On June 27, 2022, the Federal High Court (FHC) in Abuja ruled on the applicability of tax amendments to transactions predating such amendments. This ruling came from an appeal by Accugas Limited against the Federal Inland Revenue Service (FIRS) and the Attorney General of the Federation. The court’s decision addresses whether the Finance Act …

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VAT on Financial Services in Nigeria: Understanding the Rules and Exemptions

Introduction The Value Added Tax Act (VATA), as amended, imposes VAT on all goods and services supplied in Nigeria. A supply is considered to have occurred in Nigeria when an invoice or receipt is issued by the supplier, when the supplier receives consideration, or when the consideration becomes due from the buyer. However, certain goods …

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Cybersecurity Levy in Nigeria: A Call for Legal and Timing Review

Introduction On May 6, 2024, the Central Bank of Nigeria (CBN) issued guidance on implementing the National Cybersecurity Levy. However, following significant concerns from stakeholders, the government suspended this levy on May 17, 2024. As businesses increasingly rely on technology, balancing the benefits and risks of cyber threats becomes critical. This article examines the evolution …

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Navigating Tax Implications of Mergers in Nigeria: Key Considerations and Compliance

Introduction In Nigeria, mergers are governed by the Federal Competition and Consumer Protection Act, 2018, which defines a merger as an event where one or more businesses acquire control over another. This can be achieved through purchasing or leasing shares, interests, or assets; amalgamating or combining businesses; or establishing a joint venture. For a merger …

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Navigating Tax and Regulatory Challenges for Fintech Companies in Nigeria

Introduction The Financial Technology (Fintech) sector in Nigeria has experienced remarkable growth, even as other sectors have faced stagnation. This growth has drawn significant attention from tax and regulatory agencies due to the substantial investments pouring into the Fintech ecosystem. According to the Nigeria Inter-Bank Settlement System (NIBSS), the volume of financial transactions processed via …

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Navigating the Finance Acts in Nigeria: The Imperative for Tax Health Checks

Introduction The tax landscape in Nigeria is continually evolving, necessitating businesses to regularly evaluate their tax structures, positions, and compliances. This ensures that their overall tax positions are well-documented, compliance is maintained, and potential litigation issues are addressed effectively. The introduction of the Finance Acts in Nigeria has significantly altered the tax compliance regime, making …

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