Introduction In today’s complex business landscape, financial and operational risks often lead to situations where invoices for goods or services remain unpaid. Recognizing this reality, tax legislations in many jurisdictions allow for tax deductions on bad and doubtful debts. This practice aligns with generally accepted accounting principles, particularly under IFRS 9: Financial Instruments, which requires […]

“Management is above all, a practice where art, science, and craft meet” – Henry Mintzberg. Understanding Audits in Management A tax audit is an examination to ensure that a taxpayer has accurately assessed and reported their tax liability and met other obligations. Tax audits are often more detailed and extensive than other forms of examination,

Introduction The Nigerian Entertainment Industry stands as a cornerstone of the nation’s economy and cultural heritage, significantly contributing to economic growth and job creation. This sector, comprising film, music, and other media, thrives on the rich talent and creativity inherent in Nigeria’s population of over 200 million. As the epicenter of African media and entertainment,

Introduction In a bid to bolster its fiscal landscape, the Federal Government of Nigeria has introduced a measure to tax the realized profits from all foreign exchange transactions of banks in the 2023 financial year. This measure is captured in the Finance (Amendment) Bill 2024, which proposes a one-off tax of 50% on such realized

Introduction Labour is the engine driving the production wheel of any business organization. In Nigeria, where a diverse and dynamic workforce propels various sectors, it is crucial for local and foreign employers to understand their regulatory obligations regarding their workforce engagement forms. The legal backbone of this relationship is the Nigerian Labour Act (“the Act”),

Introduction Filing annual returns is a crucial aspect of maintaining transparency and compliance within the corporate sector. According to Section 417 of the Companies and Allied Matters Act (CAMA) 2020, every business name, company, or incorporated trustee must submit annual returns to the Corporate Affairs Commission (CAC) at least once a year, except for companies

Introduction On July 1st, 2024, the Nigerian Government, through its finance minister, introduced the new Withholding Tax Regulations (the “Regulations”). These regulations establish a new regime for the deduction and remittance of withholding taxes in Nigeria, applicable to both residents and non-residents. This article provides an overview of the significant changes in the withholding tax