In an effort to bolster tax revenue in Nigeria, the Federal Government is set to implement rigorous enforcement measures to ensure compliance with existing tax laws. Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), revealed the government’s ambitious plan to elevate the tax-to-Gross Domestic Product (GDP) ratio to 18 percent by 2026. Speaking […]
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
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
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 »
Introduction: In a rapidly evolving business landscape, collaborations and partnerships have become vital for Nigerian companies seeking to harness innovation and drive growth. In the realm of collaborative ventures, the sharing of intellectual property (IP) emerges as a strategic asset. However, the complexities of IP sharing are intertwined with tax implications. This article delves into
Introduction Succession planning is a critical component of long-term business sustainability. In Nigerian companies, where family-owned businesses and conglomerates dominate the corporate landscape, effective succession planning is essential to ensure seamless transitions of leadership. However, many businesses in Nigeria face unique challenges when it comes to succession planning, which is where outsourcing can play a
Outsourcing and Succession Planning: Ensuring Smooth Transitions in Nigerian Companies Read More »
Introduction Effective governance is the backbone of organizational success, ensuring that processes run smoothly, risks are managed, and resources are utilized efficiently. For Nigerian organizations, internal controls play a pivotal role in achieving good governance. However, conducting comprehensive internal control assessments can be a challenging and resource-intensive task. Outsourcing has emerged as a strategic solution
Introduction The business landscape in Nigeria is vibrant, offering a plethora of opportunities for multinational corporations (MNCs) looking to tap into Africa’s largest economy. However, expanding operations into a new country comes with unique challenges, particularly in the areas of accounting, taxation, and regulatory compliance. Outsourcing has emerged as a strategic solution to navigate these
Introduction Succession planning is a critical component of long-term business sustainability. In Nigerian companies, where family-owned businesses and conglomerates dominate the corporate landscape, effective succession planning is essential to ensure seamless transitions of leadership. However, many businesses in Nigeria face unique challenges when it comes to succession planning, which is where outsourcing can play a
Outsourcing and Succession Planning: Ensuring Smooth Transitions in Nigerian Companies Read More »
Introduction Effective internal control systems are the backbone of sound financial management in any organization. For Nigerian businesses operating in a dynamic and competitive environment, ensuring that their internal controls are robust and efficient is vital to safeguard assets, prevent fraud, and maintain financial integrity. However, maintaining an in-house internal control system can be challenging,
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