Publications

The Federal Inland Revenue Service (FIRS) has by a public notice issued on October 3, 2024, advised that The Deduction of Tax at Source Withholding (WHT) Regulations, 2024 recently published in the Federal Government Gazette takes effect from January 1, 2025. This briefing brings this latest development to light with annotations on what this means […]

In today’s dynamic business environment, having strong financial reporting systems is essential. It is in recognizing this that regulators like the Securities and Exchange Commission (SEC) and the Financial Reporting Council (FRC) now require entities under their oversight to conduct annual assessments of their Internal Control over Financial Reporting (ICFR) function. This measure ensures the […]

IN CASE YOU MISSED IT On Tuesday, July 30, 2024, the Federal High Court sitting in Abuja delivered a judgment stating that the Corporate Affairs Commission (CAC) lacks the authority to prevent companies incorporated prior to the enactment of the Companies and Allied Matters Act (CAMA) 2020 from transitioning to single-shareholder statuses. The FHC determined […]

The Corporate Affairs Commission (CAC) recently issued a public notice indicating its intention to strike off defunct or dormant companies from its register. This action is grounded in the powers vested in the CAC under Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020. Specifically, the Commission aims to […]

I n this briefing, we examine the Finance Act Amendment Bill of 2024, a legislative proposal that aims to introduce new sections to the Finance Act of 2023. This Bill introduces a new “windfall tax” provisions designed to specifically impact commercial banks. Our analysis will explore the specific amendments proposed, their broader economic implications, and […]

T he Federal Government through the Minister of Finance has issued a Deduction of Tax at Source (Withholding) Regulations 2024 (“the Regulations”) which takes effect from July 1, 2024. This Regulation effectively replaces the 2006 Regulations and introduces significant changes to the existing tax deduction framework. These regulations reflect a comprehensive update aimed at enhancing […]

O n April 19, 2024, the International Accounting Standards Board (IASB) issued a new standard, IFRS 18, which revolutionizes the way companies present and disclose information in the financial statements. This Standard was issued separately and does not form part of teh compendium issued by the IASB in 2024.

I n May 2023, the Federal Government of Nigeria through the Presidency, signed the Financial Reporting Coucil of Nigeria Amendment Act No. 42 of 2023 (“the Amendment Act”) into law. This legislation introduced amendments to selected sections of the Financial Reporting Council of Nigeria Act No. 6 of 2011 which remains in force.

T he Federal Inland Revenue Service (FIRS) has introduced a self registration module on the tax administration solution platform, the TaxPro-Max. This was communicated through a Public Notice issued by the Service on the 11th March 2024 on its official X social media handle.

T he Federal Government of Nigeria on 27 February 2024 issued the Expatriate Employment  Levy Handbook that was designed to “address certain socio-economic considerations within the country and seeks to balance the benefits of expatriate employment with the protection of Nigeria’s local labour markets and resources.”