Tax deductibility of expenses incurred outside Nigeria: Are days of arbitrary awards over?
The increased pace of globalisation has not left Nigeria and Nigerian companies out. Consequently, Nigerian companies are increasingly involved in business activities abroad in order to remain competitive in today’s business environment. This means that companies in Nigeria earn income and/or incur costs outside Nigeria.
IFRS 15 New Revenue Model: Spotlight on Power
The revenue and profit recognition profile of power companies may be significantly impacted by IFRS 15 as the new Standard is more detailed and more prescriptive than the existing guidance and introduces new complexities.
FEC Approves Revised National Tax Policy
The Federal Executive Council (FEC) on Wednesday, 1 February 2017, approved the revised National Tax Policy (NTP). The approval is an aftermath of the submissions made by the NTP Review Committee set up by the Minister of Finance in August 2016.
IFRS 15 New Revenue Model: Spotlight on Telecommunications
Telecoms companies have a variety of product offerings to customers. Many arrangements have multiple goods or services with options given to customers. The nature of such offerings requires careful evaluation under IFRS 15 (The new revenue recognition standard).
Nigeria ratifies the Trade Facilitation Agreement
Nigeria has ratified the Trade Facilitation Agreement (TFA), becoming the 107th country to sign up to the agreement.
IFRS 15 New Revenue Model: Spotlight on Consumer and Industrial Products
Companies in the consumer and industrial product sector have a number of areas which are significantly impacted by IFRS 15 (new revenue standard). We have enumerated a few of the areas to look out for:
Tax Alert: Taxpayers to validate official email address with FIRS
Federal Inland Revenue Service (FIRS) has issued a public notice requesting taxpayers to validate their official email addresses in FIRS’ records. The validation process is expected to commence with immediate effect.
IFRS 15 Revenue from Contracts with Customers: New Revenue Model
Companies in Nigeria have to brace up for the adoption of a new revenue recognition model. On 28 May 2014, International Accounting Standard Board (IASB) issued a new standard on revenue recognition that replaces all existing revenue recognition models. All IFRS reporting entities must fully comply with the prescribed revenue model by 1 January, 2018.
Directors’ Alert 2017 – Courage under fire: Embracing disruption
Disruption is a topic everyone is talking about. While many organizations fear it, others realize the many opportunities that disruptive technologies, processes, and social norms present. But with every opportunity comes an element of risk – not every disruption will positively impact your enterprise.
2017 Nigeria Cybersecurity Outlook
The year 2016 took cyber-attacks to an unprecedented level; there were reports of it being used to influence and sway votes in democratic elections. In Nigeria, several organisations suffered cyber-attacks, some had to pay ransom for their data to be released.