₦airaland Forum

Stamp Duty Compliance Under the Nigeria Tax Act, 2025

*What Every Business and Property Owner Must Know*

The Nigeria Tax Act, 2025 (NTA) has significantly strengthened *stamp duty enforcement* in Nigeria. Stamp duty is no longer a routine administrative step — it is now a *critical legal requirement* that determines whether agreements are enforceable in court.

Recent legal and commercial experiences show that *unstamped documents are being rejected as evidence*, causing businesses to lose otherwise valid claims and contractual rights.


*1. What Is Stamp Duty?*

Stamp duty is a *compulsory tax* imposed on certain legal documents (“chargeable instruments”). A document that is not properly stamped may be:

*Legally inadmissible*
*Unenforceable*
* Subject to *penalties*
* A source of *avoidable disputes*

Stamp duty applies not just to property deals but to **many business transactions**.


*2. Major Changes Introduced by the Nigeria Tax Act, 2025*

*(a) Shorter Stamping Timeline*

Most instruments must now be stamped within:

*30 DAYS of execution*
> (Previously 40 days under the old Stamp Duties Act)

Late stamping now attracts stricter consequences.


*(b) Wider Scope of Transactions Covered*

Stamp duty now clearly applies to:

*Real property transfers*
*Intangible asset transfers*
(e.g., intellectual property, digital business assets, goodwill)
*Mineral and natural resource rights*
(oil, gas, solid minerals)
*Business restructuring documents*
(mergers, consolidations, demergers)
*Barter and non-cash transactions*
Tax is based on *fair market value*, not just cash paid.

*(c) Principal Instrument Rule (Group Transactions)*

Where multiple documents relate to the same transaction:

* One document is treated as the **principal instrument** (stamped at full rate)
* Others are stamped at a **fixed rate**

This prevents double taxation but requires **proper structuring**.

*3. Who Pays the Stamp Duty?*

*General rule:*
*The person who benefits from the transaction pays.*

For example:

* In a purchase: **Buyer pays*
* In a lease: usually **lessee*
* In share transfer: **transferee*

*4. How Stamp Duty Is Calculated*

Stamp duty is charged either:

*(a) Ad Valorem (Based on Value)*

Example:

* Property or asset transfer: commonly *2% of consideration*

*(b) Fixed Duty*

Under the Schedule, agreements and contracts not otherwise specified may attract a **₦1,000 fixed duty**.

*5. Is Stamp Duty Optional?*

*No. It is a legal obligation.*

Failure to comply may lead to:

* Monthly penalties
* Financial sanctions
* Possible imprisonment under the Act
* Court rejection of the document

Under the NTA, courts are less willing to allow late validation of unstamped instruments.


*6. Why This Matters to Businesses*

An unstamped document can result in:

* Lost court cases
* Invalid security agreements
* Disputes with vendors and investors
* Regulatory exposure
* Financial losses far exceeding the duty payable

> **The cost of compliance is small.
> The cost of non-compliance can be catastrophic.**


*STAMP DUTY COMPLIANCE CHECKLIST*

Every business should implement the following:

*1. Stamp Within 30 Days*

Ensure all chargeable documents are stamped immediately after execution.

*2. Identify Dutiable Documents*

Create an internal list of:

* Contracts
* Leases
* Loan agreements
* Share transfers
* Property documents
* Business restructuring documents

*3. Maintain a Stamp Duty Register*

Track:

* Document name
* Date signed
* Stamp duty amount
* Date stamped
* Receipt reference

*4. Involve Tax Professionals Before Execution*

Especially for:

* Mergers & acquisitions
* Asset transfers
* Joint ventures
* IP transfers

*5. Regularise Old Unstamped Agreements*

Do not wait until a dispute arises.

*6. Treat Stamp Duty as Part of Execution*

It should be done **at signing**, not as an afterthought.

*Conclusion*

Stamp duty compliance under the Nigeria Tax Act, 2025 is now a **legal risk management issue**, not just a tax matter. Proper stamping protects:

* Your contracts
* Your assets
* Your court rights
* Your financial interests

Businesses that ignore this requirement may discover too late that their strongest agreements carry **no legal weight**.


*For professional guidance on stamp duty compliance and transaction structuring:*

*Sunmola David & Co*
Chartered Accountants & Chartered Tax Practitioners

*Mr. Sunmola Olalekan David, FCA, FCTI, CISA*
WhatsApp: *08038460036*
www.sunmoladavid.com

Follow our Whatsapp Channel.

https://whatsapp.com/channel/0029VbCK4sI5a23vvwK8gj1C

Job Vacancy: Risk & Internal Audit Officer
Our Client:
A newly licensed Fund Manager with Securities and Exchange Commission (SEC) approval requires the services of an experienced Risk & Internal Audit Officer to support its growing investment and fund management operations.
Job Title: Risk & Internal Audit Officer
Location: Abuja
Employment Type: Full-time
Key Responsibilities
• Develop, implement, and review the company’s enterprise risk management framework, policies, and procedures.
• Identify, assess, and monitor key operational, financial, compliance, and investment risks.
• Review internal controls over portfolio management, trade execution, client onboarding, fees, and expense allocation.
• Ensure compliance with SEC rules and regulations, internal policies, and other relevant regulatory requirements.
• Work closely with senior management to embed a strong risk and control culture across the organisation.
Requirements
• HND, or Bachelor’s degree in Accounting, Finance, Economics, Business Administration, or related field.
• Professional qualification or progress in ICAN, ACCA, CFA, CIA, or similar will be an added advantage.
• Minimum of 3 years relevant experience in risk management and/or internal audit, preferably in:
o Fund/Asset Management
o Investment Banking
o Stockbroking/Capital Market operations
• Good understanding of SEC regulations and capital market operations in Nigeria.
• Strong analytical, investigative, and report-writing skills.
• High integrity, independence, and attention to detail.
How to Apply
Interested and qualified candidates should send their CV to: Risk@sunmoladavid.com
Closing date: 10th December 2025. Applicants are advised to apply early.

2. Portfolio Management / Investment Adviser
Our Client:
A SEC-licensed Fund Manager is seeking an experienced Portfolio Management / Investment Adviser to drive its investment strategy and manage client portfolios.
Job Title: Portfolio Management / Investment Adviser
Location: Abuja
Employment Type: Full-time
Key Responsibilities
• Manage and monitor investment portfolios in line with clients’ mandates and the company’s investment policies.
• Conduct research and analysis on equities, fixed income, money market, and other investment instruments.
• Develop investment strategies, asset allocation models, and trade ideas to enhance portfolio performance.
• Prepare periodic portfolio reports, performance reviews, and market updates for clients and management.
• Provide investment advisory services to high-net-worth individuals, corporates, and institutional clients.
• Ensure strict compliance with SEC rules, internal investment guidelines, and risk management policies.
Requirements
• HND, or Bachelor’s degree in Finance, Economics, Accounting, Statistics, or related discipline.
• Relevant professional qualification (e.g., CFA, CIS, ICAN, ACCA) is a strong advantage.
• Minimum of 3–5 years experience in portfolio management, investment research, or investment advisory, ideally within a:
o Fund/Asset Management firm
o Stockbroking firm
o Investment Bank
• Solid understanding of the Nigerian capital market and SEC regulations.
• Proven track record in managing portfolios and/or advising clients on investments.
• Strong quantitative, analytical, and financial modelling skills.
• Excellent communication and presentation skills.
How to Apply
Interested and qualified candidates should send their CV to: portfolio@sunmoladavid.com
Closing date: 10th December 2025. Applicants are advised to apply early.
TEMPORARY JOB VACANCY – YEAR-END STOCK-TAKING
Location: Eket, Akwa Ibom
Date of Assignment: 31st December 2025
Duration: 1 Day (Full Day On-Site – Eket, Akwa Ibom)
Role Summary
The successful candidate will be responsible for conducting a physical stock count of all inventory items in the hotel on 31st December 2025, ensuring accuracy, completeness, and proper documentation of all stock quantities.
Requirements
• HND or B.Sc., with a minimum of 3 years relevant work experience
• Being a Chartered Accountant is an advantage
• Must reside in Eket or Calabar
• Demonstrated experience in hotel stock-taking, inventory management, or audit
• Ability to prepare a professional stock-taking audit report based on findings
• Strong attention to detail and accuracy
• Ability to work independently and with integrity
How to Apply
Interested and qualified candidates should send:
• Their CV
• A brief description of previous stock-taking experience
• Their minimum expected payment for the engagement
Email: stocktaking@sunmoladavid.com
Closing Date: 20th December 2025. Applicants are advised to apply early.

UNDERSTANDING FIRS/NRS E-INVOICING IN NIGERIA: WHAT LARGE AND SMALL BUSINESSES NEED TO KNOW
The Federal Inland Revenue Service (FIRS)/ Nigeria Revenue Service (NRS) has introduced a major shift in how businesses in Nigeria issue invoices—through a nationwide e-Invoicing system. Whether you run a large corporation or a growing SME, understanding this development is key to staying compliant and avoiding penalties.
WHAT IS E-INVOICING?
e-Invoicing (electronic invoicing) is a system that allows businesses to generate, submit, and validate invoices through a government-monitored platform. The goal is to:
• Improve tax compliance,
• Prevent fraud,
• Digitize recordkeeping, and
• Ensure VAT and tax returns are accurate.
Under this system, every invoice issued must be:
• Registered with FIRS in real-time,
• Assigned a unique Invoice Reference Number (IRN), and
• Electronically stamped before being shared with the customer.
WHO ARE LARGE TAXPAYERS?
As of the latest update, FIRS defines large taxpayers as businesses with an annual turnover of ₦5 billion and above.
Starting August 1, 2025, these large companies must:
• Enroll in the e-Invoice platform,
• Integrate their accounting systems through approved channels,
• And begin issuing only FIRS-validated invoices.
This compliance is mandatory, and FIRS has already begun full implementation.
WHAT ABOUT SMALLER COMPANIES?
If your company’s annual turnover is below ₦5 billion, you're not required to adopt the e-Invoicing system just yet.


However:
• The FIRS has made it clear that smaller companies will be included in future phases.
• A full nationwide rollout is expected between late 2025 and 2026, extending to medium and small enterprises.
This means now is the best time to prepare, even if you’re not yet required to comply.
WHY THIS MATTERS
This shift is part of the government’s broader effort to modernize Nigeria’s tax system. Some benefits include:
• Eliminating fake or inflated invoices
• Enhancing transparency in business transactions
• Ensuring proper VAT and company income tax collection
• Improving business audit trails and internal controls
HOW CAN YOUR BUSINESS PREPARE?
1. Check your annual turnover to determine your compliance status.
2. Talk to your software provider to ensure your system can integrate with FIRS.
3. Seek expert help for compliance, integration, and tax planning.
4. Stay informed about future updates and rollout timelines from FIRS.
NEED PROFESSIONAL HELP?
For expert support in Accounting, Tax, Assurance, CAC filings, Transfer Pricing, and FIRS e-Invoicing compliance, contact:
SUNMOLA DAVID & CO
(Chartered Accountants & Chartered Tax Practitioners)
WhatsApp: +234 803 846 0036
www.sunmoladavid.com

CONCLUSION:
The FIRS e-Invoicing mandate is already live for large companies, and others will soon follow. Whether you’re due now or preparing for later, getting ahead of compliance will save you time, penalties, and stress.

Happy Easter from Sunmola David & Co
As we celebrate the joy and hope of Easter, all of us all Sunmola David & Co (Chartered Accountants and Chartered Tax Practitioners) extend our warmest wishes to you and your family.
May this season of renewal bring you new beginnings, peace, prosperity, and abundant blessings.
Just as Easter symbolizes transformation and victory, we remain committed to helping you and your business grow stronger through expert accounting, tax, and advisory services.
Thank you for trusting us as your partners in success.
Contact us:
+234 808 846 0036
sunmoladavid.com
Wishing you a joyful and blessed Easter!
Sunmola David & Co
(Chartered Accountants and Chartered Tax Practitioners)
Read: Yearly Tax Returns for companies and business names in Nigeria
https://sunmoladavid.com/yearly-tax-returns-for-companies-and-business-names-in-nigeria-2/

Comprehensive Tax and Statutory Filing Obligations for Companies in Nigeria - 2025
Prepared by Sunmola David, BSc, MSc, FCA, FCTI
Managing Partner, SUNMOLA David and Co (Chartered Accountants and Chartered Tax Practitioners)
WhatsApps : 2348038460036
Contact | www.sunmoladavid.com
Introduction
This document outlines the tax and statutory obligations for companies operating in Nigeria in 2025. It serves as a comprehensive guide to ensure compliance with regulatory authorities, including the Federal Inland Revenue Service (FIRS), State Internal Revenue Services (SIRS), Corporate Affairs Commission (CAC), and other relevant agencies.
1. Federal Inland Revenue Service (FIRS) Returns:
• Company Income Tax (CIT) Returns:
o Due: Six months after the company's accounting year-end.
o Documents Required:
 Audited financial statements.
 Tax computation schedule.
 Completed CIT self-assessment form.
 Evidence of CIT payment (if applicable).
• Value Added Tax (VAT) Returns:
o Due: On or before the 21st of every month.
• Withholding Tax (WHT) Returns:
o Due: On or before the 21st of the following month in which the deduction was made.
• Education Tax (EDT):
o Due: Alongside CIT filings.
o Rate: 2.5% of assessable profit.
o Evidence of EDT payment (if applicable).
• National Information Technology Development Levy (NITDL):
o Applicable to companies with turnover of ₦100 million and above.
o Filed alongside CIT returns.
• Transfer Pricing (TP) Disclosure/Returns:
o For companies engaged in related-party transactions.
o Due: Same date as CIT returns.
________________________________________
2. State Internal Revenue Service (SIRS) Returns:
• Pay-As-You-Earn (PAYE) Returns:
o Annual Returns:
 Due: January 31 of the following year.
 Documents Required:
 Form H1 or equivalent.
 Schedule of employees' income and tax deductions.
 Evidence of PAYE remittances.
o Monthly PAYE Remittances:
 Due: By the 10th day of the following month.
• Withholding Tax (WHT) on Rent/Individual Contractors:
o Due: By the 10th day of the following month after the deduction.
3. Corporate Affairs Commission (CAC) Filings:
• Annual Returns:
o Due: Not later than 42 days after the Annual General Meeting (AGM).
o Documents Required:
 Completed CAC annual return form.
 Evidence of payment of the annual return fee.
 Updated particulars of directors/shareholders (if applicable).
• Filing of Changes (if applicable):
o Due: Within 14 days of any changes in company structure (e.g., directors, shareholding, registered address).

4. National Pension Commission (PenCom):
• Monthly Pension Contribution Schedule:
o Due: On or before the 10th of every month.
5. Nigerian Social Insurance Trust Fund (NSITF):
• NSITF Contributions:
o Due: Monthly contributions are expected to be remitted on or before the 15th of the following month.
6. Industrial Training Fund (ITF):
• Annual ITF Contribution:
o Due: 1% of the company’s payroll, payable annually.
o Deadline: Usually within the first quarter of the year.
7. Nigerian Immigration Service (Applicable to those companies that bring in expatriates into Nigeria):
• Expatriate Quota Returns:
o Due: Monthly.
o Documents Required:
 Schedule of expatriates employed.
 Evidence of compliance with quota conditions.

8. Local Government Levies by the state & Local governments:
• Business Premises Levy:
o Due: Annually.
o Rate: Varies depending on the local government.
• Signage and Advertisement Fees:
o Due: Annually or as determined by the local government.

Important Notes:
1. Filing Timelines: All returns must be filed on time to avoid penalties for late submission.
2. Electronic Filing: Many FIRS and CAC filings can now be completed electronically through their respective portals.
3. Audit Requirements: Ensure audited financial statements are prepared and signed by an ICAN-registered auditor, as they form the basis for most filings.
4. Record Keeping: Maintain accurate records for at least six years to comply with tax audit requirements.
Additional Notes
• Scope: The above filing obligations apply to normal companies operating in Nigeria.
• Public Interest Companies: Entities such as banks, insurance companies, pension companies, and telecom companies have additional compliance requirements, including industry-specific filings and adherence to sectoral regulations. It is crucial for these companies to comply with their respective regulatory bodies for detailed obligations.
Conclusion
Compliance with the above obligations is essential to avoid penalties and ensure smooth business operations. For professional guidance and assistance in meeting these requirements.
Contact Us:
Sunmola David FCA, Managing Partner, Sunmola David & CO (Chartered Accountants & Chartered Tax Practitioners)
WhatsApp: +2348038460036
Managing director /CEO Inner Konsult , Accountancy , Tax, assurance and CAC professional services. www.innerkonsult.com

Nigeria Tax Reform 2024: Features and Benefits
Written by: Sunmola David FCA, Managing Partner, Sunmola David & CO (Chartered Accountants & Chartered Tax Practitioners)
WhatsApp: +2348038460036
Key Features of the Nigeria Tax Reform 2024
1. Corporate Income Tax (CIT):
o Feature: Small companies with an annual turnover below ₦50 million are exempt from CIT. For others, the CIT rate is 27.5% in 2025, reducing to 25% from 2026 onwards.
o Benefit: Encourages small business growth by reducing tax burdens on micro and small enterprises, while fostering a competitive business environment with a reduced tax rate for larger corporations.
2. Personal Income Tax (PIT):
o Feature: Introduces a progressive tax structure:
 0% for annual incomes up to ₦800,000.
 Up to 25% for incomes above ₦50 million.
o Benefit: Promotes equity by ensuring that lower-income earners are taxed at lower rates while high-income earners contribute more.
3. Value Added Tax (VAT):
o Feature: Phased increase in VAT:
 7.5% currently.
 10% in 2025.
 12.5% in 2026.
 15% from 2030.
o Benefit: Boosts government revenue gradually, while providing businesses time to adjust to the higher VAT rates.
4. Digital Assets and Transactions:
o Feature: Gains from digital assets (e.g., cryptocurrency) and online transactions are subject to a 10% Capital Gains Tax.
o Benefit: Aligns Nigeria with global digital taxation standards and ensures revenue from the fast-growing digital economy.
5. Telecommunications Excise Duty:
o Feature: Imposes a 5% excise duty on telecommunications services, including both postpaid and prepaid services.
o Benefit: Expands the revenue base by leveraging the telecommunications sector, which is one of Nigeria’s most significant economic drivers.
6. Establishment of the Nigeria Revenue Service (NRS):
o Feature: Replaces the Federal Inland Revenue Service (FIRS) as the central tax collection agency for all national taxes, royalties, and duties.
o Benefit: Centralized administration reduces redundancies and increases efficiency in tax collection.
7. Joint Revenue Board (JRB):
o Feature: Coordinates federal and state tax authorities for uniform tax administration and enforcement.
o Benefit: Minimizes jurisdictional conflicts and fosters cooperation between federal and state tax systems.
8. Simplification of Tax Laws:
o Feature: Consolidates existing tax laws by repealing 11 outdated laws and amending 13 others.
o Benefit: Reduces legal complexities, making compliance easier for taxpayers.
9. Incentives for Compliance:
o Feature: Provides tax holidays, rebates, and waivers for compliant businesses and startups.
o Benefit: Encourages voluntary compliance and supports new businesses in their growth phase.

Benefits of the Nigeria Tax Reform 2024
1. Economic Growth:
Encourages entrepreneurship and job creation by supporting small businesses and startups.
2. Increased Revenue Generation:
Broadens the tax base through VAT adjustments, excise duties, and digital asset taxation.
3. Enhanced Taxpayer Confidence:
Simplifies the tax framework, reducing ambiguity and building trust between taxpayers and the government.
4. Fairness and Equity:
Ensures equity through progressive tax rates and exemptions for small businesses and lower-income earners.
5. Global Competitiveness:
Improves Nigeria’s attractiveness to international investors by aligning with global digital taxation standards.
6. Improved Efficiency:
Centralized tax collection and streamlined laws reduce redundancies and administrative bottlenecks.
7. Regional Coordination:
Promotes smoother federal-state collaboration, preventing overlapping tax policies.
8. Sustainable Development:
Phased VAT implementation balances revenue generation with minimal economic disruption.

Current Stage of the Bill
• Progress:
o Passed the second reading in the Senate (as of December 2024).
o Undergoing consultations to address concerns about regional inequalities, especially regarding VAT revenue allocation.
• Challenges:
o Opposition from certain states, particularly from the north, over perceived imbalances in VAT sharing formulas.
• Outlook:
o The government remains optimistic about passing the reforms, emphasizing their importance for Nigeria’s fiscal health and economic transformation.

Written by: Sunmola David FCA, Managing Partner, Sunmola David & CO (Chartered Accountants & Chartered Tax Practitioners)
WhatsApp: +2348038460036
Managing director /CEO Inner Konsult, Accountancy, Tax, assurance and CAC professional services. www.innerkonsult.com

LIRS ANNUAL RETURNS JANUARY 2024
It is that time of the year again when every company is expected to file its annual returns with their respective state government to file with their state Internal Revenue Service.
https://lirs.gov.ng/assets/docs/catr.pdf

All the remittances (PAYE, WHT, Business Premises, and Development Levy) made in the previous year will be included in the annual returns.
To file annual returns to Lagos State Internal Revenue Service, you need to log on to https://etax.lirs.net/ enter your payer ID to log in to your company’s dashboard, and click on corporate returns to upload your CSV Excel files which you might have updated with the right information.
Peradventure, you are a new company and just filing your annual returns for the first time with the LIRS and you don’t have a payer ID, you can create one by following this link https://etax.lirs.net/register select corporate in the first drop-down, provide the other required information as requested on the site, and click on proceed. And in case you want to create a payer ID for an individual too, kindly follow through the same process to get your payer ID.
Business Premises Registration Fee – N10,000
Business Premises Renewal Fee – N5,000
Development Levy – N100 per staff
Every business organization must submit its annual returns to the relevant authorities to avoid penalties. The annual return must be filed on or before January 31, 2024
For further guidance on how to file your company’s annual returns, kindly reach out to us for assistance.

For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Inner Konsult Ltd at www.innerkonsult.com at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

Industrial Training Fund (ITF) Compliance Obligations for Nigerian Employers

The primary objective of the Industrial Training Fund (ITF) is to promote and encourage the acquisition of skills in commerce and industry, while generating a pool of trained personnel to meet the demands of the Nigerian economy's private and public sectors. The ITF scheme is governed by the Industrial Training Fund Act, which mandates employers with a workforce of 5 or more employees or an annual turnover of ₦50million to contribute 1% of their annual payroll cost to the scheme.

Employers must remit their yearly contributions and file their annual ITF returns before the deadline of April 1st each year. Failure to comply with this requirement incurs a penalty of 5% of the unpaid amount for each month of default. Please note that the deadline for filing returns for the 2022 calendar year is March 31, 2023, since April 1, 2023, falls on a weekend.

This alert serves as a reminder to employers of their ITF compliance obligation and the importance of completing the necessary forms for submission via the ITF online platform, which is located at www.pay.itf.gov.ng, before the deadline.


Visit: www.innerkonsult.com for your professional Accountancy, Business Plan, Cashflow forecast, Tax, Assurance and CAC services
WhatsApp: 2348038460036

Introduction: The Personal Income Tax Act (PITA) Cap P8 LFN 2004, as amended, requires all taxable individuals to file their tax returns with the relevant state tax authority. Failure to comply with this requirement attracts a penalty upon conviction. This publication outlines the requirements for filing individual tax returns (Form A) for the 2022 tax year and the penalties for non-compliance.
Filing Requirements: All taxable individuals are required to file their tax returns (Form A) for the 2022 tax year with the relevant state tax authority by 31 March 2023. This return is for the declaration of income earned from all sources in the tax year and a claim for allowances and reliefs.
The filing process varies across different states. While some states have adopted the e-filing system, others require physical submission of relevant documents at their various tax offices. The states that have adopted e-filing system include Lagos State Internal Revenue Service, Rivers State Internal Revenue Service, Cross River State Internal Revenue Service, Kwara State Internal Revenue Service, and Akwa Ibom state Internal Revenue.
Penalties for Non-compliance: Section 94(1) of PITA imposes a penalty for non-compliance upon conviction of ₦20,000 with a further sum of ₦2,000 for every day in which the failure continues.
It is important for individuals to check with their relevant state tax authority for the current modality for filing the returns. Meanwhile, note that it is mandatory for all individuals to have their taxpayer IDs in order to file the Form A with the Lagos State Internal Revenue Service.
Conclusion: Filing individual tax returns (Form A) for the 2022 tax year is a requirement under the Personal Income Tax Act. Failure to comply with this requirement attracts a penalty upon conviction. It is important for individuals to comply with the filing requirements and to check with their relevant state tax authority for the current modality for filing the returns. InnerKonsult LTD is available to assist individuals with filing their tax returns and providing guidance on the process.
Professional services in Accountancy, Tax, Assurance and CAC
WhatsApp 2348038460036
www.innerkonsult.com

Nigeria's currency, the Naira, could potentially appreciate from its current exchange rate of N750 to N550 against the US dollar if Senator Bola Hammed Tinubu is elected as the next President of the Federal Republic of Nigeria. This news was announced by Mr. Sunmola David, the Chief Executive of INNER KONSULT Ltd, during a political and economic analysis of Nigeria in the next four years.
Senator Tinubu, a former two-term governor of Lagos state, is known for his business acumen and strategic thinking. He has promised to reduce Nigeria's dependence on imported goods by converting the country's natural resources into finished goods, which would significantly reduce the country's import bill.
In his manifesto, Senator Tinubu has outlined a comprehensive plan for industrial revolution in Nigeria that is expected to create jobs, increase productivity, and boost economic growth. If his plans are executed with the right economic team players, there is a strong possibility of Naira appreciation at the end of his four-year term in office.
The news of the potential Naira appreciation has generated hope among investors and business owners who are eagerly waiting for positive changes in the Nigerian economy. The announcement by Mr. Sunmola David, a fellow of the Institute of Chartered Accountants of Nigeria and the Institute of Chartered Taxation of Nigeria, has added credibility to this possibility.
The Nigerian presidential election is scheduled to take place on February 25th, 2023, and Senator Tinubu's manifesto has generated significant interest among Nigerians. With his reputation as a successful business leader and his vision for economic development, he is seen by many as a strong candidate for the presidency.
In conclusion, the news of the potential Naira appreciation if Senator Bola Hammed Tinubu is elected as the next President of Nigeria has generated hope and optimism among Nigerians. With the right economic team players and execution of his plans, there is a strong possibility of positive changes in the Nigerian economy, and investors and business owners are eagerly awaiting the outcome of the upcoming presidential election.

LIQUIDATION OF COMPANIES IN NIGERIA
Under the Companies and Allied Matters Act (CAMA) in Nigeria, companies in voluntary liquidation are not required to appoint a qualified auditor to sign off on the statement of affairs. However, the liquidator may choose to engage the services of a qualified auditor to assist with the preparation of the statement or to review the accuracy and completeness of the information contained in the statement.
The Financial Reporting Council of Nigeria (FRCN) is the regulatory body responsible for setting accounting and auditing standards in Nigeria. The FRCN requires that the financial statements of all companies, including those in voluntary liquidation, be audited by a qualified auditor in accordance with the International Standards on Auditing (ISA).
The financial statements of the company would be up to the date of the liquidation, let us say is 30 March 2022 (the date that the board of directors passed a special resolution that the company should go into the liquidation) This means that the financial statements should cover the period from the beginning of the accounting year (1 January 2022) up to the date of the liquidation (30 March 2022).
As for the final statement of affairs, this should reflect the financial position of the company as of the date of liquidation, which is 30 March 2022. The final statement of affairs should provide information on the expected proceeds from the sale of non-current assets held for sale, the claims of creditors, and the expected distribution of the remaining proceeds to shareholders.
The financial statements of a company and the final statement of affairs prepared in a liquidation context are two different types of financial reports with different purposes.
The financial statements of a company are prepared on an annual basis and provide information about the financial position, performance, and cash flows of the company over a specific period, such as a fiscal year. The financial statements are intended to provide information to various stakeholders, including shareholders, creditors, lenders, and other interested parties, about the financial health of the company and its operations. Financial statements typically include a balance sheet, income statement, statement of changes in equity, and cash flow statement, among other components.
In contrast, the final statement of affairs is prepared in the context of a liquidation and is intended to provide information to creditors and shareholders about the assets and liabilities of the company as of the date of liquidation. The statement of affairs includes information about the expected proceeds from the sale of assets, the claims of creditors, and the expected distribution of the remaining proceeds to shareholders. The final statement of affairs is typically prepared by the liquidator, who is responsible for realizing the value of the company's assets, paying off its liabilities, and distributing the remaining proceeds to creditors and shareholders in accordance with the law.
It's important to note that the financial statements of the company and the final statement of affairs should be prepared in accordance with the applicable accounting standards, including International Financial Reporting Standards (IFRS) The financial statements should be audited by a qualified auditor in accordance with the International Standards on Auditing (ISA). The final statement of affairs should be prepared by the liquidator, who is responsible for realizing the value of the company's assets, paying off its liabilities, and distributing the remaining proceeds to creditors and shareholders in accordance with the law.
The IFRS (International Financial Reporting Standards) standard that relates to liquidation of a company is IFRS 5 - Non-Current Assets Held for Sale and Discontinued Operations.
IFRS 5 provides guidance on how to account for non-current assets held for sale and discontinued operations, including assets and liabilities of a company that is being liquidated. The standard sets out the requirements for classifying assets and liabilities as held for sale, and provides guidance on how to measure and recognize the assets and liabilities.
IFRS 5 requires that the financial statements of a company in liquidation reflect the fact that the company is in liquidation, and that its financial statements are being prepared on a realization basis. This means that the financial statements should report the net realizable value of the company's assets, rather than their historical cost or fair value.
In addition, IFRS 5 requires specific disclosures to be made in the financial statements of a company in liquidation, including a statement that the company is in liquidation, a description of the liquidation process and the expected timeline for completion, and a detailed listing of the company's assets and liabilities and their net realizable value. The standard also requires that the financial statements be audited in accordance with the relevant auditing standards.

However, in the case of a company in voluntary liquidation, the auditor's report would relate to the financial statements of the company up to the date of the liquidation resolution, rather than the final statement of affairs. As stated earlier, the statement of affairs is not required to be audited, but the liquidator may engage the services of a qualified auditor to provide additional assurance to creditors and shareholders regarding the accuracy and completeness of the information provided in the statement of affairs.
In the context of IFRS 5, the main difference between the financial statements of a company and the final statement of affairs is that the latter focuses on the non-current assets held for sale and the presentation and disclosure of discontinued operations, while the former provides information on the financial performance and position of the company over a specific period. The final statement of affairs includes information on the expected proceeds from the sale of non-current assets held for sale and information on any discontinued operations of the company.
There are still some other requirement checks out for the conclusion of this write-up after the Nigeria general election in the month of February 25th 2023.
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The 2022 Employer Tax Return (Form H1) is due for filing by 31 January 2023. The Personal Income Tax Act, Cap P8 LFN 2004, as amended to date (PITA) requires every employer to submit its tax returns (Form H1), with the relevant state tax authorities where its employees are resident.

There are peculiarities with the filing process across different states. Many states have adopted the e-filing system for this purpose, while some other states have retained the requirement for the physical submission of relevant documents at their various tax offices.

Form H1 is a declaration of the total emoluments paid to employees in the preceding year. The penalty for non-filing is ₦500,000 in the case of a corporate organization and ₦50,000 in the case of an individual employer.

Employers are advised to carry out annual year-end payroll reconciliations and get familiar with the requirements for each state, ahead of the deadline stated above.

Inner Konsult LTD is available to provide further guidance or any other assistance that may be required by employers of labour in completing this obligation. If you require further clarification or seek to understand how this will impact your business.

Contact us , www.innerkonsult.com WhatsApp’s 234(0)8038460036
Accountancy, Tax, Assurance and CAC professional services.

E-Auction Of Seized Smuggled Goods Still In Force, Says Customs in Nigeria

The Nigeria Customs Service (NCS), has restated that its electronic auction (e-auction), platform at https://app.trade.gov.ng/eauction/ is still functional.

The service averred that the platform remains the only authentic means of auctioning goods to members of the public.

Timi Bomodi, National Public Relations Officer, NCS, in a statement for the Controller General of Customs, Col Hameed Ibrahim Ali (Rtd), said that the reminder was pertinent in light of rumors making the rounds that a special auction of over 7000 cars would soon be held by the Service.

Bomodi, a Deputy Comptroller of Customs said: “We wish to state that auctions are periodic and advertised in advance on our website to avail members of the public the opportunity of selecting and bidding for items of their choice.

“It will be recalled that the Service deployed the e-auction platform in July 2017 specifically to improve efficiency in revenue generation to the federal government, as well as provide equal opportunities to all Nigerians in the seamless disposal of seized/condemned and overtime/abandoned cargoes.

“Since its implementation, the e-auction has lived up to expectations by guaranteeing transparency and integrity in the auctioning process.”

The Customs National image maker explained that requirements to take part in the e-auction bidding process by interested public/bidders include:

“Applicant must have a valid tax identification number (TIN) issued by Federal Inland Revenue Service (FIRS), with an active e-mail account for the issued TIN.

“Conditions and Terms of this auction are to be carefully considered by an interested person before acceptance.

“Applicant must ensure he/she has an authentic and nationally accepted means of identification i.e. international passport, driver’s license, national identity card or voters card.”

He said other guidelines could be found on the e-auction portal at https://app.trade.gov.ng/eauction/.

He called on the owners of uncleared vehicles at Customs ports to avail themselves of the VIN-Valuation protocols, which have simplified, automated, and made user-friendly the clearance procedure


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TRANSACTIONS FOR WHICH TAX CLEARANCE CERTIFICATE (TCC) MUST BE PRESENTED IN NIGERIA
1. Application for a Government loan for industry or business;
2. Registration of Motor Vehicle;
3. Application for firearms license;
4. Application for foreign exchange control permission to remit funds outside Nigeria;
5. Application for certificate of occupancy;
6. Application for the award of contracts by Government, its agencies, and registered companies;
7. Application for approval of building plans;
8. Application for trade license;
9. Application for transfer of real properties
10. Application for import and export license.
11. Application for agent license
12. Application for pools or gaming license;
13. Application for registration as a contractor;
14. Application for distributorship;
15. Confirmation for appointment by Government as Chairman or member of the public board, institution, commission, company or to any other similar position made by the Government;
16. Stamping of guarantor's form for a Nigerian Passport;
17. Application for registration of a limited liability company or of a business name;
18. Application for allocation of the market stall;
19. Appointment or election into public office;
20. For a change of ownership of a vehicle by the vendor;
21. Application for a plot of land;
22. Any other transaction as may be determined from time to time;

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A Director with the Federal Inland Revenue Service (FIRS), Alhaji Mohammadu Kudu Lawal has been shot dead by suspected unknown gunmen.

It was gathered that Lawal was shot dead on his way to Abuja, the federal capital territory (FCT) on Sunday, August 7, 2022.
The FIRS Director was shot dead while another staff of FIRS who was traveling with him sustained injuries as a result of the attack that happened in Saminaka village of Lapai Local Government Area (LGA) in Niger State.
It was gathered that Lawal, an indigene of Lafiagi in Kwara State, ran into the unknown gunmen who rained bullets on the Hilux vehicle he was traveling in.
FIRS authorities have confirmed the incident


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Welcome to Inner Konsult LTD - Tax and Accountancy Services
Whatever your needs, we can help. Inner Konsult LTD- Tax and Accountancy Services is a firm of Accountants based in Lagos Nigeria offering taxation, accountancy, business advisory, and support services to a wide range of companies, businesses, and individuals.
We provide a cost-effective, high-value solution to meet all of your financial needs. We work hard to get to know you in order to deliver timely, individual advice on how to improve your business and personal wealth. To find out more about how we can help you and your business view our services.
We provide accountancy, Tax , Assurance, and CAC services
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Mickiebrownkie:
PRESS RELEASE

2022: Our Target Is To Achieve 100% Automation Of Tax Administration Processes – FIRS

We will give priority to taxation of digital economy …

The Federal Inland Revenue Service (FIRS) has stated that it will achieve 100% automation of all its tax administration processes with the aim of blocking revenue leakages thereby revolutionizing revenue generation in Nigeria.

Calling for the cooperation of Nigerians to achieve this, the Executive Chairman of the FIRS, Muhammad Nami while speaking as the Special Guest at the Pedabo 2022 Annual Public Private Sector Engagement on Tuesday highlighted that by virtue of the amendment to Section 25 of the FIRS (Establishment) Act in the 2021 Finance Act, any person who fails to grant the Service access to its information technology systems to connect to its automated tax administration solution is liable to penalties under the law.

“We will seek to achieve 100% automation of all our tax administration processes, which will block revenue leakages and revolutionize revenue generation in the country. We expect your full cooperation in this regard, considering that by the amendment to Section 25 of the Federal Inland Revenue Service (Establishment) Act in the 2021 Finance Act (through Section 18 of the 2021 Finance Act), any person who fails to grant the Service access to its information technology systems to connect to its automated tax administration solution is liable to penalties under the law.”

Muhammad Nami in his address had earlier noted that in the year 2021, the Service had leveraged on the amendments to its Establishment Act to embark on “a major infrastructure overhaul, focusing on the deployment of technology for the automation of its processes and procedures,” thereby deploying its home-grown integrated tax administration system, TaxPro Max.

He went further to state that in 2022, the Service will give priority to the collection of taxes from the digital economy, and that it will deploy technological tools in assessing entities that fall within the Significant Economic Presence (SEP) threshold and relevant turnover generated from Nigeria.

“With the amendment of Section 10 of the VAT Act by the Finance Act 2021, we will implement the published Guidelines on the Simplified Compliance Regime on VAT for Non-Resident Suppliers, to collect VAT on digital supply of services and intangibles to Nigeria.

“The Service has deployed a digital service interface, the Digital Economic Compliance (DEC) Tool, to facilitate the implementation of the Regime. The implementation of the DEC Tools will also assist the Service in determining entities that fall within the SEP threshold and relevant turnover generated from Nigeria. This tool will go live shortly.”

He also stated that the Service “will focus on compliance and enforcement strategies in 2022, by leveraging on intelligence, strategic data mining and analysis, to enhance audit and investigation functions and implementing the penalty regimes in accordance with the laws;” adding that, “the Service is poised to ensure prosecution of recalcitrant taxpayers in 2022.”

Mr. Muhammad Nami called on taxpayers, tax consultants, tax collection agents and other stakeholders in the tax system to partner with the FIRS in 2022 to make taxation and tax revenue collection a pivot for economic growth and national development, stating that “no society can grow without its citizens paying their taxes.”



Johannes Oluwatobi Wojuola

Special Assistant to the Executive Chairman

(Media & Communication)

January 19, 2022

The finance act 2021 was signed into law on 31st Dec 2021, there is an increase in education tax from 2% to 2.5% , FIRS is the only government agency that can assess and collect tax in Nigeria
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Tripleoluwa:
The Audit report carried out by the office of Auditor General of the federation has indicted the management of the Federal Medical Centre, Owo, Ondo state of mismanaging a sum N167.5M

The development that contravened the Financial Regulations (FR) (2009) in handling the funds the institution generated and those allocated to it by the government, the 2019 government audit has revealed.

The hospital managers mishandled the said amount according to the audit.

The management of the have been ordered by the Auditor General of the Federation to provide reasons for the infractions before relevant authorities, return the funds to the government treasury or face sanctions.

Auditor-General for the Federation Adolphus Aghughu signed the audit report titled, ‘Auditor-General for the Federation’s Annual Report on Non-compliance/Internal Control Weaknesses Issues in Ministries, Departments and Agencies (MDAs) of the Federal Government of Nigeria for the Year Ended December 31 2019.’

Some of the infringements include: the award of contracts above the approval threshold of the chief medical director, non-deduction of one per cent stamp duty from contractors, unretired personal advances, payment without relevant supporting documents, and refusal to remit internally-generated revenues.

Others are: a violation of government e-payment policy, refusal to take items on store ledger charge, non-retirement of cash advances, and direct procurement without the approval of the Bureau of Public Procurement.
The audit report indicated FMC Owo of non-remittance of 25 per cent internally-generated revenue amounting to N11.5 million.

The audit notes that the hospital generated N46.3 million in 2019 as non-revolving Internally Generated Revenue (IGR). There was no evidence of remittance of 25 per cent of the IGR as required by the extant laws. The hospital should remit N11.5 million from the fund, the audit says.

The FMC paid a 15 per cent mobilisation fee of N21.3 million without submitting an advance payment guarantee (APG) by benefitting contractors.

In 2019, three contractors got N21.3 million from the institution for various projects, and the FMC failed to submit the APG.
The audit also accuses the hospital of approving contracts above the threshold of the chief medical director to the tune of N120.9 million.

Audit observes that the chief medical director solely approved the award of contracts (amounting to N120.9 million) that year without recourse to the Tender’s Board, which has the authority for approval as required by extant regulations.

The institution also failed to deduct N2.2 million as one per cent stamp duty from its contractors.

The amount is from the N225.8 million paid to contractors for various contracts.
Besides, the facility did not retire personal advances, totalling N11.4 million.
“There was no evidence to show that the amount was retired as at the time of audit in February 2020 contrary to extant regulations, and there were cases of multiple personal advances without retiring previous advances granted to some of the staff,” the report states.

The audit accuses the organisation of making N5.2 million payments for contracts without relevant supporting documents.

There is a need for accountability, transparency and auditing in both private and public sectors in Nigeria

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Maxymilliano:
The payment is likely to settle daredevil bandits from going about their usual tax-collection business and cause embarrassment for Buhari and his host governor.

Anyway, this is a good way of generating tax.

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PAYROLL TAX RETURNS IN NIGERIA

It’s the season for filing the annual payroll tax returns (Form H1) in Nigeria.

Here is a reminder to file the Form H1 returns which is 11 days away! plus extra tips

The Personal Income Tax Act (PITA) Cap P8 LFN 2011 (as amended) requires every employer to file the employer tax returns
(Form H1) with the relevant tax authority by 31 January.

Employers are to file their annual returns for the 2021 tax year relating to employee(s) income and PAYE taxes from January 2021 to December 2021.

The PAYE taxes calculation should follow the rules of the Finance Act 2020, effective 1 January 2021.

Each State Internal Revenue Service has its prescribed format for filing the employer tax returns. Submission can be electronic or hard copy returns. States like Lagos and Rivers have a dedicated portal for Form H1 returns. First-time users will register to access the portal.

The due date for filing the 2021 Form H1 tax returns is 31 January 2022. Late filing penalty is NGN500,000 for companies and NGN50,000 for individuals.

You can calculate PAYE taxes based on Finance Act 2020 or see the FAQs on employer tax returns in Nigeria.

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Professional services in
Tax, Accountancy, Assurance and CAC
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In December 2011, the Federal Government (FG) issued the Companies Income Tax (CIT) (Exemption of Bonds and Short-Term Government Securities) Order, 2011 and Value Added Tax (VAT) (Exemption of Proceeds of the Disposal of Government and Corporate Securities) Order, 2011 (collectively referred herein as Exemption Orders), which exempt the interest earned and proceeds from disposal of short-term FG securities and bonds, from CIT and VAT respectively. These include bonds issued by the Federal, State and Local Governments and their agencies, and by corporate and supranational entities.
Based on the gazetted copies of the Exemption Orders, the above incentives will be effective for a period of 10 years starting from 2 January 2012 (the commencement date of the Orders). However, bonds issued by the FG will continue to enjoy the CIT and VAT exemptions after the expiration of the 10-year term. Based on the foregoing, the 10-year exemption period expired on 2 January 2022. Therefore, interest income and proceeds from the disposal of the following bonds and short-term securities will no longer enjoy CIT and VAT exemption status:
• short term FG securities such as treasury bills and promissory notes,
• bonds issued by corporate bodies (including supra-national bonds), and
• bonds issued by State and Local Governments and their agencies.
With the expiration of the Orders, and consequently the exemption incentives, interests accruing to already issued debt instruments will now be subject to withholding tax (WHT) and CIT, effective from 2022 Year of Assessment. However, with the amendment of the definition of goods in Section 46 of the VAT Act by Finance Act, 2020, to exclude “money and securities”, proceeds from disposal of already issued securities will continue to be exempt from VAT, as debt securities do not constitute goods for VAT purposes. Likewise, bonds issued by the FG will continue to enjoy the CIT and VAT exemptions, in line with the provisions of the Local Loan (Registered Stock and Securities) Act and the Exemption Orders.
Further, it should be noted that the expiration of the tax exemption does not affect personal income tax (PIT) as the exemption from bonds introduced in the PIT Amendment Act, 2011 was not time-bound. Therefore, individuals, sole proprietorship and partnership businesses that invest in bonds and short-term FG securities will continue to enjoy exemptions from WHT and PIT.

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Inner Konsult Limited is into professional services in accounting, tax, and CAC, our branch office situated in Mowe, Ogun State needs front-end developers with sound knowledge in; HTML, CSS, Bootstrap, and Vue.js for immediate employment.
Interested candidates should kindly send their Resume/CV to vue@innerkonsult.com
Closing date for this vacancy:15thJanuary, 2022.

Paulipopor:
Finance

This is one very important aspect of any business. Managing it is even more difficult than getting it. Let's assume you already have enough to start and run your business.

There is really nothing like enough money. The need to manage money is actually because there's no enough money. so, how do you manage the little money you have?

The starting point is to have a budget and stick to it. What is a budget? A budget shows how you get and spend money. A lot of people see budgeting as only spending. I repeat; it includes how to get money. This helps you to not only think of spending but how to get more money.

One of the reasons small businesses fail is becuase they do not separate their business expenses from personal expenses. The budget is for your business and not a personal budget. You must maintain this discipline to succeed as a business.

The initial money invest CAPITAL and must not be depleted. if anything, it should be increased. What most business owners do is to be on their business' payroll. That way, they are paid from the business' profits and not from capital.

Once there's a clear cut between personal and business cost, the business(wo)man is really set for business.

There is an online accountancy service by team of professionals visit innerkonsult.com call 0 8 0 38460036

In Nigeria there is a complete online accountancy and tax service. All you need is to chat online and upload your data , the service is delivered just like that at innerkonsult.com Choosing the best online tax services is one of the most daunting tasks that one need to perform to make sure that the best services are rendered in a manner that is effective and efficient. There are several factors that a person needs to consider while the online tax services are chosen and implemented in the best possible manner. One of the several advantages of the online tax services is to make sure that the tools and services are embedded in such a manner which makes sure that the services rendered in this regard are the best and accurate. To make the best use of the online tax services the user needs to make sure that the design and layout of the software program is made in line with the requirements of the business. Online tax services are also one of the several tool that aid the business to make the returns and the related ideas more practical as they are already made in such a manner which makes sure that the best outcome always provided to the business. There are tens of thousands of online tax services that are being promoted all over the web and for the same reason before choosing one the business has to make sure that the following factors are not only fulfilled but are also practiced while the purchase is being made:

1. Price
It is one of the leading factors that decide whether a company should purchase the online tax services or not. In case the business is small then simple software would do the trick as the returns prepared in this regard are not complex at all and therefore they never require any improvement in the grey areas or being simple there are no grey areas at all. It should therefore be fairly priced to make sure that the best is provided to the business in terms of cost effectiveness.

2. Specific tools and built ins
The online tax services are used for several industries and for the same reason it is very important to note that the specific tools and built ins should be there to support the tax return collection. It is advised to make sure that these features are added by the online tax services once the order has been place. The best company is the one that makes sure that the requirements of the customers are not only fulfilled but the overall issue of the company related to tax service is also resolved in the best possible manner.

3. Customer support
Online tax services should provide the best customer support in this regard to make sure that the overall issues are not only resolved but are also fulfilled in the best possible manner. The company with the best customer service is the one that is sincere with the business and therefore it is advised to go for the ones whose customer services are rated high.


www.InnerKonsult.com Nigeria Accounting, Tax, Audit & Investigation service 08038460036,

WHAT IS ACCOUNTING?
Every entrepreneur needs to embrace cooperate governance in Nigeria at least this is what specialists propose and consider, this will be a major step in the business word and it will discern entrepreneurs to the next and it will show business that do well and which do not. This corporate governance is about improving stakeholder value. There is need to institute well developed international standards on best practices in the management of businesses for benefits of stakeholders. The actuality of international standards would definitely give comfort to investors, creditors and regulatory agencies.

You may ask why audit should be done and also go to the length of wanting to know how the internal audit report format is supposed to be done. Today in Nigeria, audit involves the scrutiny of the account of an enterprise in sufficient details to ensure that the auditors can form an opinion based on truth and fairness and come up with a conclusive audit report or audit reports, since the opinion of the auditor is always expressed in a written audit report addressed either to those who have commissioned the audit or to those to whom the auditors may have a statutory responsibility.

As we know annual audit reports and small business accounts are produced for the attention of members of company, i.e. the shareholders. However, a much wider range of people are now interested in this annual audit reports and accounts and they include; lenders or debenture holders, employees, customers, suppliers, stockbrokers etc. in Nigeria there are certain auditing regularities like a person cannot qualify for an appointments as an auditor of a company except if he is a member of a body of accountants.

The Nigerian standards on Auditing (NSA), planning an audit of financial statements, is the local standards that governs audit planning, also on the internal audit report format and creating audit reports in general. The purpose of Nigerian standards on Auditing (NSA) is to establish standards provide a guide on the considerations and activities applicable o planning an audit and producing audit reports on financial statements. This Nigerian standards on Auditing (NSA) is framed in the context of recurring audits and the requirements o this this standard comply substantially with the ISA that is, “Panning and Audit of Financial Statements.” Planning an audit and making audit reports or making a service audit report involves the establishment of the overall audit strategy for the engagement and development of an audit plan in order to reduce audit risk to an acceptable low level.
The professional standards of the auditors in regards to how they create and produce those audit reports. They should have a code of ethics in auditing. These ethics are essential in bringing up the auditors standards and professionalism creating a relationship of chartered accountants with their clients, employers, employees, fellow members of the group and the public in general. In Nigeria the maintenance of ethical standards is the collective concern in the ICAN and members of the accounting profession.

Innerkonsult.com Accountancy and Tax service provider , 0 80 3 8460036

Neat Desk Desktop Document Scanner and Digital Filing System for PC and Mac
transforms paper into digital documents, sending them directly to the cloud service of your choice - without the need for a computer
Go from paper piles to organized digital files - Neat reads and extracts the information from whatever you scan
Neat Desk will scan in your receipts, business cards, or documents at a speedy 24 pages per minute
Scan up to 50 pages at once - 1 or 2-sided, color or B&W, single or multi-page
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Access and add your neat files from anywhere with your mobile device or Computer
Keep all your information in one secure, organized place
Streamline your workflows by sending data to Excel, turbotax, h&r block tax software, outlook, and more
Easily create expense reports and export information
Desktop ADF scanner with unique paper input tray
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There is a huge market for Nigerians that can market our service.

It is base on commission and other fringe benefits.


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You do not need to worry yourself about the real father,

All you need to do is to tell your husband the real story or send this url to his email to read and ask him to forgive you.

If the babe turns out to be your husband work good! if not your husband will not be too disappointed.

But if your husband got to know this without you be the one telling him first, you are finished!

I hope my advice is not too difficult but is the safest.


Good luck




For online news visit; www.content222.com CNN, BBC Sport, Sun Newspaper, Guardian, Vanguard , online newspapers, forums e.t.c , outsourcing accounting and taxation in Nigeria visit; www.content222.com

Tomi Odunsi is an actress in MNET’s TV series, Tinsel. She speaks with JOAN OMIONAWELE about her musical career, her life as an actress and other issues.

You act and sing. Which one works better for you?
For me, I would say both work hand in hand. It’s about being grounded fully in the arts.

Who exactly is Tomi Odunsi?
I am a singer, songwriter and an actress. I am also versatile and talented.

‘Shalewa’ in Tinsel is a rustic and unrefined girl, but you as a person are so urbane and sophisticated. How come you fit so well into that character?
There are lots of differences between us. ‘Shalewa’ is still going through different stages of her life, though she is improving on herself everyday as the series unfolds.
She is well grounded in her cultural values. Tomi Odunsi is more exposed than ‘Shalewa’ is.

You are planning to move from TV series to the big screen, with Omawumi and Beverly Naya…
Yes, that’s true. I think the move is only a natural thing, though it’s a challenge to us TV series actors. But in Nigeria, the people in the movie industry are very receptive. This is what I love about the movie industry.

You are an ambassador with NASCOM, a Federal Government initiative to improve sports. What is that about?
NASCOM was founded to discover raw talents. It is also an opportunity for youth development in the area of sports and the Federal Government is ready to give students the platform to grow and discover themselves. I was appointed to encourage young people to go out and discover themselves. In that process, they can discover their potential.

What’s your educational background?
I had my primary education at the Providence Primary School, Lagos; attended Odofa Secondary School and I’m a graduate of Linguistics from the University of Lagos.

When you were chosen to act ‘Shalewa’ for Tinsel, were you not bothered, being a village girl’s role?
I wasn’t bothered because I took it as a challenge. As of the time I got the role, everyone had to be able to speak English to be fit for one role or the other, and that made me know that one can be a good actress without being able to speak good English. It was more of an opportunity to expand my scope as an actress.

What were you doing before you became an actress?
I was rounding off in my final year in school. I was also signed in to a record label, doing my own thing.

What benefits has Tinsel brought to you?
It has opened a lot of doors. It has given me a good platform to perform on the field.

Now that you are popular, what has changed about you?
There are things I have had to stop. (Being a star) more people now know you; so, you have to be careful because more people are looking up to you. You mentor people without even knowing it. I now have to watch what I do or say. It’s funny, but it’s harder.

Before you became an actress, you weren’t this elaborate about some of your physical assets. Now you have loosened up and in your most recent photo shoot, you bared some skin. Are you gradually becoming a sex symbol or it’s just a gimmick to fit into Nollywood?
No, it isn’t. I am very expressive and open to challenges. I am also very fashionable and there are some things I don’t really see as a problem. It’s all about being artistic.

So you don’t see baring your skin as a problem?
I don’t bare my skin. I don’t know where you got that impression from.

But there was this picture all over the Internet where you wore a shirt and exposed your bra and also wore bum shorts….
That was a photo shoot! The intent was not to bare my skin; it was more of an artistic work. It’s also part of my job to model actually. I am not a sex symbol.

What are your favourite relaxation spots in Lagos?
I like to relax at the pool side somewhere at the beach in the morning when there are no people around. I am very simple.

http://www.tribune.com.ng/news2013/index.php/en/component/k2/item/24775-i-am-not-a-sex-symbol-shalewa-of-tinsel.html

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Nigeria will win by 3-1 this evening





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