Two key regulators and a governance code now require Nigerian Boards to formally demonstrate that their performance is periodically evaluated. PML Professional Services delivers independent, evidence-based Board Evaluations that meet regulatory expectations and are fully prepared for statutory reporting and regulatory submission. NCCG NIGERIAN CODE OF CORPORATE GOVERNANCE ... Read More
blogs
The Tax Act 2025 provides a framework for the taxation of transactions involving virtual assets. As digital and blockchain-based assets continue to form part of modern economic activities, the Act recognises various transactions involving virtual assets as potentially taxable and establishes a basis for determining their value for ... Read More
An efficient tax system depends on both competent tax representation and timely tax compliance by taxpayers. To improve accountability, transparency, and revenue collection, Nigerian tax laws allow companies to appoint qualified tax representatives but not mandatory while also mandating individuals to file annual income tax returns. These provisions ... Read More
Enhancing the Reliability of Financial Reporting
Internal Control over Financial Reporting (ICFR) is a fundamental component of sound corporate governance for Public Interest Entities (PIEs). It provides reasonable assurance that financial transactions are accurately recorded, authorized, and reported in accordance with applicable accounting standards and ... Read More
Imagine paying for a service, settling the supplier’s invoice in full, and moving on with business as usual.
Months later, during a tax review, you discover that you are expected to account for VAT on that same transaction, when the supplier did not charge VAT.... Read More
"Not every customer who owes you today will pay you tomorrow."
This simple reality is the foundation of Expected Credit Loss (ECL) under IFRS 9 – Financial Instruments.
Unlike the old IAS 39 model, which recognised losses only after a default occurred, ... Read More
Introduction
The Nigerian tax ecosystem has continued to experience significant transformation as technology becomes a major driver of efficiency, transparency, and compliance. One of the most notable developments in recent times is the transition from the Tax ProMax platform to the Revenue Automation System (Rev360), ... Read More
As Nigeria’s tax environment continues to evolve, businesses are facing increased expectations around transparency, accountability, and timely reporting. The recent emphasis on priority company returns, tax incentive reporting, and monthly returns for taxes deducted at source reflects a broader shift in tax administration—from simply ensuring taxes are paid ... Read More
The digital economy — SaaS, e-commerce, streaming, fintech — has changed how businesses earn revenue. But one standard still governs how that revenue is recognized: IFRS 15.
Here's what digital businesses need to get right
1. Identify what you're really selling - ... Read More
Under the Nigeria Tax Administration Act (NTAA) 2025, the government has introduced Mandatory Disclosure Rules (MDR). That marks a shift from a "reactive" system, where the tax authority finds schemes during audits, to a "proactive" system, where you must tell them about your tax planning upfront.As of 2026, ... Read More