Small and medium-sized enterprises (SMEs) play a significant role in economic growth, employment generation, and innovation. However, as businesses grow, managing financial transactions, inventory, customers, suppliers, employees, and other business processes manually or through disconnected systems can become increasingly difficult. Sage ERP provides tools that can help small ... Read More
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GOVERNANCE & RISK ADVISORY Is Your Internal Audit Function Ready for Independent Quality Assessment?
An effective Internal Audit function is a cornerstone of sound corporate governance, robust risk management, and regulatory compliance. Boards and Audit Committees are increasingly expected to demonstrate that their Internal Audit function remains independent, effective, and aligned with globally accepted professional standards.Regulatory DriversFor CBN-regulated financial institutions, an annual ... Read More
An efficient tax system depends on both competent tax representation and timely tax compliance by taxpayers.Nigerian tax laws allow companies to appoint qualified taxrepresentatives (though not mandatory) while mandating individuals to file annual income tax returns,reinforcingvoluntarycompliance andstatutory obligations.Registration of Tax AgentsEvery company is required to designate a representative ... Read More
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
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