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    Businesses face a myriad of challenges that leave them vulnerable to many forms of risk, including regulatory, reputational and litigation, among others. Evolving legal and ethical obligations pose constant challenges to a business and often in-house counsel are on the front ... Read More
IFRS Immersion Course For Accountants, Auditors & Finance Personnel This 3-Day IFRS immersion training has been designed to teach in-depth knowledge about IFRS with practical application examples.The training sessions will be led by subject-matter professionals with deep IFRS and Nigeria Statement of Accounting Standards experience. Attendance at this programme will provide the participants opportunity to discuss practical issues on application of IFRS and to ensure effective compliance with IFRS. Certificates will be awarded to all ... Read More
   Indian based accounting solution company, E-trends Technologies India has  signed a partnership deal with PML  advisory limited to provide solution to the  mounting challenges  of managing , controlling and reporting internal  audit  system that are confronting emerging and ... Read More
    A financial plan is a forecast of future performance for a business, usually prepared using spreadsheet software. Small businesses can benefit greatly from taking the time to do a financial plan at least annually. The plan helps a small ... Read More
  An important in the internal auditor's toolbox, risk-based auditing effectively serves the three primary roles of internal auditing — to provide feedback on the adequacy of internal control, to provide a source of information for monitoring risk, and to provide identification and communication ... Read More
  The world has learned the hard way over the past year that most companies have done a bad job of managing risk. And not only banks and investment firms. Accenture’s Global Risk Management Study  found that executives at business enterprises across a wide range of industries believe overwhelmingly that they ... Read More
  External Auditors: An Ally or Opponent? Unfortunately, the finance departments of many companies mistakenly believe that having an external audit annually is part of their internal control structure they can rely on to ensure their financial statements are accurate and their internal controls are sound.   While the objective of an external audit ... Read More
Professional financial advisors have years of training, tools, and experience working with many different clients and situations. Because of their broad experience, professional advisors can quickly assess your needs and offer advice that reflects the best practices of the financial industry and is appropriate for your particular needs. In addition, and ... Read More
The Financial Reporting Council of Nigeria (FRCN) has said the convergence to the International Financial Reporting Standards (IFRS) by Nigeria will promote corporate governance in the country. This, according to the Council, will also enhance foreign direct investments and national economic growth. Chairman, Governing Board of the FRCN, Mrs. Maryam Ladi Ibrahim ... Read More
In 2002, the President of United States passed into law the Sarbanes-Oxley Act of 2002 addressing corporate accountability. A response to the financial scandals that undermined citizens’ confidence in U.S. business and perhaps most important, though, it puts the accounting industry under tightened federal oversight. It creates a regulatory board—with ... Read More

Solving Your Business Risks

The transition to the Nigeria Tax Act (NTA) 2025 is now in its active delivery stage. As of MAY 2026, the "grace period" of the new regime is ending, and the Nigeria Revenue Service (NRS) has begun active enforcement.
Understanding the specific windows for compliance and the penalties for missing them is new to avoiding financial sanctions. It is worth noting that NTA 2025 is not newly introduced. Compliance window or offenses instead the framework is designed to bring absolute clarity to taxpayers.

  1. Timeline of Enforcement
    The transition followed a phased "Activation" model:
    June 26, 2025: President Tinubu signed the four primary Reform Bills. The Nigeria Revenue Service Act, Nigeria Tax Administration Act, Nigeria Tax Act and Joint Revenue Board Act became legally effective on this date to allow for the structural rebranding of the
    FIRS to the NRS.
    January 1, 2026: The Commencement Date. All new tax rates (including the 0% rate for small businesses 30% for large companies and the 4% Development Levy) and administrative procedures became mandatory.
    April - June 2026: The First Filing Cycle. Companies with a December 31 year-end are currently navigating their first full filing period under the unified NTA 2025 rules.
    January 1, 2028: The sunset date for certain Free Trade Zone exemptions. After this date, entities in these zones will be fully liable for tax on sales to the customs territory.
  2. Timelines for Filing and Extensions
    The Nigeria Tax Administration Act (NTAA) 2025 has harmonized filing deadlines across the country.
    Standard Deadlines
    Company Income Tax (CIT): Must be filed within 6 months after the end of the company's accounting year.
    VAT & Withholding Tax: Returns must be submitted on or before the 21st day of the following month (for VAT) and 30th day (for WHT) of the following month.
    PAYE: Must be remitted on or before 10th day of the following month.
    Extensions
    The NRS may grant an extension for filing if a taxpayer applies before the deadline and
    provides a valid reason (e.g., system outages or serious technical difficulties).
    Note: An extension of the filing date does not automatically extend the payment date .
    You may still be required to make a "provisional payment" to avoid interest charges while the extension is active.
  3. Enforcement of the Act: “New Teeth"
    The NRS has significantly more autonomy than the previous FIRS. They are now empowered to enforce compliance through automated and digital means.
    Digital Focalization
    The NRS is deploying a "single window" digital platform. Enforcement is now largely automated:
    Automatic Flags: The system automatically flags businesses that have a turnover above
    ₦100M (tracked via bank records) but are still claiming the 0% "Small Company" tax rate.
    Technology Access: Refusing to grant the NRS access to your business's digital
    accounting systems for an audit carries a massive penalty of ₦1,000,000 for the first day
    and ₦10,000 for every day the refusal continues.
    Modern Sanctions (The "Cost of Failure")
    The 2026 penalty regime is designed to make non-compliance more expensive than the tax
    itself:
    Offense | Penalty (2026 Rates)
    Failure to Register for Tax ₦50,000 first month; ₦25,000 each subsequent month.
    Failure to File Returns ₦100,000 first month; ₦50,000 each subsequent month.
    Late Remittance of WHT Original tax + 10% penalty + Interest at CBN rate.
    False Refund Claims 100% of the amount claimed + interest.
    Obstruction of Officers ₦1,000,000 administrative penalty + potential imprisonment.
    Strategic Advice: With the ₦100,000 initial penalty for simple filing defaults, the NRS is
    signaling that "silence" is no longer an option. Even for small businesses with 0% tax
    liability, filing a "Nil Return" is the only way to prove compliance and avoid automated fine
https://youtu.be/hwkBAEHkhCc

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