blogs

Implications of Non-Compliance under the revised Income Tax (Transfer Pricing) Regulations, 2018  The Federal Inland Revenue Service (“FIRS” or the “Service”) recently published the revised Income Tax (Transfer Pricing) Regulations, 2018 (the “Regulations”) with commencement date on 21st day of March, 2018 and will be applied to the basis periods ... Read More
  HOW START-UPS AND SMALL BUSINESSES IN NIGERIA CAN BENEFIT FROM THE NEW CAMA BILL... Read More
There are twelve months in the year, keeping your business in good shape is very important. A good place to start is to reflect on the past year, and get a clear understanding of what success looks like in 2018. Below are few tips ... Read More
Sage One is an online accounting and payroll solution that supports entrepreneurs and small businesses. It is designed to keep your business on track and prevent errors, while giving you access to your accounts from anywhere, and at anytime. Sage One ... Read More
  Tax being a mandatory financial charge or some other type of levy imposed upon a taxpayer (an individual or other legal entity) by the government in order to generate revenue. Aside being a means to generate revenue is enforced by federal, state ... Read More
[embeddoc url="https://www.pml.com.ng/wp-content/uploads/2017/09/VAID-Flyer-design.pdf" download="all"]
Nigeria’s economy still attractive for foreign investment  Nigerian economic climate is still attractive for foreign investments, despite its present challenges. Nigeria is the largest economy in Africa, with Gross Domestic Product (GDP) of 549.6 billion dollars, is still attracting foreign investments especially from private equity funds. Amidst the challenging economy, Nigeria’s foreign direct investment ... Read More
Error: Please insert a video url.
https://www.youtube.com/watch?v=rcEfCFQ60AQ
  Business owners are brave. They’ve created a product or service they believe meets a need or solves a problem and then pour their heart and soul into turning that into a successful business. Smart business owners plan. Even smarter ones do business risk ... Read More

The Securities and Exchange Commission (SEC) Nigeria Registered PML Audit as Auditors and Reporting Accountants.

It has been 6 months of demanding work for most Auditors and Accountants. Most Companies in Nigeria are 31 December financial year-end. Some companies are 31 December due to:

For those that are mandated to have their financial year-end as 31 December, it is understandable but why do you choose 31 December when it is not mandatory for your company.

With 31 December being year-end for most companies in Nigeria, auditors and accountants work very hard to meet up with the reporting deadline. What you experience, is that Clients with fat cheques get the attention of the Auditors, and most time, they meet the reporting deadline earlier compare with smaller companies.

It is also a common occurrence to experience regulatory filing difficulties on the last day of filing of 30 June for 31 December year-end client. The heavy internet traffic on the Tax Authority website crashes the website on such date and usually difficult to file returns.

Instead of selecting 31 December as your financial year-end, you can also align your year-end with your business cycle. A school can choose 30 September year-end as it aligns with the Student Academic calendar.

Our suggestion is always if you are not mandated to be a 31 December year-end client, please choose another month for your financial year-end. You will receive better service and attention from your auditors and tax authority because work pressure will be less. March, June, or September is a good alternative financial year-end to choose.

JOIN OUR FREE NEWSLETTER