June 19, 2025

The Institute of Chartered Accountants of Nigeria (ICAN), through its Obio/Akpor and District Society, has concluded plans to provide tailored professional services to Ikwerre Local Government Area of Rivers State. This development follows a strategic meeting held on Wednesday, June 18, 2025, at the headquarters of the Ikwerre LGA, during a courtesy visit by the ICAN District led by Chioma Ojukwu, a seasoned chartered accountant, university lecturer, and fellow of the institute. Speaking during the visit, Ojukwu outlined several key areas where ICAN intends to offer support, including: Ojukwu noted the district’s excitement over the appointment of Isaiah Christian, a distinguished ICAN member, as the Sole Administrator of Ikwerre LGA. She described the visit as both a show of support and a strategic effort to initiate mutually beneficial collaboration between ICAN and the local council. “As professionals trained in financial management, accountability, and integrity, we’re eager to support the council in building capacity, promoting transparency, and advancing socio-economic development,” Ojukwu said. In response, the Sole Administrator acknowledged the critical role that chartered accountants play in driving sustainable development at all levels of government. He emphasized revenue generation strategies as an immediate area of potential collaboration and welcomed ICAN’s support in enhancing human capital development and youth empowerment in the LGA. He further pledged ongoing collaboration with the district society and support for initiatives that will advance ICAN’s mission and visibility across the state. Although the tenure of sole administrators across Rivers State’s 23 LGAs remains uncertain—pending local government elections and the recent screening of electoral commission chairmen—experts believe the early foundation laid through ICAN’s engagement could give Ikwerre LGA a competitive edge in governance and service delivery, even beyond the current administration. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

In a bid to support taxpayers ahead of the June 30 Companies Income Tax (CIT) filing deadline, the Federal Inland Revenue Service (FIRS) has announced the extension of tax office operations to weekends throughout the month of June. The directive, issued by FIRS Executive Chairman, Mr. Zacch Adedeji, was conveyed through a statement by his Special Adviser on Media, Mr. Dare Adekanmbi, who noted that the move aligns with the agency’s commitment to delivering on its customer-centric service policy. “With this directive, tax offices will be open from 10:00 a.m. to 4:00 p.m. on Saturdays and 12:00 noon to 4:00 p.m. on Sundays, starting from June 14 to June 29,” the statement said. The extended hours aim to ease the burden on companies required by law to file their annual tax returns before the end of the month, especially those whose financial year ends on December 31. The FIRS highlighted that June marks the peak of the Companies Income Tax (CIT) filing season, and the additional weekend support will assist taxpayers in meeting their obligations promptly. According to the agency, coordinating directors across the Large Taxpayers Group, Government and Medium Taxpayers Group, and Emerging Taxpayers Group have already communicated the management’s directive to relevant staff nationwide. The statement further emphasized Mr. Adedeji’s broader reform agenda since assuming office, which has included a strategic reorganization of FIRS operations aimed at streamlining tax processes and enhancing taxpayer experience. These reforms have positioned FIRS not just as a tax collector, but as a service-driven institution. Taxpayers are encouraged to take advantage of the extended hours to file returns and avoid last-minute penalties. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

The Corporate Affairs Commission (CAC) has announced a scheduled review of its service fees, with the updated charges set to take effect from August 1, 2025. In a public notice released on Tuesday, the Commission stated that the review comes after a thorough assessment of current economic conditions, increasing operational expenses, and consultations with key stakeholders. According to the CAC, the revision is aimed at enhancing its capacity to deliver more efficient, technology-driven services that better serve Nigerian businesses and the broader economic landscape. “The Commission wishes to inform the general public, esteemed customers, and stakeholders that in its continued effort to improve service quality and delivery, it has become necessary to review certain service fees effective from August 1, 2025,” the statement read. The notice emphasized that the fee adjustment is modest and competitive, and is part of a broader strategy to maintain the integrity of the Nigerian Corporate Registry while improving service delivery through digitized operations. Reiterating its commitment to service excellence, the CAC assured stakeholders that the new fee structure is essential for sustainability and ongoing improvements in regulatory services. “We remain committed to transparency, accountability, and customer satisfaction as we strive to build a more resilient and responsive corporate regulatory environment,” the Commission added. The revised fees will affect a wide range of services, including those related to companies, business names, limited partnerships, and incorporated trustees. This change is expected to impact business owners, legal professionals, compliance officers, and other stakeholders engaged in post-incorporation and regulatory activities with the CAC. A comprehensive list of the updated service fees is available on the Commission’s official website. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

The Lagos State Government has restated its dedication to implementing effective and transparent tax practices, as part of broader efforts by Nigerian states to increase internally generated revenue for infrastructural growth. This reaffirmation came from the Governor of Lagos State, Mr. Babajide Sanwo-Olu, during the investiture ceremony of Mr. Innocent Ohagwa as the 17th President of the Chartered Institute of Taxation of Nigeria (CITN). Represented by his Special Adviser on Taxation and Revenue, Mr. Opeyemi Ogungbo, the Governor assured the institute of the state’s continued collaboration to foster voluntary tax compliance. Sanwo-Olu praised CITN’s pivotal role in shaping tax policy and reforms across Nigeria, noting that its contributions have strengthened the country’s tax system and elevated professional standards within the sector. He expressed strong confidence in Mr. Ohagwa’s ability to lead CITN forward, citing his wealth of experience in taxation, spanning over 30 years, and his various leadership roles across the African continent. The Governor also challenged the new president to embrace innovation in tax practice, emphasizing that his leadership comes at a crucial time in Nigeria’s fiscal journey. He pledged the state government’s full support throughout his tenure. Delivering the keynote address, Professor Muhammad Mainoma, a Professor of Accounting at Nasarawa State University, spoke on the theme, “The Tax Professionals of Tomorrow: Skills, Ethics, and Innovation.” He emphasized that traditional tax models are no longer sufficient in today’s rapidly evolving global economy. With growing demands for transparency and accountability, he said tax professionals must adapt to new global standards, including the Base Erosion and Profit Shifting (BEPS) project, the Common Reporting Standard (CRS), and the global minimum tax initiative. Professor Mainoma highlighted the increasing expectations for ethical conduct in tax practice, stressing that in an era where public trust is fragile, tax professionals must uphold integrity to maintain confidence in the tax system. In his acceptance speech, Mr. Ohagwa reaffirmed his commitment to the institute’s mission. He outlined his strategic priorities, which include capacity building for taxation stakeholders, strengthening partnerships for effective fiscal reform implementation, and improving service delivery processes within the sector. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

Navigating the complexities of taxation in Nigeria can be daunting for individuals and businesses alike. With an evolving tax landscape, understanding the principles and practice of Nigerian tax planning and management is essential for compliance, financial optimization, and sustainable growth. At Sunmola David & CO, we specialize in helping our clients master these principles to achieve their financial goals. In this article, we explore the fundamentals of Nigerian tax planning and how effective management can benefit you. What is Tax Planning and Management? Tax planning involves strategically organizing your financial affairs to minimize tax liabilities while remaining compliant with Nigerian tax laws. Tax management, on the other hand, encompasses the ongoing process of monitoring, reporting, and ensuring adherence to tax obligations. Together, they form a proactive approach to handling taxes efficiently. In Nigeria, tax planning and management are governed by laws such as the Personal Income Tax Act (PITA), Companies Income Tax Act (CITA), Value Added Tax Act (VATA), and other regulations administered by the Federal Inland Revenue Service (FIRS) and state tax authorities. Core Principles of Nigerian Tax Planning Effective tax planning in Nigeria is built on several key principles: 1. Compliance with Tax Laws Adhering to Nigerian tax regulations is non-negotiable. Non-compliance can lead to penalties, audits, or legal consequences. A sound tax plan ensures that all filings, payments, and documentation align with FIRS and state requirements. 2. Tax Efficiency Tax efficiency involves leveraging legitimate opportunities to reduce tax liabilities. This may include claiming allowable deductions, tax reliefs, exemptions, or incentives provided under Nigerian tax laws, such as pioneer status for qualifying businesses. 3. Proactivity and Foresight Anticipating changes in tax policies and planning ahead is critical. For instance, recent reforms like the Finance Act 2023 have introduced significant changes to Nigeria’s tax system. Staying informed allows you to adapt and optimize your tax strategy. 4. Risk Management Effective tax planning minimizes exposure to risks such as disputes with tax authorities. This involves maintaining accurate records, conducting regular tax health checks, and addressing potential red flags before they escalate. 5. Customization Every individual or business has unique financial circumstances. A one-size-fits-all approach to tax planning is ineffective. Tailored strategies that align with your income, business model, and long-term goals are essential. Practical Steps in Nigerian Tax Planning and Management Implementing a robust tax strategy requires practical steps. Here’s how Sunmola David & CO guides clients through the process: 1. Assess Your Tax Position We begin by conducting a comprehensive review of your financial situation, including income sources, business operations, and existing tax obligations. This helps identify areas for optimization and compliance gaps. 2. Leverage Tax Incentives Nigeria offers various tax incentives to encourage investment and economic growth. For example: Our experts help you identify and apply for incentives that align with your business activities. 3. Optimize Deductions and Reliefs Individuals and businesses can claim deductions and reliefs to reduce taxable income. For individuals, this includes reliefs like Consolidated Relief Allowance (CRA) and deductions for pension contributions. For businesses, allowable expenses such as operational costs can lower taxable profits. 4. Plan for Value Added Tax (VAT) VAT is a significant component of Nigeria’s tax system, currently charged at 7.5%. Businesses must register for VAT, file returns promptly, and manage input and output VAT effectively. We assist clients in streamlining VAT compliance to avoid penalties. 5. Stay Ahead of Deadlines Missing tax filing or payment deadlines can result in hefty fines. We provide reminders and support to ensure timely submission of returns, including PAYE (Pay As You Earn), Withholding Tax, and Corporate Income Tax filings. 6. Engage in Regular Tax Audits Periodic tax audits help identify discrepancies and ensure compliance. Our team conducts mock audits to prepare you for FIRS or state tax authority reviews, reducing the risk of unexpected liabilities. Challenges in Nigerian Tax Planning Despite its benefits, tax planning in Nigeria comes with challenges: At Sunmola David & CO, we address these challenges with tailored solutions, expert guidance, and cutting-edge tools to simplify the process. Why Choose Sunmola David & CO? As a leading tax consultancy in Nigeria, we bring decades of experience and a client-centric approach to tax planning and management. Here’s why businesses and individuals trust us: Take Control of Your Taxes Today Effective tax planning and management can transform your financial future. Whether you’re an individual seeking to optimize your personal income tax or a business aiming to maximize profitability, Sunmola David & CO is here to help. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), has approved weekend operations for tax offices across the country throughout June. The directive, announced in a statement by Dare Adekanmbi, Special Adviser on Media to the Chairman, underscores Adedeji’s commitment to delivering a customer-focused tax administration. According to the statement, tax offices will now open from 10:00 a.m. to 4:00 p.m. on Saturdays, and from 12:00 p.m. to 4:00 p.m. on Sundays. The weekend schedule, which began on June 14 and ends on June 29, is aimed at helping companies meet the June 30 deadline for filing their annual Companies Income Tax (CIT) returns. Coordinating directors overseeing the Large Taxpayers Group, Government and Medium Taxpayers Group, and Emerging Taxpayers Group have communicated the directive to all tax offices to ensure effective implementation. “June marks the peak of the CIT filing season, especially for businesses whose financial year ends on December 31,” the statement noted. Since assuming office, Adedeji has led reforms to streamline tax processes and improve service delivery, transforming the FIRS into a more responsive, service-driven institution. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.