You never know who is swimming naked until the tide goes out." - Warren Buffet
There have been significant developments in Nigeria over the past few weeks and days which have impacts on businesses, and could redefine the tax landscape. The falling oil prices and the depletion of the foreign reserves have led to the devaluation of Naira and a more aggressive approach to tax collection by the authorities.
Read our tax alert and economy watch to find out how these developments may affect you and the steps you should take to manage the impact.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.