Global

Details

  • Service: Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 9/6/2013

Nigeria - Official guidance on tax implications of adopting IFRS 

September 6: The Nigerian tax authority released guidance concerning the tax implications of adopting the International Financial Reporting Standards (IFRS).

The Nigerian Federal Inland Revenue Service’s Information Circular on the Tax Implications of the Adoption of International Financial Reporting Standards (IFRS)circular [PDF 157 KB]—addresses some tax issues that would arise from the adoption of IFRS.


If adopted, IFRS would replace the current accounting regime, Nigerian Generally Accepted Accounting Principles (NGAAP). See TaxNewsFlash-Africa: Nigeria - Tax implications of adopting IFRS


The circular offers clarifications on the tax treatment of certain assets, expenses, and income under the IFRS regimes, and highlights the tax authority’s position on issues including the tax treatment of valuation expenses and the tax depreciation of tangible assets.




©2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

 

Share this

Share this

Subscribe

Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)


Already a Subscriber? Login


Not a member? Subscribe now