|Financial Service||Oil & Gas||IT & Telecom||Construction & Real Estate||Trading & Automobile||Manufacturing||Energy & Power|
|Access Bank Plc||Lonestar Drilling Nigeria Limited||Airtel Nigeria Limited||Blueline Urban Project Limited||Elizade Nigeria Limited||Emzor Pharmaceuticals Ltd.||Servipower Company Ltd.|
|Capital Alliance Nigeria Limited||Falcon Petroleum Limited||Hewlett Packard Nigeria Limited||Sermatech Nigeria Limited||Montana Group Limited||Sonnex Packaging Limited|
|Afrinvest West Africa Limited||Forte Oil Plc.||IS Internet Solutions Limited||Design Union Group||Konga Online Shopping Limited.||AJEast Limited|
|Fidelity Bank Plc.||Homble Energy||Intercellular Nigeria Ltd.||Primrose Property Investment Ltd||Somotex Nigeria Limited|
|Guaranty Trust Bank Plc||Midwestern Oil & Gas Company Plc||Visafone Communications Limited||Primrose Development Company Ltd|
|First City Monument Bank Plc.||Azenith Energy Resources Limited|
|Wapic Insurance Plc.|
|Chapel Hill Advisory Partners Limited|
|Cornerstone Insurance Plc|
The Federal Inland Revenue Service (“FIRS”) in exercise of its powers as provided in Section 61 of the Federal Inland Revenue Service Establishment Act (“FIRSEA”) recently released Nigeria’s Income Tax (Country by Country Reporting) Regulations. The enactment of the regulation is also in line with there commendation of the Base Erosion and Profit Shifting (BEPS) project which recommended that signatory countries develop local rules regarding Country by Country Reporting (“CbCR”) to enhance transparency in tax administration. This regulation will also give effect to the Country-by-Country Multilateral Competent Authority Agreement signed on 27 January 2016. The regulation whose objective is to seek information about the global activities of multinational enterprises (MNEs) requires that MNEs with tax presence in Nigeria file certain information about their global operations with FIRS.
Read more here…….Country-by-Country Reporting
The National Pension Commission(“Pencom”) has issued an exposure draft of guidelines for the administration of pensions for self-employed persons and persons employed in the informal sector. This is in line with Section 2(3) of the PRA 2014. Pencom expects comments from the public and all stakeholders before amending and issuing the final Guidelines.
The draft Guidelines predominantly refers to a‘Micro Pension Scheme(“MPS”). It details the characteristics, modalities for operation, investments of the pension fund assets and the criteria for conversion between the Compulsory Pension Scheme(CPS) and MPS. We present below a summary of the salient issues addressed in the draft Guidelines for your easy reading.
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Pedabo provides innovative solutions that go the distance, and this has earned us a reputation for unflagging success among our clients. If you’re ready for a career with a dynamic organization in an environment that cultivates professional growth and career development, then join us at Pedabo.
As part of our dynamic teams in the Audit and Tax Units, you will have access to a wealth of experience, continuous on- the-job guidance, and you will acquire key knowledge about industries, business strategy and practical business issues faced by our clients through your daily experiences that will help you build business awareness, technical, personal and management skills throughout your career.
Join the Winning Team
Do you already have a solid resume, skills and experience? Are you looking to make the most of where your accomplishments can take you? Pedabo’s recruitment services provides opportunities both within the organization and several clients.
Pedabo offers an energetic range of audit, tax and financial advisory services to clients. In addition, there are rewarding opportunities to work in many internal services, including: human resources, communications, financial support services, and more.
Our client service teams help craft significant business solutions for both private and government organizations. We combine vision and creativity with market knowledge and industry expertise to support clients in realizing their business goals.
Where can you fit in? With Pedabo, you will experience the flexibility to move your career across the financial and business consulting disciplines to best experience a variety of career paths. We will help you realize your ambitions and support you in a rewarding career with one of the leading professional services firms in Nigeria.
Contact us Here for Internship opportunities
The firm has developed strong insights into major organizations and industries by using various skills and concepts developed by a young and highly motivated team of professionals, with varying backgrounds. They include Chartered Accountants, Information Technology specialists and General Management experts.
There are currently 15 consultants in the firm, most with advanced degrees. A great majority of our consultants have had immense and extensive experience in Audit, Tax consulting and Management Consulting spanning several years in a broad set of industries, which they bring to bear on client businesses. We are committed to selecting the best from this group to work on any of its assigned project.
The combined experience of our professional Staffers garnered from over ten years of Tax, Audit, Training and Management Consultancy Services attest to our abilities.
Pedabo has a vast experience within the Education sector. Our services are being rendered to all levels within the educational system. Our services are provided to enable the school focus on its responsibility of improving the next generation of leaders which we attend to others that relate to their financial, accounting and tax matters.
Services being rendered to the Education sector includes the following:
- Payroll services
- Accounting services
- Tax Management and advisory services
- Financial advisory services
- Transaction Taxes (VAT & WHT) Management
- Provision of statutory audit services
Our services to our manufacturing clients cuts across the breweries and beverages, consumer goods, packaging, property and real estate, pharmaceutical and healthcare industries. The specific services being rendered to these various groups includes:
- Tax compliance and advisory
- Payroll management
- Audit and Assurance
- Business process review
- Mergers and acquisition
The firm has an in-depth knowledge and expertise in management of tax matters of companies in the oil and gas industry. We handle tax matters of our numerous clients in this sector professionally while the company concentrate on its operation without any hassle on tax issues. Below are some of the services we render to our oil and gas clients:
- Tax Management During the Pre-Production Stage
- Review and Advise on Capitalization of Pre-Production/Development Costs
- Computations of Estimates and Actual Petroleum Profit Tax
- Advice and Computations of Royalty on Crude Production
- Provision of Advice on Available Incentives
- Review, Advice and Computations of Capital Allowances on QCE
- Filing of Petroleum Profit Tax Estimates Computations
- Filing of Actual Petroleum Profit Tax Returns
- Advice and Computation of Capital Gains Tax of Disposals of Oil Assets
- Transaction Tax (VAT & WHT) Management
- Petroleum Profit Tax Audit Management
Pedabo’s financial services industry experts offers specialized & comprehensive solutions to investment & microfinance banks, insurance companies and investment managers.
Pedabo’s helps you navigate today’s highly competitive financial industry. Our professionals deliver audit, tax, and consulting services to a wide range of financial institutions, asset managers, investment managers and insurance companies.
Pedabo Financial Services include:
- Audit and Assurance
- Technical Accounting
- Regulatory Compliance
- Risk Management
- Securities Processing
- Information Risk and Security
- Data Quality
- Mergers and Acquisitions
We offer a unique combination of rich content from tax, audit, accounting to financial reporting, Forensic Investigation built on a customer-centric focus. Our facilitators are subject matter experts with practical insights from real-world experience and we leverage on our core competencies to bring a practical and relevant learning experience to you.
We use practical business scenarios drawn from various situations Pedabo has successfully navigated across various industries, our courses are fully accredited and count towards CPD requirements.
Our learning solutions cater to the diverse industries and cross functional requirements of practical practice. We run both open and tailored courses.
Pedabo is an independent member firm of Morison KSi providing Audit Assurance, Tax Consulting and Advisory to all sectors of the Nigerian economy.
Pedabo offers various professional services aimed at meeting the client’s expectation. Our vision is to be the leading professional Firm providing exceptional services with the assurance of timely solutions delivered to our clients’ Tax, Audit and Financial needs by warm, professional and dependable staff.
Morison KSi is a global association of leading professional service firms, established to meet the cross-border accounting, auditing, tax and business consulting needs of clients. Morison KSi has 160 member firms, in 86 countries, with 375 offices representing over 12, 250 professional staff and over US$1.03 billion in revenue.
Member firms offer a wide range of business services. Core services include audit, accounting, tax and legal with complementary specialism in consulting and corporate finance.
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The Federal Inland Revenue Service (FIRS) and the FCT Internal Revenue Service (FCT-IRS) today released a joint statement informing the public on the commencement of operations of the FCT-IRS as the relevant tax authority for the collection of taxes relating to the FCT following the appointment and inauguration of the Executive Chairman of the latter by the Honorable Minister of the Federal Capital Territory (FCT). The FCT Internal Revenue Service Act was passed in 2015 by the last administration, taking away the responsibility for the collection of taxes of FCT residents from the FIRS.
The National Pensions Commission (Pencom) last week issued a circular to all licensed Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to give directives on acceptable withdrawals from the Voluntary Contributions (VC) by employees before retirement. This circular is coming on the heels of the controversies generated by publications by the Lagos Internal Revenue Service (LIRS) and the Joint Tax Board (JTB) in August 2017, informing the public that AVCs will not be acceptable as non-taxable deduction in arriving at the tax payable by employees, unless evidence is provided to prove that no withdrawals were subsequently made by the employees.
Year 2018 is bound to witness a lot of critical disruptions in the financial reporting parlance. This is due to the mandatory adoption of IFRS 15 whose effective date is 1st January 2018 by companies.
The disruptions to be caused by this standard is pervasive as it will cut across almost all aspects of the business functions. In addition, a lot of companies are expected to be massively impacted. What differs across various sectors is the degree of complexities on issues to contend with and the efforts required for effective and efficient transition.
The ultimate adoption of this standard will represent a major mile stone in the convergence journey between International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) and it took about six years for both standard setting bodies to eventually agree on uniformity of existing revenue standards under US GAAP and IFRS.
This Newsletter focuses on the publication recently issued by the Lagos State Internal Revenue Service (“LIRS”) relating to issues surrounding PAYE and WHT implications in employee outsourcing arrangements.
This newsletter below addresses three recent public notices issued by Lagos Internal Revenue Service (LIRS) in respect of the taxation of:
- Employee Loans
- Allowable Interest Deduction on Owner-occupied Houses
- Taxation of Employees Share/Stock Options
The Lagos State Internal Revenue Service (“LIRS”) recently via a Public Notice addressed issues surrounding the taxation of a non-Nigerian nationals who carries out his employment duties in Nigeria.
This Newsletter focuses on two of the publications recently issued by the Lagos State Internal Revenue Service (LIRS) relating to issues of benefits in kind. While one of the publications herein discussed relates to what constitute reasonable removal expenses, the other relates to valuation of accommodation provided by employer.
The Joint Tax Board (“JTB”) and the Lagos State Internal Revenue Service (“LIRS”) this week published separate Public Notices on the abuse of the Additional Voluntary Contribution (AVC) to pension accounts as a tax relief by employers and employees.
The publications noted that several employees have, with the collusion of pension fund administrators (PFAs), continually abused the provision in section 4 (3) of Pension Reform Act 2014 (“PRA”) which allows for employees to contribute additional sums from their emoluments to their retirement savings accounts (RSA) maintained with PFA. The PRA explicitly exempts all contributions to RSA from taxation in the hand of employer and employee. Withdrawals from AVC by an employee prior to 5 years of making such contributions makes the interest earned on the contributions liable to income tax. Since the enactment of the PRA in 2014 however, most PFAs appear to have been promoting the use of the AVC as a tax-saving plan for employees, by encouraging employees to channel larger portions of their earnings to the RSA as AVC with assurances of easy withdrawal within a short time.