Draft information circular on the tax implications of adoption of International Financial Reporting Standards

06 December 2012

Draft information circular on the tax implications of adoption of International Financial Reporting Standards

As you may be aware, the first set of reporting entities (listed and significant public entities) are required to adopt IFRS with effect from 2012. Other public interest entities (by 2013) and SMEs (by 2014). There is no doubt that IFRS adoption will have far reaching consequences for businesses and individual taxpayers.

The Federal Inland Revenue Service (FIRS) recently released a draft Information Circular on the subject for consultation and stakeholder input. You can download a copy of the draft circular below and feel free to send your comments to me or directly to the FIRS.

Download IFRS Circular

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Tax Matters Nigeria

06 December 2012