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Accounting and ERP System Adjustments, Pursuant to the Finance Act, 2019

In view of the New Finance Act, 2019, businesses operating above the N25million tax payment threshold therefore needs to review its operations to effect change in line with the new act. They are also to ensure proper bookkeeping and accounting to enable them to record or make appropriate changes to the current set up in their accounting system/ ERP to comply with the new processes ( tax accounting processes and accounting systems/ software settings). This would enable the business comply with below key points among others: Change of Value Added Tax (VAT) rate from 5% to 7.5%. Accounting for and remittance of VAT. New requirement accounting and remittance of VAT on local supplies from smal

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