Nigeria (NG)

Jurisdiction Overview

IDQuestionAnswer
272 *Is there an obligation to keep accounting data? Not Applicable
 Data Date: 2016

Notes

 
According to the 2016 Global Forum review "Section 29 of the Lagos State Partnership Law provides that limited partnerships and limited liability partnerships are bound to render true accounts and full information of all things affecting the partnership to any partner or his legal representative. [...]. Every partnership which is taxable in Nigeria also falls under the requirements of the relevant tax laws. This will ensure that accounting information of these entities will be available." (GF 2016: 76). However, "there is general lack of compliance levels among partnerships with CAC. Further, there is no adequate mechanism with the tax authorities to ensure that all partnerships and trusts in Nigeria are registered with the tax offices and therefore maintaining accounting information in practice. [...]. While several monitoring and enforcement measures are pursued by various agencies in Nigeria, the compliance levels of relevant entities and arrangements in Nigeria on their reporting obligations are generally very low. As a result, availability of accounting information in all cases may not be ensured in practice." (ibid.: 85).

Sources

GF 2016: 76, 85