ICAN President Urges SMEs in Nigeria to Improve Documentation for Tax Compliance
The President of ICAN, Dr. Haruna Nma Yahaya, expressed concerns at a tax symposium about the impact of poor documentation by SMEs on Nigeria's tax reform success. He emphasized the need for SMEs to strengthen their internal systems, embrace transparency, and improve financial record-keeping to avoid penalties and disruptions.
Dr. Yahaya stressed the importance of SME owners and directors enhancing their financial literacy, adopting digital accounting tools, and staying updated on regulatory changes to ensure compliance. The upcoming 2025 tax reform is expected to bring faster regulatory consequences and increased transparency in the tax environment.
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