Technology, internet and e-commerce have redefined business models and practices such that values are created in environments different from where profits are earned and taxes are subsequently paid. Suchpractices, which exacerbatebase erosion and profit shifting, negatively affect the collectible tax revenues by governments in several jurisdictions including Nigeria,making it difficult for them to meet their social contract obligations to their citizens.Using an expost facto research design and qualitative research methodology, this exploratory study assessed the capacity of the Nigerian government to address the challenges imposed on its tax system by the emerging digitalized economy. The study observed that the issue of taxation in digitalized economy has not received the desiredlegislative and governancepriority attention largely because of the dearth of knowledge about its complexities as well as the undue dependence on revenue from crude oil.The study therefore recommends that the revenue authorities should set up a think tank comprising chartered accountants, tax practitioners, information technology experts, academics and regulators to develop a comprehensive framework to address the issue from a national perspective while the ECOWAS Commission should be prodded and supported by its member-states to take on the issue at the sub-regional level as OECD is currently doing for its member-states in Europe, USA, Japan and Canada.
Financial Reporting and Stakeholders' Information Needs in Nigerian Companies 1. Introduction As a medium of communicating financial information to shareholders by persons in fiduciary positions, financial reporting, is a critical component of corporate governance.In the Anglo-Saxon dispensation, depicted by the separation of ownership from control, financial report is the major tool of communication between entities and their stakeholders (Jensen & Meckling, 1976; Matuszyk & Rymkiewicz, 2018). The nature and contents of financial reports are therefore important to diverse interest groups including existing and potential investors, regulators as well as providers of various capitals. To retain their decision usefulness, financial reports should be dynamic and responsive to the changing needs of these diverse stakeholders (Camilleri, 2017). Given the contractual implications of the relationship between the entities' managers and shareholders, the nature and purpose of traditional financial reports, are conventionally defined by standards and laws in various jurisdictions (Johal, 2018; Watts & Zimmermann, 1979). In Nigeria, Sections 334 (1) and 335 of the Companies and Allied Matters Act (CAMA), Laws of the Federation of Nigeria (LFN) 2004 (as amended) and Section 8(1) of the Financial Reporting Council of Nigeria (FRCN) Act no. 6, 2011 require the board of directors, of a listed entity, to prepare audited financial statements, in line with applicable standards, as part of its stewardship reports, which would be presented to shareholders at Annual General Meeting. Also, as part of the listing requirements on the Nigerian Stock Exchange, Section 60 of the Investment and Securities Act (ISA), 2007 requires intending companies to file, with the Securities and Exchange Commission (SEC),
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