Nigeria’s Federal Inland Revenue Service (FRIS) has notified nonresident companies that they must include audited financial statements and tax computations of actual profits with their 2014 tax returns even if the company’s taxes are computed on a deemed basis, EY writes in an August 5 newsletter. EY states that the mandate to furnish information on an actual profits basis may, as a practical matter, end the use of the deemed basis of tax assessment as the FRIS could mandate actual basis if it is higher than the deemed basis. EY
