The Effect of International Accounting Standards on Corporate Tax Planning in Nigeria
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Background of the Study
International Financial Reporting Standards (IFRS) have a significant impact on corporate tax planning strategies, as they influence how companies prepare and report their financial statements. In Nigeria, the adoption of IFRS by large corporations and SMEs can reshape tax planning decisions, especially given the complexities involved in reconciling local tax laws with international accounting standards. This study aims to explore how IFRS adoption affects corporate tax planning practices in Nigeria.
Statement of the Problem
The transition from local Nigerian accounting standards to IFRS may create complexities for companies in terms of corporate tax planning. The misalignment between tax rules and IFRS can affect how companies manage their tax liabilities, potentially leading to changes in tax avoidance practices and tax deferrals. This study seeks to understand the extent of the impact that IFRS has on corporate tax planning in Nigeria.
Aim and Objectives of the Study
Aim:
To explore the effect of International Financial Reporting Standards on corporate tax planning in Nigeria.
Objectives:
To analyze how IFRS adoption has affected corporate tax planning strategies in Nigeria.
To assess the challenges faced by Nigerian companies in aligning their tax planning with IFRS.
To evaluate the impact of IFRS on tax avoidance and tax compliance in Nigerian corporations.
Research Questions
How has IFRS adoption impacted corporate tax planning strategies in Nigeria?
What challenges do Nigerian companies face in aligning their tax planning with IFRS?
How does IFRS adoption influence tax avoidance practices and tax compliance in Nigerian companies?
Research Hypotheses
IFRS adoption significantly alters corporate tax planning strategies in Nigeria.
Nigerian companies face challenges in reconciling tax planning with IFRS requirements.
IFRS adoption leads to increased tax compliance and reduced tax avoidance practices in Nigerian corporations.
Significance of the Study
This study will help Nigerian companies, tax authorities, and policymakers understand the effects of IFRS adoption on corporate tax planning. The insights gained will be crucial in guiding tax planning strategies and ensuring alignment between accounting and taxation standards.
Scope and Limitation of the Study
The study will focus on large Nigerian corporations and SMEs that have adopted IFRS. Limitations include access to data on tax planning strategies and the potential complexity of analyzing the full impact of IFRS on tax practices.
Definition of Terms
Corporate Tax Planning: The process of structuring financial and business activities to minimize tax liabilities while complying with tax laws.
IFRS Adoption: The transition from local accounting standards to the International Financial Reporting Standards for preparing financial statements.
Tax Avoidance: The use of legal strategies to minimize tax liabilities through means that may not align with the spirit of tax laws.
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