Share with your friends

Nigeria: New corporate law allows for tax transparency at LLP level

Nigeria: Law allows for tax transparency at LLP level

Newly enacted corporate law—the Companies and Allied Matters Act, 1990 (CAP C20, LFN 2004)—aims to provide efficiency with regard to the registration and regulation of corporate entities.


Related content

One provision under the new law allows for incorporation status for partnerships registered as limited liability partnerships (LLPs). For administrative purposes, LLPs are required to have at least two designated partners as compliance officers, and the LLP partners and the LLP itself have separate legal personalities. Thus, LLPs are intended to be able to have the benefits of both companies and partnerships—including tax transparency at the LLP level. This treatment is similar to that in the UK and United States, where LLPs have corporate personality and retain a tax pass-through status.

Read an August 2020 report prepared by the KPMG member firm in Nigeria

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Want to do business with KPMG?


loading image Request for proposal