Fidelity BankÂ Plc, in partnership with Andersen TaxÂ Nigeria has embarked on a sensitisationÂ programme aimed at enlighteningÂ customers of the bank on theÂ changingÂ trends in Nigeria’s tax landscape.
Â TheÂ bankâ€™s Divisional Head, Private Banking,Â Mrs.Â Chioma Nwankwo, who spoke at aÂ recentÂ tax advisory forumÂ organisedÂ by Fidelity Bank,Â saidÂ itÂ was designed specifically to educate customers on the current tax system and its attendant impact on theirÂ businesses and financial well-being.
She said the programme was organised inÂ viewÂ of the deadline set for the federalÂ governmentâ€™s Voluntary Assets and Income Declaration Scheme (VAIDS)Â which elapsed last weekend.
â€œFidelity decided to partner Andersen Tax to enlighten customers onÂ what is taxable andÂ other related tax issues,Â includingÂ consequences of missing the deadline as stipulated by government,â€ NwankwoÂ added.
Nwankwo pointed out that theÂ bankÂ organisedÂ two streams for customers from branches within the Lagos and South-west region, whilst another session was held exclusively for the bankâ€™sÂ high networth individuals (HNIs).
Speaking at theÂ forum,Â theÂ Senior Manager, Private Clients/Family Wealth, Andersen Tax,Â Mr.Â IsraelÂ KoledowoÂ advised customers to conduct tax health checks to ascertain their financial status and minimise potential risksÂ associated with non-compliance with tax requirements.
Whilst restatingÂ federalÂ government’s resolve to clamp down on tax offenders,Â Koledowo however pointed out that tax health checks will assistÂ theÂ customers understandÂ inherentÂ gaps in tax compliance.
Â Â VAIDS is a time-limited opportunity for taxpayers to regularise their tax status relating to previous tax periods. In exchange for fully and honestly declaring previously undisclosed assets and income, tax payers will benefit from forgiveness of overdue interest and penalties, and the assurance that they will not face criminal prosecution for tax offences or be subject to tax investigations. VAIDS ushers in an opportunity to increase the nationâ€™s general tax awareness and compliance.
MeanwhileÂ Chief Executive Officer,Â PolysonicÂ NigeriaÂ Limited,Â Mr.Â PaulinusÂ OzonnagboÂ commended the bank for the initiative.
â€œThisÂ forum is quite timely andÂ very commendable.Â ItÂ is a clear indication that the Bank truly values its customers becauseÂ many entrepreneurs and businessmen in the country do not understandÂ tax laws and associated mattersâ€Â he stated.