Partner, Tax and Regulatory Services at the Deloitte, Oluseye Arowolo, has identified multiple taxation as a structural problem in Nigeria.
He has also advised members of the public to always engage professionals while taking the advantage of the country’s tax system.
Speaking on the topic “Nigeria’s Changing Tax Landscape” during the hybrid event tagged: “EXMAN Training 2021,” Arowolo urged members of the Experiential Marketers’ Association of Nigeria (EXMAN) to always do impact assessment, train staff members on new tax requirements and understand that by law, withholding tax can be brought forward amongst others.
Also speaking at the event which was put together by the leadership of EXMAN for members to ensure compliance and work within the details of the law and appreciate the importance of taxation and pension scheme, the Team Lead, Business Development at ARM Pension Manager, Lanre Oyenekan, stated that the importance of pension scheme cannot be over-emphasised as it mitigates future hardship and makes employees’ future secured which in turn boost productivity.
Oyenekan, who spoke on “Relevance of Pension in The Changing World,” added that pension was expected to be taken from basic, housing and transport allowances while the eight per cent is deducted as employee’s contribution and the employer on their part contributes additional ten per cent and they should not be in default.
He urged EXMAN members to comply and speak to their pension managerS when they have issues and those who don’t have should as a matter of urgency engage one.
Earlier, EXMAN President, Tade Adekunle, stated that the training was organised to help members better understand the tax and pension scheme and how they can overcome some of the challenges they are facing in that aspect of doing business as well as taking advantage of the opportunities inherent.
“The area of tax is where we have been having challenges. With government going about it in a very brutal way, going after virtually all the companies under marketing communications and other companies in Nigeria, we are of the opinion that we need a better understanding of what is expected of us.
“This is to really have a good understanding of the system and avoid falling foul of the law. That is why we asked the top management and finance management experts to become part of our training today,” he said.
He added that after the training its members would be able to manage their tax process on time not to wait for when there are issues.
Similarly, former EXMAN President, Kayode Olageshin stated that, “EXMAN is an industry association and one of the critical purposes of having an industry body is to be able to train our members and improve professionalism for our practice and compliance with government regulation which is a very key aspect of professionalism.”
He added that the training will help them to know how best to engage the authorities regarding the challenges their members are facing as regards tax and pension. However, he stated that tax reduction can be given to their members.
“Concession such as the one the government has with the construction industry where they have 2.5 per cent such things if it comes our way it is something that would also help our business significantly,” he stated.