Insurers Get Relief from Heavy Tax Burden

WAPIC
  • Insurers Get Relief from Heavy Tax Burden

Insurance companies have got some relief from heavy tax burden, which they have been grappling with for many years.

The Chairman, Nigerian Insurers Association, Mr. Eddie Efekoha, said this during a press briefing in Lagos.

He said, “In the last few weeks, we were all witnesses to the invasion of member companies by tax agents of the FIRS in furtherance of the enforcement of Section 16 of CITA 2007 as amended. We are delighted to report that through our strategic engagement initiatives and the understanding reached, members are now relieved from the heavy tax burden imposed on our member insurance companies by the law.

“We appreciate the management of the FIRS particularly its Chairman, Mr. Tunde Fowler, for giving us the opportunity to make our presentation and canvass our position on the law. We assure them of our continued support in the process of amending the law to bring it in line with global best practice.”

While speaking on capacity development for employees of member companies, he said that in the area of actuarial capacity building, the NIA hosted a team from the Institute and Faculty of Actuaries, UK, led by its President, Ms. Majorie Ngwenya, where the issue of dearth of actuaries in the market was extensively discussed.

Efekoha said the IFoA team had assured the market of its continued support in that regard through regular training programmes and other collaborative initiatives.

To underscore the high regard which the institute had for the Nigerian market, he said, Lagos would play host to the inaugural IFoA Africa Conference on April 27, 2018.

He also said that the industry was making progress in its rebranding project.

The chairman disclosed that the association was getting full support on its new NIA house.

He said, “I am delighted to inform you that the journey which we commenced about three years ago aimed at building a befitting NIA Towers is about to crystalise. We are in this new office location of our association because in no distant time the project will commence.”

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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