Connect with us

Economy

Nigeria Needs Taxes to Develop -Fowler

Published

on

Evaluation of Public Accountability and Tax Culture among Tax Payers in Nigeria
  • Nigeria Needs Taxes to Develop -Fowler

The Executive Chairman of the Federal Inland Revenue Services (FIRS), Mr. Babatunde Fowler, has called on Nigerians to fulfill their obligation to the country by paying their taxes, saying without taxes, Nigeria cannot develop.

Speaking on Arise News Network yesterday, he said when Nigerians go abroad, they pay taxes for consumables, adding that “in foreign countries, they pay what is required as tax at the point of departure, and the government of that country claims their VAT, so let’s do the same here too.

Fowler reiterated that the current Voluntary Assets and Income Declaration Scheme (VAIDS) by acting President Yemi Osibanjo was not designed to put pressure on Nigeria.

He said the current federal government tax drive presents Nigerians with the window of opportunity to right the wrong in the area of tax payment.

“This country requires those taxes to develop too. Nobody will develop Nigeria except we start developing it”.

Fowler noted that the nation was harping on taxation now because government in the past did not see any need for it because of the discovery of oil in commercial quantities and the income it had generated, but since the oil price had crashed, there was an urgent need for the citizens to pay taxes.

Speaking on the newly introduced Voluntary Asset Income Declaration Scheme (VAIDS), the FIRS boss said it offers opportunities for all adults, be it in private business or corporate entities, to come forward and declare the amount of profit they had earned and the assets they have acquired and pay the commensurate taxes.

According to him, the initiative will free individuals or entities from paying penalties, or face prosecution, making them good citizens.

He added that those who have been in business, even for years, without making any profit were not expected to pay taxes, concluding that if Nigerians in their millions decided to pay their taxes, the government would have enough money to execute its budget and embark on significant projects of national importance.

According to him, though we have our records, we need to see what Nigerians declare their earnings and assets.

“For example, if you declare that you own a car of N10 million, and a house worth N50 million, your clothes, including your suit, watch and tie maybe worth a million naira and you declare that you earn N2 million year, the question would be if you earn such amount yearly, how can you you afford the house, the car, the expensive suit and the wrist watch?

“These are the questions we are asking. So we believe quite frankly that Nigerians can be law abiding,” he said.

Meanwhile, the federal government has declared that it is committed to providing free training to accountants, lawyers, wealth managers, stockbrokers and other professional advisers to the public to support the successful implementation of the recently-launched Vncome Declaration Scheme (VAIDS.

The free training is aimed at equipping them to give advice to their clients for participation on the scheme.

The Minister of Finance, Mrs. Kemi Adeosun, in a message to the Conference of the Chartered Institute of Stockbrokers held in Abuja, said that professional advisers were critical to the success of the scheme due to their role in financial management.

In the message with the theme: ‘Transiting from Recession to a Global Economic Power,’ she said: “Those who manage wealth and undertake transactions on behalf of their clients are best placed to advise them to take advantage of the VAIDS offer by declaring their assets and income honestly.”

Adeosun enjoined stockbrokers to join hands with the federal government in improving tax-payer education and compliance, crediting their side customer network as a key advantage.

A statement issued by the Director (Information), Ministry of Finance, Mr. Salisu Na’Inna Dambatta, said the minister specifically commended stockbrokers for their role in the recently launched Federal Government Savings Bonds, which relied on their distribution network.

“The success of this product shows that you continue to have a wide reach and therefore must partner with government,” the minister noted.

She also commended the role of the stock brokers in the recent successful Eurobond and Diaspora Bond issuances, adding that despite these debt issuances, Government is focussed on changing its financing mix and on raising more revenue.

Nigeria, she added, is on the road to recovery and emphasised the role of investments in infrastructure to enhance productivity and competitiveness.

Citing the N1.2 trillion already released for capital projects under the 2016 budget, Adeosun assured that much more could be done if every citizen paid the correct taxes. “It would be like thinking the unthinkable; it is time that Nigerians said Nigeria First.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

The Kenya Private Sector Alliance (KEPSA) and The Canada-Africa Chamber of Business Announce Major Memorandum of Understanding (MoU)

Published

on

The Kenya Private Sector Alliance and The Canada-Africa Chamber of Business are proud to announce collaboration to promote, support and facilitate bilateral trade and investment opportunities from Canada into Kenya.

The first engagement will be a virtual trade mission to Kenya from Canada in May.

The 3-year agreement MoU was signed today during the Second Session of the Binational Commission meeting between the Governments of Kenya and Canada – and is subject to ongoing renewal.

“This MoU will solidify the existing trade relations between Kenya and Canada and establish strong bonds between the two countries that will go a long way to boost private sector trade and investment. The MOU will also enable us to exchange business information with CACB which is critical especially to our members who wish to expand their coverage to international market,” explained Ms. Carole Kariuki Karuga, KEPSA CEO.

The Kenya Private Sector Alliance is the apex body of private sector in Kenya.

The Canada-Africa Chamber of Business is a 27-years old organization committed to accelerating trade, business and investment between Canada and Africa.

‘Nairobi is a vital gateway not just to Kenya and the region, but the continent’s economies of the future in Africa,’ noted Garreth Bloor, President of The Canada-Africa Chamber of Business.

‘KEPSA is world leader in the private sector, showcasing excellence on the global stage. This MoU is a great honour for The Canada-Africa Chamber of Business, our leadership, and all our members across Canada,’ says Deepak Dave, the organization’s long-standing representative in Nairobi and Chief Risk Officer at the African Trade Insurance Agency.

‘The joint intended results of the co-operation agreement between CACB and KEPSA seeks to increase two-way trade and investment between Canada and Kenya in all sectors – while laying the foundations to explore trade missions to Kenya by The Canada-Africa Chamber of Business and to Canada by KEPSA,’ said Sebastian Spio-Garbrah, Chair of The Canada-Africa Chamber of Business.

Guided by this MOU, CACB and KEPSA will work together towards on a case-by-case basis exploring events together, exchange of business information and reciprocity members of the Kenya Private Sector Alliance to enjoy the privileges of membership afforded to CACB members, and to ensure KEPSA members are well-positioned in the Canadian market for investment and trade in all sectors and that CACB members are well-positioned in the Kenyan market for investment and trade in all sectors.

“As KEPSA, we remain committed to establishing progressive business and trade partnerships with Canada and other similar minded parties for a mutual benefit of our members as well as those of our CACB counterparts,” said Ms. Carole Kariuki Karuga, KEPSA CEO.

Continue Reading

Economy

India, Spain, the Netherlands, USA, Nigeria’s Major Export Markets -NBS

Published

on

Institute of Chartered Shipbrokers

India, Spain and the Netherland top Nigeria’s export markets in the final quarter of 2020, according to the latest data from the National Bureau of Statistics (NBS).

The Commodity Price Indices and Terms of Trade Q4 2020 report showed that the United States and China trailed the three.

However, the NBS revealed Nigeria exports mainly crude oil and natural gas during the period under review.

It, “The major export and import market of Nigeria in Q4 2020 were India, Spain, the Netherlands, United States and China.

“The major export to these countries were crude petroleum and natural gas. The major imports from the countries were motor spirits, used vehicles, motorcycles and antibiotics.”

The bureau stated that the all-commodity group import index increased by 0.13 per cent between October and December 2020.

This was driven mainly by an increase in the prices of base metals and articles of base metals (one per cent), boilers, machinery and appliances; parts thereof (1.03 per cent), and products of the chemical and allied industries (0.75 per cent),” it stated.

The NBS, however, noted that the index was negatively affected by animal and vegetable fats and oils and other cleavage products.

Continue Reading

Economy

Onyeama: Qatar To Invest $5bn In Nigeria’s Economy

Published

on

The oil-rich state of Qatar is to invest a total of $5 billion in Nigeria’s economy, the Foreign Affairs Minister, Godfrey Onyeama, has disclosed.

Onyeama, who spoke Sunday at a send forth dinner in honour of Nigeria’s Ambassador-designate to the State of Qatar, who is also the outgoing Director of Protocol (DOP) at the State House, Ambassador Yakubu Ahmed, also stated that recent career ambassadorial appointments made by the gederal government was based on merit, experience and professionalism.

The minister further said there had been discussions with Qatar on partnership with Nigeria’s Sovereign Wealth Fund (SWF), for significant investments in the region of $5 billion in the Nigerian economy.

According to him, ‘‘Qatar is a weighty and strategic country and very strategic in that part of the world and we are putting our best feet forward to advance the interest of our country economically and in other areas.”

He recalled that President Muhammadu Buhari had visited the State of Qatar in 2016 and the Emir of Qatar, Tamim Bin Hammad Al-Thani, reciprocated with a State visit in 2019.

Onyeama also explained that only trusted hands with a track record of diligence, experience and professionalism in the Foreign Service were recently appointed career ambassadors by the federal government.

The minister said the appointment of Ahmed and other career ambassadors were predicated on posting dedicated and keen Foreign Service practitioners to serve as image makers of the country.

He said: ‘‘Ambassador Yakubu Ahmed is a dedicated professional with a penchant for rigour and detail. He is very capable and one of the best in the Ministry of Foreign Affairs. He is personable, affable, extremely friendly, dispassionate and objective.

‘‘He is going to head a very important mission, a very important country, reckoned to be one of the richest countries in the world, per capita, and there’s a lot we will be doing with the State of Qatar.”

Also speaking, the Deputy Chief of Staff, Adeola Rahman Ipaye, described the honoree as a ‘‘perfect gentleman, very even-natured and always well turned out’’.

Ipaye said he had no doubt that the newly appointed ambassador would serve the country well in Qatar, adding that: ‘‘We are further encouraged that when he completes this assignment, he would return to serve Nigeria in a higher capacity.’’

In his remarks, the Permanent Secretary, State House, Tijjani Umar, while congratulating the outgoing DOP on his appointment, lauded Ahmed for excellent service to the State House and the nation.

‘‘He served this institution and the nation with the deepest sense of responsibility and it is very important that we establish a tradition where the system appreciates those who have served it well and those who will continue to serve it well,’’ he said.

Umar urged the new envoy to keep very fond memories of his time at the Presidential Villa, assuring him of the prayers and goodwill of all the staff.

Responding, Ahmed thanked President Buhari for the great honour and privilege of making him his principal representative in Doha, Qatar.

The Ambassador-designate pledged to deplore his energy and skill to the promotion of the existing cordial relationship between Nigeria and Qatar, particularly in the areas of economic, political, cultural and consular affairs as well as other key areas.

Ahmed, who joined Nigeria’s Foreign Service in 1993, said during his years in public service he had learnt that ‘‘patriotism, selfless service, diligence, determination and perseverance will always result in the achievement of the desired objective’’.

According to him, these virtues would be his ‘‘watchword’’ in the pursuit of Nigeria’s foreign policy objectives and the attainment of national interests.

The Ambassador-designate singled out for appreciation the Chief of Staff to the President, Prof. Ibrahim Gambari, and the state Chief of Protocol, Ambassador Lawal Kazaure, saying he had learnt a lot working under their mentorship.

He expressed gratitude to the Minister of Foreign Affairs and the Permanent Secretary, State House for giving him the opportunity of a memorable work experience in the State House.

Continue Reading

Trending