The hybrid event
tagged: “EXMAN Training 2021” was held at the Hibrid Studio in Lagos recently.
The event had Oluseye Arowolo, Partner, Tax
and Regulatory Services, Deloitte and Touche on the topic “Nigeria’s
Changing Tax Landscape” and Lanre Oyenekan, Team Lead, Business Development at
ARM Pension Manager; spoke on “Relevance of Pension in The Changing World”
EXMAN President,
Tade Adekunle earlier in his welcome address, said 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.
“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.
Meanwhile, Mr.
Arowolo pointed that multiple taxation is a structural problem in Nigeria.
However, he said for EXMAN members to take advantage of the tax system, they
need to engage with professionals, do impact assessment, train staff members on
new tax requirements and understand that by law, withholding tax can be brought
forward amongst others.
Mr. Oyenekan
stated that the importance of pension scheme cannot be overemphasized as it
mitigates future hardship and makes employees' future secured which in turn
boost productivity. He said pension is 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.
Similarly, Former EXMAN President, KayodeOlageshin 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 they (government) have with the construction
industry where they have 2.5%, such things if it comes our way ~it~ is
something that would also help our business significantly.”
In the same vein, Financial Secretary, EXMAN, Bola Oyebade explained that taxation generally is very important; many of its members are having issues with their taxes and the training, he believes, will make them compliant.
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