In a bid to ensure compliance and work within the details of the law, Experiential Marketers’ Association of Nigeria (EXMAN) recently empowered its members on taxation and pension scheme and how they can also take advantage of the opportunities inherent in the schemes.
The hybrid event tagged: “EXMAN Training 2021” was held at the Hibrid Studio in Lagos. The event had Oluseye Arowolo, Partner, Tax ~&~ and Regulatory Services, Deloitte ~&~ and Touche on the topic “Nigeria’s Changing Tax Landscape”. 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, 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.
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, 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 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.