Andersen Tax Nigeria and Fidelity Bank have embarked on a sensitisation programme aimed at enlightening the bank’s customers, including its High Net worth Individual (HNIs) clientele on changing trends in Nigeria’s tax landscape.
The Bank’s Divisional Head, Private Banking, Chioma Nwankwo who spoke at a recent tax advisory forum organised by Fidelity Bank, said it was designed specifically to educate customers on the current tax system and its attendant impact on their businesses and financial wellbeing.
“In view of the fast approaching Federal Government’s Voluntary Assets mandatory Income Declaration Scheme (VAIDS) deadline and the lack of preparedness of taxable Nigerian citizens, Fidelity decided to partner with Andersen Tax to enlighten customers on what is taxable and other related tax issues, including consequences of missing the deadline as stipulated by government”, said Nwankwo.
Nwankwo pointed out that the bank organised two streams for customers from branches within the Lagos and the South-West region, whilst another session was held exclusively for the bank’s HNIs.
Speaking at the Forum, Israel Koledowo, Senior Manager, Private Clients/Family Wealth, Andersen Tax, advised customers to conduct tax health checks to ascertain their financial status and minimise potential risks associated with noncompliance with tax requirements.
Restating the Federal Government’s resolve to clamp down on tax offenders, Koledowo pointed out that tax health checks would assist the customers in understanding inherent gaps in tax compliance.
He urged customers with irregularities in tax compliance to take advantage of government’s VAIDS before the expiration of the deadline.
VAIDS is a time-limited opportunity for taxpayers to regularise their tax status relating to previous tax periods. In exchange for fully and honestly declaring previously undisclosed assets and income, tax payers will benefit from forgiveness of overdue interest and penalties, with the assurance that they will not face criminal prosecution for tax offences or be subject to tax investigations.
VAIDS ushers in an opportunity to increase the nation’s general tax awareness and compliance.
Paulinus Ozonnagbo, Chief Executive Officer, Polysonic Nigeria Limited, said, “This forum is quite timely and very commendable. It is a clear indication that the bank truly values its customers because many entrepreneurs and businessmen in the country do not understand tax laws and associated matters.”
