Andersen Tax, an independent tax firm has advised customers to conduct tax health checks to ascertain their financial status and minimize potential risk associated with non-compliance with tax requirements.
The firm’s Senior Manager, Private Clients/Family Wealth, Israel Koledowo, stated this at a tax advisory forum organised by Fidelity Bank, as part of concerted efforts to sensitise top clients across various regions of the Bank on the trends in Nigeria’s tax landscape.
Whilst restating Federal Government’s resolve to clamp down on tax offenders, Koledowo however pointed out that tax health checks will assist customers understand the gaps in tax compliance.
He urged customers with irregularities in tax compliance to take advantage of government’s Voluntary Asset and Income Declaration Scheme (VAIDS). VAIDS allows those who have not been tax compliant 90 days to put their taxes right before the March 31 amnesty deadline elapses.
Speaking on the forum, the Chief Executive Officer, Polysonic Nigeria Limited, Paulinus Ozonnagbo was full of praise for the Bank’s commitment to its customers. “This initiative is very commendable and is a clear indication that the Bank truly values its customers. Today, many entrepreneurs and businessmen in the country do not understand tax laws and associated matters. This forum is timely.”
Customers who attended the forum were drawn from branches within the Lagos and South-West region, in continuation of an earlier session organised by Private Banking Division exclusively for its High Networth Individuals (HNIs).
The three streams were quite interactive and highly beneficial particularly for those individuals whose assets and wealth are complex. The Divisional Head, Private Banking, Chioma Nwankwo said the forum was designed to enlighten and educate customers on the current tax system and its attendant impact on their wealth.
“In view of the fast approaching deadline and lack of preparedness of taxable Nigerian citizens, Fidelity decided to partner with Andersen Tax to enlighten customers on what is to come, how to go about their taxes, what is taxable and what is not, consequences of missing the deadline as stipulated by the Federal Government.”