Experts task HR managers on employees’ acquaintance with tax laws
Experts on Human Resource (HR) matters have charged managers on the need to leverage on tax expertise to educate their staff about tax laws.
The experts said the charge became necessary in order to make it easier to manage employees, keep them informed as well as figure out compensation for staff.
Country Head, Human Capital, Stanbic IBTC, Funke Amobi said this in a panel discussion on ‘Emerging and trending issues in human resource policy environment in Nigeria: Tax Issues (VAT/CIT/CGT)’, at the maiden Senior HR Leaders’ Advocacy Round Table, organised by the Chartered Institute of Personnel Management of Nigeria (CIPM), in Lagos.
According to Amobi, tax is key to the strategic responsibilities of HR professionals while compensation is key driver of employees’ engagement.
She noted the importance of tax administration and the nurturing of creative and strategic responses that would optimise the competence of the human resource management practitioners in Nigeria cannot be overemphasised.
Registrar/Chief Executive Officer of CIPM, Ajibola Ponnle said the Institute organised the programme to create sessions for senior HR managers to discuss and review critical national policies that impact the profession and the labour force in general.
According to Ponnle, the advocacy round table is to clarify issues such as the possible impact of the anticipated increase in value added tax (VAT, CIT) rates nationally, the newly proposed National Housing Fund (NHF), the new national minimum wage and the new taxation regimes on Capital Gain Tax by some states government.
The Special Adviser to the Executive Chairman, Lagos State Inland Revenue Service (LIRS), Abideen Akande, said the major challenge with Nigeria tax issues is that the cost of compliance is higher than the penalties.
According to Akande, the LIRS tax reform drive in Lagos is to bring down the cost of compliance effectively to help create an incentive for voluntary tax compliance among Lagosians.
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