BRIPAN, CITN partner to strengthen business recovery

As part of efforts geared towards improving ease of doing business, the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has announced a strategic partnership with the Chartered Institute of Taxation of Nigeria (CITN). The collaboration is geared towards strengthening business practices and streamlining taxation systems in Nigeria, in a bid to foster economic growth and resilience.

According to BRIPAN, this partnership is a step forward in addressing critical challenges facing businesses in the country, particularly in areas of recovery and insolvency.

By working together, both organisations aim to provide a framework that ensures businesses can navigate financial difficulties effectively while complying with tax regulations.

Speaking during a visit to CITN in Lagos, Senior Advocate of Nigeria (SAN) and BRIPAN president, Chimezie Ihekweazu, stated that the collaboration aligns with their mission to strengthen the financial and legal structures that support business recovery in Nigeria.

He stated that the collaboration would provide a better-rounded package for business solutions and management, noting that taxation forms an important part of business. He also added that the joint relationship between both institutions would further support policy and advocacy positions to drive reforms for business management, professional competencies and rescue operations.

According to him, BRIPAN is committed to improving the lots of businesses within the standards of the law. Also stressing that there is no functional business or company without the obligation to understand tax systems and business recovery dynamics, Ikekweazu said, “The issue of taxation is a necessity as long as we factor the need for development in the country. As an association, we have come to understand that a number of factors are responsible when it comes to issues of insolvency and taxation is one of those challenges. Hence the recognition on the need to support the practice of insolvency with due respect to taxation. The ability to drive this partnership to support growth in these areas would enhance the sustainability of business and the development of the country’s economy at large.”

In his remarks, CITN president, Samuel Agbeluyi, expressed optimism about the partnership, highlighting the importance of harmonizing taxation knowledge with business recovery expertise. He revealed that a key motivation for the collaboration was to support businesses in thriving, while also simplifying and streamlining the business-tax system to create a more efficient and transparent framework.
According to him, this initiative aims not only to benefit individual businesses but also to positively impact society and the country at large.
He further explained that one of the major challenges businesses face in Nigeria is taxation, which, if not properly managed, could result in severe consequences, including business failure or insolvency.

“This collaboration will be of advantage to members of both bodies as they will begin to master the business recovery process with regards to taxation and vice versa. We understand that challenges happen in businesses, but the manner in which they are approached regarding the rule of law on insolvency and taxation must be applied.”

Adding that it was also an opportunity to advocate that the taxes collected must be put to good use in order to address the trust deficit by citizens in government and encourage tax payments, the CITN president also called for the advancement of the Tax Reform Bill particularly to enable foreigners willing to invest in Nigeria enjoy certainty on their investments and get returns in the next few years.