Financial institution urges business managers on tax compliance
First City Monument Bank (FCMB) has urged business owners to keep pace with current and emerging realities in the corporate environment to remain competitive. Also, the bank wants stakeholders to build a more robust relationship that would enable Small and Medium Scale Enterprises (SMEs) to effectively understand the country’s tax laws and how it applies to them.
It made the submission at a virtual tax seminar is organised in partnership with the Federal Inland Revenue Service (FIRS). The seminar, the third in the series, centred on ‘Tax and Your Business: An In-depth Discussion’.
It provided a platform to equip entrepreneurs with requisite knowledge on taxation by promoting an exchange of ideas between tax regulators and businesses on emerging tax matters.
Among the experts who spoke at the virtual seminar was the Director, Taxpayer Service Department at the FIRS, Mrs. Saadatu Yero; Acting Director, Special Taxes Department of the Service, Mr. Adamu Kudu; Divisional Head, Transaction Banking, FCMB, Mrs. Rolayo Akhigbe, and Group Head, Business Banking, Mr. George Ogbonnaya. Other speakers were Head, SME Digital Innovation, Mr. Dennis Ezaga; Partner, Pedabo Professional Services, Mr. Killian Khanoba, and Chief Executive Officer, Square Bee Four Nigeria Limited, Mr. Efe Sodje.
In her keynote address, Mrs. Yero enlightened participants on the importance of obtaining a Tax Identification Number (TIN).
She said: “TIN helps businesses to make an easy payment over different platforms such as remita, e-transact, and Paydirect. It is also an important requirement when businesses request for a credit note for tax reconciliation, offsetting of tax debt and claim processing.”
The Group Head, Business Banking, FCMB, Ogbonnaya, assured SMEs that the lender is fully committed to building capacity in the area of tax. He encouraged business owners to visit the bank’s digital platform for free access to tax consultants and resources to grow their business.