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Business Finance Info & Updates

FCMB prepares customers for tax compliance

FCMB prepares customers for tax compliance

First City Monument Bank (FCMB) will on June 26, 2019, in Lagos, host a seminar on tax matters, in line with its commitment to deepen the capacity and growth of businesses in Nigeria, particularly Small and Medium Scale Enterprises (SMEs).

The seminar, tagged: ‘’Tax Enforcement and Implications on Businesses in Nigeria’’, is aimed at equipping entrepreneurs with requisite knowledge on taxation by promoting the exchange of ideas between tax regulators and businesses on existing and emerging tax matters to ensure compliance and avoid sanctions.

The one-day seminar would have in attendance SMEs operating in various sectors,including, trading, manufacturing, agribusiness, renewable energy, creative industry, digital technology, healthcare, schools and individuals running businesses in their personal names or accounts. The Guest Speaker is the Director of Enforcement, Federal Inland Revenue Service (FIRS), Mr. Emeka Obiagwu.

The Executive Director, Business Development of FCMB, Mrs. Bukola Smith, reiterated the commitment of the bank to go the extra mile to empower businesses with relevant technical and financial know-how that would boost their performance and contribution to national development.

“As the dynamics of taxation continues to change in Nigeria, we recognise that many businesses, especially SMEs, in the country are not equipped with the requisite information and knowledge to discharge their responsibilities in this area appropriately. It is based on this reality that we decided to organise a seminar on tax matters, which will go a long way towards helping SMEs to understand taxation and the processes involved better’’.

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“As an inclusive lender that places a lot of importance on best practices, FCMB considers it imperative to ensure that our customers in the SME space conduct their businesses in a responsible, transparent manner and under full compliance within all applicable laws, rules, regulations and policies’’.

Topical issues relating to the country’s tax system and laws as well as other fiscal policies that impact the profitability and overall success of businesses would be discussed at the seminar by the guest speaker and other professionals.

It would also provide an opportunity for entrepreneurs to understand their rights and responsibilities, especially as regards taxes, such as withholding tax and Value Added Tax, among others. There will also be a session by FCMB Pensions Limited to enlighten participants on new pension initiatives in the country, the implications for SMEs and the attendant benefits.

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