During its pledge to expand the scope and growth of businesses in Nigeria, especially Small and Medium Scale Enterprises (SMEs), First City Monument Bank (FCMB) will host a workshop on tax matters next week in Lagos. Involvement

The workshop, tagged, “Tax Enforcement and Implications on Businesses in Nigeria,” is pointed at providing entrepreneurs with the necessary information on taxation by advancing the exchange of ideas between tax regulators and businesses on surviving and developing tax matters to assure assent and avoid penalties.

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.

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In a statement, FCMB said topical issues relating to the country’s tax system and laws as well as other fiscal policies that impact on 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 would 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.

Responding to inquiries about the seminar, the Executive Director, Business Development of FCMB, Mrs Bukola Smith, was quoted to have 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. According to her: “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.

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“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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