Business

HURIWA Endorses New FIRS Tax Administration Solution

Published

2 years ago

June 23, 2021

NewTimes

HURIWA Endorses New FIRS Tax Administration Solution

… Calls For More Sensitization of Tax Paying Population

Impressed by the provisions of the Finance Act 2020 and the proactive steps adopted by the hierarchy of the Federal Inland Revenue Service (FIRS) to ease tax compliance and modernise tax administration in the country, the leading civil society organisation, Human Rights Writers Association of Nigeria (HURIWA) has applauded the introduction of a new Tax Administration Solution (TaxPro-Max).

HURIWA said it was aware that through the TaxPro Max, taxpayers would be able to file returns electronically, pay taxes online, get instant credit for withholding taxes deducted from their income, ascertain capital allowance carried forward, loss carried forward to be utilised for subsequent income tax returns, generate tax clearance certificates, respond to tax assessments raised, keep track of outstanding debt and communicate with the FIRS local tax offices on other tax matters.

In a statement by the National coordinator, Comrade Emmanuel Onwubiko and the National Media Affairs Director; Miss Zainab Yusuf, the civil rights group quoted the Executive Chairman, FIRS, Mr Muhammad Nami, as saying that “TaxPro-Max enables seamless registration, filling, payment of taxes, automatic credit of withholding tax and other credits to the taxpayer’s accounts, among other features.

“The TaxPro-Max also provides a single-view to taxpayers for all transactions with the service.

“The TaxPro-Max platform is accessible at www.taxpromax.firs.gov.ng. From June 7, 2021, the TaxPro-Max becomes the channel for filing naira-denominated tax returns in the country.”

According to him, all taxpayers have been notified that all naira-denominated tax returns are to be filed via the TaxPro-Max Solution in order to generate the obligatory Document Identity Number (DIN).

Describing the one-stop online platform (TaxPro Max) as a laudable effort by the FIRS in ensuring that taxpayers enjoy a seamless tax filing process and also ease compliance, the rights group called on the hierarchy of the FIRS to create more awareness by sensitizing the public to the modalities for implementing the system to fully maximise the benefits in addition to ensuring that data privacy measures are given priority.

According to HURIWA, in view of the imminent migration from the existing manual tax returns filing to the full implementation of automated filing on the platform, there was the need to allow a transition phase to ensure that the usual glitches associated with system integration is prevented while recommending the implementation to be done in batches according to the current local tax office groupings i.e Large Tax Offices (Non-oil), Medium Tax Offices, Micro & Small Tax Offices, among others.

“To fully achieve the objective of introducing this innovative approach to tax collection in Nigeria, the FIRS must ensure that sufficient measures are put in place to ensure that concerns raised by users of the platform are promptly attended to and resolved. Overall, it is expected that this initiative, if properly managed, will improve tax compliance in Nigeria by reducing the related costs, time and inconvenience associated with manual returns filing”, HURIWA advised.

HURIWA observed that this innovation was timely as over the past decade, there had been a strong global move towards digitalization and most sectors were gravitating towards improving and transforming their business operations leveraging technology.

According to HURIWA, in most economies, tax authorities have also harnessed the benefits of digitalization and enhanced revenue collection through seamless adoption of technology.

HURIWA recalled that as part of the relentless digitization efforts to ease tax compliance and modernise tax administration, the FIRS had in 2017 announced the introduction of six new electronic tax services (e-services) for the convenience of taxpayers in Nigeria including:
e-Registration: for the registration of new taxpayers with FIRS
e-Stamp Duty: for the payment of stamp duties on qualifying documents.
e-TaxPay: presenting more modern payment solutions for all Federal Government taxes and levies through any of the following platforms – Nigeria Inter-Bank Settlement System (NIBSS), Remita and Interswitch
e-Receipt: for receiving and verifying e-receipts generated after taxes are paid through the e-TaxPay.
e-Filing: for taxpayers to file their tax returns online via the website: https://efiling.firs.gov.ng
e-TCC: a platform intended to replace the physical application, issuance and verification of a company’s Tax Clearance Certificate (TCC).

Other more recent efforts include the e-filing of transfer pricing (TP) declaration and disclosure forms, country-by-country reporting as well as the VATrac introduced by the FIRS.

Situating this innovations with what is obtainable in other advance climes, HURIWA expressed its endorsement noting that certainly, there is no better time to evaluate the capabilities of a digital tax system than a period when social distancing and lockdowns are being enforced to curtail the spread of Covid-19, which according to the rights group underscores FIRS’ assurance to taxpayers to improve ease of doing business without disrupting the affected business’ operations.

“The United Kingdom (UK) for instance, has also steadily transformed itself into one of the most digitally advanced tax administrations by successfully reducing the need for filing annual tax return and creating a single view of a taxpayer’s affairs through a portal on the Government website. The UK tax authorities are also able to pre-populate personal tax returns with some information in their database; such as an individual’s earnings and taxes paid.

“Also, their payroll tax system, which was once largely reliant on annual returns, was replaced in 2013 by Real-Time Information (RTI); a solution that involves employers updating Her Majesty’s Revenue and Customs (HMRC), along the same timeline that they pay their employees. The aim is for HMRC to profile each employee accordingly and ensure that the correct amount of tax is collected from individuals at each pay point in the year, thereby reducing the tax gap.

“Globally, governments are using data analytics to help optimize tax collections and monitor compliance initiatives to advance overall efficiency. The exponential use of data analytics in real-time and predictive tax administration will revolutionize the Nigerian tax administration as data can be transformed into a powerful tool to monitor tax compliance.”

HURIWA charged government to promote a compliance culture developed through taxpayer education and simplified digital filing processes.

“Online tax services must be robust enough to function as an intelligent solution that can accommodate end-to-end validation, combat tax fraud and police tax returns.

“The journey to fully implementing and reaping the benefits of a seamless e-tax administration system is neither short nor simple.

“There is no one-size-fits-all solution; however, an assessment of the above consideration will enhance the performance of our tax system in Nigeria and ultimately increase government revenue,” the group added.

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Business

BREAKING: NNPC Sacks All Top Management Staff With Less Than 15 Months To Retire

Published

1 week ago

September 19, 2023

NewTimes

As part of further reorganization for effective operations, the Nigerian National Petroleum Company Limited (NNPC) has sacked top management staff who have less than 15 months to retire from the national oil company.

The development is coming days after the oil company announced the removal and replacement of three of the its Executive Vice Presidents (EVPs).

Those impacted by the previous shakeup included Abdulkabir Ahmed, who was hitherto in charge of gas, power and new energies; Adokiye Tombomieye, who headed the upstream segment as well as Adeyemi Adetunji, who was in charge of the downstream.

They were replaced by Olalekan Ogunleye as EVP gas, power and new energies; Oritsemeyiwa Eyesan for the company’s upstream operations, while Adedapo Segun took charge of the downstream.

In a brief statement Tuesday morning, the NNPC stated that the new reshuffling was in line with its aspiration to rejuvenate its workforce.

“In our bid to pursue effective organisational renewal to support the delivery of our strategic business objectives, it has become imperative to rejuvenate our workforce.

“Consequently, in addition to the recent exit of three executive vice presidents, other members of management staff with less than 15 months to statutory retirement will be exiting the company effective 19th September 2023,” the statement said.

The NNPC noted that the move was in line with its commitment to scale up its capabilities through targeted talent management and equal opportunity for all Nigerians.

Business

BREAKING: Tinubu Nominates Cardoso As CBN Governor

Published

2 weeks ago

September 15, 2023

NewTimes

Dr Olayemi Cardoso

President Bola Tinubu has nominated Dr. Olayemi Michael Cardoso as the new Governor of the Central Bank of Nigeria (CBN).

A press statement by presidential spokesman, Ajuri Ngelale, disclosed on Friday evening that Cardoso will serve for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate.

“This directive is in conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which vests in the President of the Federal Republic of Nigeria, the authority to appoint the Governor and Four (4) Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.

“Furthermore, President Bola Tinubu has approved the nomination of four new Deputy Governors of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending their confirmation by the Nigerian Senate,” he stated.

The new Deputy Governors include Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.

“In line with President Bola Tinubu’s Renewed Hope agenda, the President expects the above listed nominees to successfully implement critical reforms at the Central Bank of Nigeria, which will enhance the confidence of Nigerians and international partners in the restructuring of the Nigerian economy toward sustainable growth and prosperity for all,” Ngelale stated.

Business

We Help Nigerians Transform Their Dreams Of Studying Abroad Into Realities – Braimah

Published

2 weeks ago

September 15, 2023

NewTimes

Sheriff Braimah

There is no gainsaying the fact that studying abroad opens doors to limitless opportunities. From getting a comprehensive and in-depth understanding of your desired choice of course – which positions you better than your peers – to the networking opportunities it provides, studying abroad can be the door to a better future.

On this premise, thousands of Nigerians dream of studying abroad and pursue that dream. Like every other dream for greatness, studying abroad is accompanied by several challenges including complex visa processes, financial constraints, and many more that often make some give up the dream or fail at it.

To help Nigerians, especially the youths, nurture their dreams of studying abroad, Redefined Consults Limited, a reputable educational consulting company with a team of dedicated and experienced travel professionals has helped many Nigerians process their applications seamlessly.

Having been in the global education competitive landscape for a while, Redefined Consults Limited understands the unique needs of its clients as well as the challenges that come with those needs, hence the need for a personalised approach to all applications they handle.

From choosing the right destination and university to advising on the courses that make application easy, up till the moment of obtaining a visa and settling into their new academic home, Redefined Consults makes it a core need to guide every client they have worked with through every step of the process.

The Founder and Team Lead, Redefined Consult Limited, Sheriff Braimah told our correspondent: “At Redefined Consults Limited, we recognise that education is not just about academics; it is also about personal growth and cultural enrichment. That is why we go beyond the conventional role of a consultancy firm. We are driven by a passion for excellence and a genuine desire to make a positive impact on the lives of individuals seeking quality education,”

He explained that the United Kingdom, Malta, Ireland, Canada, Australia, Malaysia, and China are some of the most sought-after travel destinations for Nigerians who desire to study abroad, and the educational consulting firm makes it a priority to research schools in these destinations, have a clear understanding of their requirements and provides the knowledge while helping them navigate the opportunities offered by each destination.

“With a core understanding of students’ recruitment, some of the services offered by our company include visa counseling and assistance to ensure a smooth and seamless process. Over the last three years, we have successfully helped more than 200 students achieve their dreams of studying abroad with the help of eight experts who are professionals and know their onions.

” If studying abroad is a dream you have had for a while but do not know how to pursue it or you have failed, Redefined Consult Limited is your hope to achieve that dream. With a proven track record of transforming study abroad dreams into reality, yours could be the next success story to tell,” Braimah added.