LCCI Calls for Conducive Regulatory Environment, Tasks Insurance Companies to Build Capacity for International Deals
The Lagos Chamber Of Commerce & Industry (LCCI) has called on the Federal Inland Revenue Service (FIRS) to create a more conducive regulatory environment for businesses in the country which it pointed out would lead to more tax compliance in the long run.
The President of LCCI, Asiwaju Dr. Michael Olawale-Cole, made this remark at the FIRS special day held recently during the 2022 Lagos International Trade Fair while commending the firm’s contributions so far.
“I, therefore, wish to commend the Executive Chairman of FIRS, Muhammad Nami, and the executive management of firs for their commitment to institutional reforms, tax awareness, and the leverage of technology to reposition firs for the delivery of quality services. We urge the firs to deploy more technology for its operations as this will make tax payment easier, and more efficient and would lead to more tax compliance in the long run.
“However, we need to address the lingering issues in the tax system which include complications in tax computations, a rigorous process in tax payment, multiplicity of taxes from multiple revenue collection agencies across the three tiers of government, and inadequate knowledge and information about tax.”
He added that “the LCCI will continue to engage with the FIRS on the implementation of reform initiatives on all major tax administration issues towards creating a more conducive regulatory environment where businesses can thrive to generate more revenue and comply more with tax demands.”
On a different note, during the special day of the Nigerian Council For Registered Insurance Brokers (NCRIB) held recently also at the 2022 Lagos International Trade Fair, Olawale-Cole also urged insurance companies in the country to build capacity in handling big international deals for various industries in order to increase its presence and revenue.
“We urge insurance companies to build capacity in handling big international deals for the oil and gas, maritime, and aviation sectors that hitherto engage foreign insurance brands for their top-rated insurance transactions.
“We also call on the government to patronize local insurers for their massive insurance deals henceforth.
“The second quarter report on Nigeria’s Gross Domestic Product (GDP) from the national bureau of statistics revealed that the insurance sector grew by 17.28 percent in q2 2022, which is a 31.63% increase over the 15.68% recorded in the corresponding q2 2021. To achieve stronger growth in the sector, more enlightenment is required to create a level of awareness amongst the citizenry and get them educated on the benefits of insurance policies in mitigating risks and uncertainties. We, therefore, commend the leadership of the NCRIB for taking this special day event to create much-needed awareness at the 2022 Lagos international trade fair.”