Tax consultants have been encouraged to take advantage of the many opportunities that abound in the country’s new Finance Act.
Taiwo Oyedele, a partner, Fiscal Policy and Tax leader, PricewaterhouseCoopers (PwC), gave the advice at a workshop on tax practice management. The workshop, which was organised by the Chartered Institute of Taxation of Nigeria (CITN), was themed: “Leading a Successful Tax practice”.
The Finance Act allows Micro Small and Medium-scale Enterprises (MSMEs) not to register for Value Added Tax (VAT) and zero % company income tax but they must file returns.
“As tax practitioners, this is a compelling thing to sell. Since they do not need to pay tax but for them to have their zero return, it will help you. I guarantee you that many would want to sign your contract. Our services are so essential and critical for national development,” Oyedele stated.
According to the National Bureau of Statistics (NBS), about 41 million MSMEs operate in Nigeria. The number of registered taxpayers with the Federal Inland Revenue Service (FIRS) is 4 million and with the opportunities that abound in the new Finance Act, tax agencies were admonished to capitalize on the MSMEs.
Meanwhile, Gladys Simplice, President of CITN, disclosed that the objective of the workshop was to assist practitioners in navigating around the daunting challenges in setting up and managing successful practising firms in an evolving tax system and economy.
“This workshop is intended to enhance the knowledge, skill, and expertise of licensed practitioners, intending practitioners, and other interested stakeholders on the ingredients useful to having a successful tax practice.
“It is pertinent that a tax practitioner is highly versed with ethics, standards and documentation procedures associated with the tax practice. This is to enable them to deliver value-driven services to the clients as well as the government,” Simplice said.
Oyedele spoke about the competitiveness, profitability, sustainability, skills, and expertise as relevant challenges facing tax firms. He added that to build and grow good and quality practising firms, the following should be done:
“Setting up your practice, purpose, and processes, people, products and services,” Guardian reported.