TAX BOSS RECAP VAIDS COMPLIANCE IN THE AKS
By Eminimo Chantell & Imaobong Koffi
The Chairman, Board of Internal Revenue Service, Akwa Ibom State, Mr. Okon J. Okon has stressed compliance to Voluntary Assets Declaration Scheme (VAIDS) and tax laws in the state.
The tax boss made the emphasis today while delivering his welcome address at the interactive session on VAIDS organised by the AKSIRS and the FIRS.
The event which held at the banquet hall of EMJEEM Hotel, Dominic Utuk Avenue and tagged " VAIDS" Your rights and responsibilities" was according to Okon J. built to create more awareness for compliance in AKS.
In his speech, Okon thanked citizens who have declared their assets and income as he urged others to take advantage of the extension of the scheme and the interaction to comply.
"We thank those who have come forward to declare their assets... considering the low response from our state we deem it necessary to give own people opportunity to interact with stakeholders and tax professionals in the state....Let me call on business leaders, LGA chairman, lawyers and all others to helpin the awareness...we need youths to comply with AIDS"
Speaking during the event, the FIRS Zonal Director (ABC) Zone, Mr. Achibong stressed the need for citizens in the state to take advantage of the extension of period for Voluntary Assets and Income Declaration Scheme by the Federal Government as he called on tax payer to avoid penalties by complying.
In his words "Take advantage of the window created by the extension of period by the Federal Government, you should comply to avoid penalties"
Speaking at the event, the Hon. Commissioner for finance, Mr. Linus Nkan noted that Akwaibomites needed the awareness as he suggested sensitization in locating dialect while he also called on all to take advantage of the interactive session and to comply.
In his words "..not everybody has good knowledge of the scheme, basically to provide sensitisation. I watched on TV stations and radio that FIRS has embarked on extensive programs to create awareness but from the interaction we will have here some good resolutions will be met, we all must comply, we need to sponsor publicity in local dialect"
Furthermore the experienced Finance boss explained that tax payment is an obligation of the citizens pointing that there is need for Government to explore other sources of revenue other than oil given the state at which the nation found herself. He also hinted that companies registered as Liimited Liability Companies pay tax to the Federal Government while Enterprises pay tax to the state. He advised the citizens to be guided when registering companies stressing that charity begins at home.
"Tax payment is a mandatory obligation of the citizen, before now Government relied on oil so we abandoned other sources of revenue, today, we are having difficulties, governmen. You need also to know that when you register a limited liability company, you pay tax to the Federal Government but when you register a business name or an enterprise you pay to the state"
Delivering a paper on "understanding the Voluntary Assets and Income Declaration Scheme" Prof Ezekiel Edem Williams PHD FCTI stated that the Federal Government is reacting to the effects of overdependence on oil as they intensify efforts to boost other sources of revenue.
"The Federal Government has experienced the effects of over dependence on oil and are now intensifying efforts to diversify to router sources of revenue"
Other highlights of the event included a robust interactive session while the vote of thanks was delivered by Dr. (Hon.) Ekere Afia.
A cross section of stakeholders, tax payers and Civil Rights Activist graced the event.
By Eminimo Chantell & Imaobong Koffi
The Chairman, Board of Internal Revenue Service, Akwa Ibom State, Mr. Okon J. Okon has stressed compliance to Voluntary Assets Declaration Scheme (VAIDS) and tax laws in the state.
The tax boss made the emphasis today while delivering his welcome address at the interactive session on VAIDS organised by the AKSIRS and the FIRS.
The event which held at the banquet hall of EMJEEM Hotel, Dominic Utuk Avenue and tagged " VAIDS" Your rights and responsibilities" was according to Okon J. built to create more awareness for compliance in AKS.
In his speech, Okon thanked citizens who have declared their assets and income as he urged others to take advantage of the extension of the scheme and the interaction to comply.
"We thank those who have come forward to declare their assets... considering the low response from our state we deem it necessary to give own people opportunity to interact with stakeholders and tax professionals in the state....Let me call on business leaders, LGA chairman, lawyers and all others to helpin the awareness...we need youths to comply with AIDS"
Speaking during the event, the FIRS Zonal Director (ABC) Zone, Mr. Achibong stressed the need for citizens in the state to take advantage of the extension of period for Voluntary Assets and Income Declaration Scheme by the Federal Government as he called on tax payer to avoid penalties by complying.
In his words "Take advantage of the window created by the extension of period by the Federal Government, you should comply to avoid penalties"
Speaking at the event, the Hon. Commissioner for finance, Mr. Linus Nkan noted that Akwaibomites needed the awareness as he suggested sensitization in locating dialect while he also called on all to take advantage of the interactive session and to comply.
In his words "..not everybody has good knowledge of the scheme, basically to provide sensitisation. I watched on TV stations and radio that FIRS has embarked on extensive programs to create awareness but from the interaction we will have here some good resolutions will be met, we all must comply, we need to sponsor publicity in local dialect"
Furthermore the experienced Finance boss explained that tax payment is an obligation of the citizens pointing that there is need for Government to explore other sources of revenue other than oil given the state at which the nation found herself. He also hinted that companies registered as Liimited Liability Companies pay tax to the Federal Government while Enterprises pay tax to the state. He advised the citizens to be guided when registering companies stressing that charity begins at home.
"Tax payment is a mandatory obligation of the citizen, before now Government relied on oil so we abandoned other sources of revenue, today, we are having difficulties, governmen. You need also to know that when you register a limited liability company, you pay tax to the Federal Government but when you register a business name or an enterprise you pay to the state"
Delivering a paper on "understanding the Voluntary Assets and Income Declaration Scheme" Prof Ezekiel Edem Williams PHD FCTI stated that the Federal Government is reacting to the effects of overdependence on oil as they intensify efforts to boost other sources of revenue.
"The Federal Government has experienced the effects of over dependence on oil and are now intensifying efforts to diversify to router sources of revenue"
Other highlights of the event included a robust interactive session while the vote of thanks was delivered by Dr. (Hon.) Ekere Afia.
A cross section of stakeholders, tax payers and Civil Rights Activist graced the event.
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