Some insurance corporations have acquired refunds to the tune of ₦1 billion from Nigeria’s Federal Inland revenue service (FIRS), following lawsuits of excessive taxation.
This was disclosed via the Chairman of the insurance association of Nigeria (NIA), Eddie Efekoha, who spoke to some journalists in Lagos, recently. According to him, the erroneous taxation befell after the 2007 recapitalisation of the insurance industry.
He went further to reveal that his association is engaging the FIRS and the Federal Ministry of Finance to effectively “work out an amicable approach to spur robust boom of our industry.”
In the meantime, the insurance industry is eagerly looking forward to NAICOM’s harmonised ten year transformation time table , he stated. The harmonised plan is expected to facilitate growth in the area. Be aware that the goal of the time table is to grow the rate of insurance penetration to approximately 2.1%, up from less than 1%.
More on the challenges of excessive taxation
Be aware that excessive taxation has for a long time remained one of the long-standing issues in Nigeria. Asides the insurance sector, different sectors of the financial system are equally affected.
A 2014 report by Nairametrics quoted the then Minister of communication and technology, Mrs Omobola Johnson, to have admitted that approximately 70% investments by Nigerian telecoms businesses are generally used for the payment of taxes to the different levels of government. in step with her, that is one of the major demanding situations stopping the sector from growth.
She called for a review of the Nigerian tax system.
Apparently, such calls has been ongoing since then. A 2015 article by The guardian examined how Nigeria’s tax system is discouraging investment, even as the involved authorities agencies had been advised to, amongst different things, simplify the tax system, put greater clarity on taxes which might be payable, in addition to eliminating excessive taxation.
In the meantime, in mid-2017, the FIRS brought the Voluntary Asset and income declaration Scheme (VAIDS), in its determination to facilitate tax collection in Nigeria. reputedly, the VAIDS initiative turned out successful, because the FIRS disclosed in advance this month that it had realised approximately ₦30 billion, and raised Nigeria’s tax database to 19 million up from 14 million.
The insurance association of Nigeria was established in 1971 to serve as the umbrella body of all the insurance businesses in Nigeria.
Efekoha became the Chairman years ago, for the duration of which, the affiliation has initiated and begun construction on the NIA Tower. speaking in this issue, he made known his delight “that the NIA building project has moved from discussion to actual construction. That development represents the high point of my chairmanship of the NIA.”
Some insurance corporations have acquired refunds to the tune of ₦1 billion from Nigeria’s Federal Inland revenue service (FIRS), following lawsuits of excessive taxation.
This was disclosed via the Chairman of the insurance association of Nigeria (NIA), Eddie Efekoha, who spoke to some journalists in Lagos, recently. According to him, the erroneous taxation befell after the 2007 recapitalisation of the insurance industry.
He went further to reveal that his association is engaging the FIRS and the Federal Ministry of Finance to effectively “work out an amicable approach to spur robust boom of our industry.”
In the meantime, the insurance industry is eagerly looking forward to NAICOM’s harmonised ten year transformation time table , he stated. The harmonised plan is expected to facilitate growth in the area. Be aware that the goal of the time table is to grow the rate of insurance penetration to approximately 2.1%, up from less than 1%.
More on the challenges of excessive taxation
Be aware that excessive taxation has for a long time remained one of the long-standing issues in Nigeria. Asides the insurance sector, different sectors of the financial system are equally affected.
A 2014 report by Nairametrics quoted the then Minister of communication and technology, Mrs Omobola Johnson, to have admitted that approximately 70% investments by Nigerian telecoms businesses are generally used for the payment of taxes to the different levels of government. in step with her, that is one of the major demanding situations stopping the sector from growth.
She called for a review of the Nigerian tax system.
Apparently, such calls has been ongoing since then. A 2015 article by The guardian examined how Nigeria’s tax system is discouraging investment, even as the involved authorities agencies had been advised to, amongst different things, simplify the tax system, put greater clarity on taxes which might be payable, in addition to eliminating excessive taxation.
In the meantime, in mid-2017, the FIRS brought the Voluntary Asset and income declaration Scheme (VAIDS), in its determination to facilitate tax collection in Nigeria. reputedly, the VAIDS initiative turned out successful, because the FIRS disclosed in advance this month that it had realised approximately ₦30 billion, and raised Nigeria’s tax database to 19 million up from 14 million.
The insurance association of Nigeria was established in 1971 to serve as the umbrella body of all the insurance businesses in Nigeria.
Efekoha became the Chairman years ago, for the duration of which, the affiliation has initiated and begun construction on the NIA Tower. speaking in this issue, he made known his delight “that the NIA building project has moved from discussion to actual construction. That development represents the high point of my chairmanship of the NIA.”
Some insurance corporations have acquired refunds to the tune of ₦1 billion from Nigeria’s Federal Inland revenue service (FIRS), following lawsuits of excessive taxation.
This was disclosed via the Chairman of the insurance association of Nigeria (NIA), Eddie Efekoha, who spoke to some journalists in Lagos, recently. According to him, the erroneous taxation befell after the 2007 recapitalisation of the insurance industry.
He went further to reveal that his association is engaging the FIRS and the Federal Ministry of Finance to effectively “work out an amicable approach to spur robust boom of our industry.”
In the meantime, the insurance industry is eagerly looking forward to NAICOM’s harmonised ten year transformation time table , he stated. The harmonised plan is expected to facilitate growth in the area. Be aware that the goal of the time table is to grow the rate of insurance penetration to approximately 2.1%, up from less than 1%.
More on the challenges of excessive taxation
Be aware that excessive taxation has for a long time remained one of the long-standing issues in Nigeria. Asides the insurance sector, different sectors of the financial system are equally affected.
A 2014 report by Nairametrics quoted the then Minister of communication and technology, Mrs Omobola Johnson, to have admitted that approximately 70% investments by Nigerian telecoms businesses are generally used for the payment of taxes to the different levels of government. in step with her, that is one of the major demanding situations stopping the sector from growth.
She called for a review of the Nigerian tax system.
Apparently, such calls has been ongoing since then. A 2015 article by The guardian examined how Nigeria’s tax system is discouraging investment, even as the involved authorities agencies had been advised to, amongst different things, simplify the tax system, put greater clarity on taxes which might be payable, in addition to eliminating excessive taxation.
In the meantime, in mid-2017, the FIRS brought the Voluntary Asset and income declaration Scheme (VAIDS), in its determination to facilitate tax collection in Nigeria. reputedly, the VAIDS initiative turned out successful, because the FIRS disclosed in advance this month that it had realised approximately ₦30 billion, and raised Nigeria’s tax database to 19 million up from 14 million.
The insurance association of Nigeria was established in 1971 to serve as the umbrella body of all the insurance businesses in Nigeria.
Efekoha became the Chairman years ago, for the duration of which, the affiliation has initiated and begun construction on the NIA Tower. speaking in this issue, he made known his delight “that the NIA building project has moved from discussion to actual construction. That development represents the high point of my chairmanship of the NIA.”
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