Business
FIRS To Join Automatic Exchange Of Information Forum …To Reduce Tax Evasion
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler says the organisation plans to join the global forum on Automatic Exchange of Information (AEOI) to reduce tax evasion.
Fowler disclosed this in Lagos on the sideline of the just concluded workshop on Automatic Exchange of Information for Tax purposes.
The workshop was organised by FIRS, Global Forum on Transparency and Exchange of Information for tax Purposes.
Fowler said that AEOI would help the country to increase its tax revenue for national development.
The Tide correspondent reports that the AEOI provides for the exchange of non-resident financial account information with the tax authorities in the account holders’ country of residence.
Participating jurisdictions that implement AEOI send and receive pre-agreed information each year, without having to send a specific request.
It addresses tax evasion, tax havens, offshore financial centres, tax information exchange agreements, double taxation and money laundering.
The forum works under the auspices of the OECD and G20 and focuses on increasing the standard for information exchange.
He said that it was imperative for the country to join those countries using the AEOI because of the benefits attached to its usage.
Fowler said, “In Africa, it is clear that we need to help each other and the only way we can help each other is through this automatic exchange of information.
“When we look at sources of revenue, all of assets such as oil, iron, diamond, we have it all but at the end of the day, it is not sufficient to fund the respective governments.
“Some countries have different tax systems but at the end of the day, each African country needs to maximise its revenue through taxation and the avenue of doing that is through information exchange.”
The executive secretary said that connecting to the exchange would also help in monitoring the citizens who made money through illegal activities and then invest the proceeds outside the country.
“A lot of people talk about African leaders taking money out of their respective countries and investing it not only in Europe but in other African countries.’’
Fowler said that those host countries don’t ask for information in terms of the source, the tax payments of those individuals or organisations that made such investment.
According to him, such act poses danger to the stability of the economy and also the type of investment that is accepted.
He said that those who make money through illegal means evade tax and invest the proceeds on properties in developed countries and other African countries.
Fowler said, “USA has a scheme now for all Americans that have investments or have bank accounts outside America.
“They have given the countries where they have those accounts a certain time limit to provide that information to them even without any international legal agreement.
“So, if developed countries can be looking at their bottom-line in terms of tax revenue, then I appreciate this team for their efforts and interest, because they don’t owe us any obligation.”
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter
