Don’t kill companies with taxes, LMDS chairman urges government

Chairman of Lagos Mainland District of the Institute of Chartered Accountant of Nigeria (ICAN), Amobi Nwokafor, has urged government to create enabling environment for businesses to thrive in Nigeria, noting that excess taxation may impede the survival of organisations in the country.

Speaking during a courtesy visit to selected organisations in Lagos on Thursday, Nwokafor said the institute, particularly the district has played key roles in positioning the economy of the country.

“If the companies are closing down, government will not be able to collect taxes, so we are advocating a win-win situation, where the companies are buoyant and growing adequately so that when you are taxing people they will be able to pay.

“A situation where taxation is over emphasized beyond certain level not mending the survival of the companies will lead the country no where. You cannot use tax to kill the companies,” Nwokafor added.

He also called for the judicious use of tax to address poor operating environment and the rising poverty rate in the country. He said the growth the country seeks may remain elusive  if government refused to allow the organisations to thrive.

Nwokafor, who ends his tenure as the Chairman of the district in June said the leadership has positioned the branch as a leading arm of the institution.

Nwokafor said: “We want to place ICAN at the door step of every Nigerian. There is need for more people to become accountants. It is only by so doing that we will contribute to the economic development of Nigeria.”

He said the essence of the event, which included a visit to St. Finbarr’s College, Igbobi College, Old Peoples Home and Little Saints Orphanage was to entrench ICAN’s activities at the grassroot, strengthen activities of the body and give back to society.