Fidelity Bank, tax firm organise forum to sensitise customers

The Bank’s Divisional Head, Private Banking, Mrs. Chioma Nwankwo, who spoke at a recent tax advisory forum organised by Fidelity Bank, said it was designed specifically to educate customers on the current tax system and its attendant impact on their businesses and financial wellbeing.

“In view of the fast approaching Federal Government’s Voluntary Assets and Income Declaration Scheme (VAIDS) deadline and the lack of preparedness of taxable Nigerian citizens, Fidelity decided to partner with Andersen Tax to enlighten customers on what is taxable and other related tax issues, including consequences of missing the deadline as stipulated by government”, she said.

Nwankwo pointed out that the bank organised two streams for customers from branches within the Lagos and South-West region, while another session was held exclusively for the bank’s high net-worth individuals.

The Senior Manager, Private Clients/Family Wealth, Andersen Tax, Israel Koledowo, advised customers to conduct tax health checks to ascertain their financial status and minimize potential risks associated with noncompliance with tax requirements.

While restating Federal Government’s resolve to clamp down on tax offenders, Koledowo, however, pointed out that tax health checks will assist the customers understand inherent gaps in tax compliance.He urged customers with irregularities in tax compliance to take advantage of government’s VAIDS before the expiration of the deadline.

Meanwhile Chief Executive Officer, Polysonic Nigeria Limited, Mr. Paulinus Ozonnagbo was full of praise for Fidelity Bank’s tax initiative.“This forum is quite timely and very commendable. It is a clear indication that the bank truly values its customers because many entrepreneurs and businessmen in the country do not understand tax laws and associated matters,” he said.