September 25, 2019

The Federal Inland Revenue Service (FIRS) is empowered to assess and collect established tax liabilities from entities. The tax laws also empowered the tax authority to charge and collected administrative penalties such late returns penalty, penalty late payment, etc. Tax Authorities do not have powers to impose taxes, only a court of law can impose taxes, fines or charges upon conviction. Where there is an established tax liability against an entity or the tax liability assessed against an entity has become final and conclusive, but the entity failed to defray the tax liability, the Tax Authority can appoint any person or institution (e.g. banks) as an agent to collect the unpaid tax on its behalf from the entity. Also, an established tax liability (Companies Income Tax (CIT), Tertiary Education Tax (TET), Capital Gains Tax (CGT), Value Added Tax (VAT) and Withholding Tax (WHT)), of an entity can be recovered from:     the entity – e.g. XYZ LTD.     the any principal officer of the entity – e.g. Managing Director, CEO, etc.     the any person appointed by the entity as attorney, factor, agent or a representative.     a receiver or liquidator. While entities are to comply with the provisions of the tax laws in terms of filing and payment of taxes, it is important to state that, no Tax Authority has powers or right to place lien on the bank account of an entity where a tax liability is yet to be established or when a tax liability is in dispute.   Source: Punch

The President, Coker Building Materials and Allied Products, Mr. Justin Okpani, has said that his administration inherited disunited union at inception. He observed that traders in Coker Building Materials Market were solving their problems individually making the ability to have some of them resolved in their favour near impossible. Speaking exclusively to PropertyMart at the inauguration of the new executive at the market, Okpani who also doubles as the Managing Director of Joemed Global Concepts Ltd, returned with his team for a second term said they inherited various taxes and levies imposed on members of the union by the Local Government. He said, the union under his presidency contested the taxes and levies which were new with the local government but because the union was not as united as it should, the matter was settled in favour of the government. According to him, those taxes and levels vis-avis the fact that they were not how they used to be, was not acceptable to the union. “They kept collecting the double taxes and we took it upon ourselves to meet with them to discuss. Although, they eventually had their way, the Union did not find it funny. Another time was when there was increase in what we pay as trade permit. There was a 70 per cent increase which we also took up and discussed with the government authorities to reduce it to a reasonable amount so as to cut down the challenges we face in the market with regards to Nigeria’s current economic status. They again did not oblige us because they had their way, so it has remained like that,”he said. While fielding questions from PropertyMart on the handling of fake product merchants, the President said, Coker Building Materials traders are known for bringing in quality products. “Our major suppliers are from China. Initially, it used to be from Italy but because of the cost of Italian products, many people have now moved to China where the cost of production is relatively cheap. But then, all our products come here with good standards and they go through the Standards Organisation of Nigeria (SON) for testing. When it comes to standards, we are known for standard products. Yes, once in a while people from other markets bring in products that are substandards. Even the Chinese do import substandard products in the market and warehouse them and be coming to us to patronize them. But the Union through the Taskforce Unit always clamp down on them to see that such products do not penetrate into our own market,”he stated. In his respond, the Vice President of the Union and the Managing Director of Bluetech Limited, Mr. Oti Obinna while praying for the traders, said, “My advice to my colleagues in the market is for them to know that good name is better than riches. People should always do things knowing that their conscience should always guide them in whatever they do. It dose not stop at making money, it is about giving people, the teeming public, the customers; satisfaction for what they have paid for and then avoid cutting corners here and there, because the law will still catch up with whoever that does. Therefore, it is good for every trader to be upright in his business and do that which is genuine in the sight of God and sight of the law. “I want to tell my colleagues in the market is to tell them to be up and doing. “Be truthful in whatever things you are doing. Depending on your ability, try and be truthful and get that trust of your customers. Just be reliable so people will always believe you and trust that you are giving them your best,”he concluded.   Source: the sun