By Rukayat Moisemhe
The Business Recovery and Insolvency practitioners Association of Nigeria (BRIPAN) on Monday brokered an alliance with the Chartered Institute of Taxation of Nigeria (CITN) to improve business and taxation systems in the country.
Mr Chimezie Ihekweazu, Senior Advocate of Nigeria (SAN) who is the President, BRIPAN, during a business visit to CITN in Lagos, said the partnership would bridge knowledge gaps on business recovery and taxation processes in Nigeria.
Ihekweazu said the collaboration would provide a more rounded package for business solution and management.
He said BRIPAN, an association of lawyers, bankers and accountants that practiced insolvency and business recovery was committed to improving the lots of businesses within the standards of the law.
He added that the joint relationship between both institutions would support policy and advocacy positions to drive reforms for business management, professional competencies and rescue operations.
“There is no functional business or company without the obligation to understand tax systems and business recovery dynamics.
“The issue of taxation is a necessity as long as we factor the need for development in the country.
“As an association, we have come to understand that a number of factors are responsible when it comes to issues of insolvency and taxation is one of those challenges.
“Hence the recognition on the need to support the practice of insolvency with due respect to taxation.
“The ability to drive this partnership to support growth in these areas would enhance the sustainability of business and the development of the country’s economy at large,” he said.
In his remarks, Mr Samuel Agbeluyi, President, CITN, stated the importance of filling the existing gaps in tax and insolvency to add more value and impact to the business community.
Agbeluyi noted that a major challenge businesses faced that if mishandled could lead to business failure (insolvency) was taxation.
He said the real reason for the collaboration was to help businesses thrive, simplify and sanitise the business-tax system and impact the society and country as a whole.
Agbeluyi called for the advancement of the Tax Reform Bill particularly to enable foreigners that want to invest in Nigeria have certainty of their expectations and returns within the next few years.
“This collaboration is of advantage to members of both bodies as they begin to master the business recovery process with regards to taxation and vice versa.
“We understand that challenges must come to businesses but the manner in which they are approached with regards to rule of law on insolvency and taxation must be applied.
“This is also an opportunity to advocate that the taxes collected must be put to good use to address the trust deficit by citizens in government and encourage their tax payments,” he said.
(NAN)
