THE TAXATION PENDULA: AKUME CHARGES NIGERIANS TO BE TAX COMPLIANCE
Nigerians have been charged to be tax compliance to enable the government fulfill its obligation. Sen. George Akume made this known at the launching of the book titled: “the Taxation Pendula” -the Effects of Finance Act on the Nigeria Taxation System, today in Abuja.
Sen. George Akume, who is the Secretary to the Government of the Federation, was represented by Mrs. Nko Esuabana, Permanent Secretary Political and Economic Affairs, office of the Secretary to the Government of the Federation, called on Nigerians to support the government in nation building. According to him, “all hands must be on deck to support the government to develop the economy.
Sen. Akume added that the book will be helpful in generating revenue and recommended it to individuals, public and private sector.
In her book Review, Dr Justina Okoro, FCA, FCTI, the first book Reviewer said, the book is a reference book for students, members of the National and State Assemblies, Lawyers, Media practitioners, Chambers of Commerce and others.
In her words:
“The book discusses emerging issues in the society. Chapter 1 dwells on finance act, 2019, 2020 and value added tax (VAT). Chapter 2 talks about Capital Gain act; various pronouncement of financial act 2020 and introduction of 10% capital gains. Chapter 3 highlights Companies income tax act; PPA 1939, 1958, 1979. 3.3 of the book gives details of banks and financial sectors. Chapter 4 gives detail explanation on capital allowance, pioneer taxation, legislation and Cap 17 law of the Federation of Nigeria.
It helps the readers to be updated in financial sectors in the country and contains list of industries and their status. Chapter 5 discusses Education Trust Funds. While Chapter 6 talks about personal income tax.
Dr Okoro further noted that 2011 amendment changed somethings about personal income tax. It gives outline on companies income tax act and finance act effect. Also, Information on how to exempt individuals from tax as they put their money in domiciliary account.
Chapter 7 elaborate on how oil was found in Oloibiri; Administrative and regulatory frame work for income tax, Petroleum income tax, historical background of tax and why some companies are exempted from tax. Also, Chapter 10 discusses Custom and excise Act, payment, levies, and import duties. Finance Act exempted airlines from exercise duties while chapter 11 gives history of stamp duties.”
In the same vein, the second book Reviewer, Chukwuemeka Eze Esq. Member of Presidential Fiscal Policy and Tax Reforms Committee and Chairman, Tax Appeal Tribunal, South East Zone, said that the book has 22 chapters. Chapter 12 is about withholding tax and how it tax started in Nigeria.
He noted that chapter 13 explains public procurement act, Federal Inland Revenue Service (FIRS) Establishment Act, Companies and Allied matters act.
However, chapter 16 summaries Sanction regime Fiscal responsibility act and how some revenue agencies generate money without remittance.
He acknowledged that Prof. Edem made a good stand on the book and called on individuals, organization, families and friends to get a copy of the book.
Barr. Eze reiterated that the book is an encyclopedia taxation Pendula and that Prof. Edem stands like an iroko tree and a role model to the academia.
On the other hand, the National President Chartered Institute of Taxation of Nigeria (CITN), Samuel Olusola Agbeluyi, said Prof Edem is a man who seek knowledge. He urged law practitioners to read wide to be successful and that without reading they cannot excel.
Former Governor’s of Rivers State, Celestine Omehia, who was in attendance asked the author to simplify the chapters as it volume may hinder people from moving it about.
The author of the book Prof. Edem Williams thanked the participants for gracing the occasion. He said that the book is voluminous to avoid plagiarism. “It is meant for research and reference book.” He said.
He promised to send soft copies to WhatsApp pages of individuals who may need it.