Procter and Gamble, the leading household products manufacturer has been honoured with the 2009 Tax Compliance Award in recognition of the companyâ€™s diligence in the remittance of tax as a corporate citizen in Lagos State.
The award, which was presented by the Lagos State governor, Babatunde Raji Fashola, at the 3rd annual Lagos State taxation Stakeholdersâ€™ Conference, was given for P&Gâ€™s â€œâ€¦outstanding compliance with the provisions of the Personal Income Tax Act and consistency in the stream of tax paymentsâ€¦during the year 2008.â€
This award is the second P&G has received this year in recognition of its leadership in tax compliance. The company received a similar award from the Oyo State Government in January this year for tax compliance in Oyo State where its factories are located.
The Stakeholdersâ€™ conference, which was held at the Expo Centre, Eko Hotel & Suites was put together by the Board of Internal Revenue of Lagos State as a forum to intimate the Lagos business community on progress made in the area of tax administration and revenue generation. It was also a feedback medium from stakeholders on how the agency could improve on its operations.
At the event, the Chief Operating Officer of Lagos State Internal Revenue Service (LSIRS), Mr Tunde Fowler, explained that the goal of the conference is to rub minds and exchange ideas on how to make taxation better in the state. Procter & Gamble was rewarded for her consistency in tax remittance to the state for the year under review. The feat was described as laudable, examplary and worthy of emulation by Governor Fashola at the event.
The company which started operations in Nigeria about 17 years ago is known for its adherence to corporate best practice all over the world. The award was Lagos stateâ€™s way of saying thank you for partnership it enjoyed with the company for progress and development.
In his speech at the event, Governor Babatunde Raji Fashola (SAN) expressedÂ his appreciation for men, women and corporate organizations who have consistently been supporting the work in the state by paying their taxes as and when due. He said â€œthat the success so far is a clear indication of the peopleâ€™s decision to effect change. The Executive, Judiciary and Legislature are only complying with the wishes of the people.
The governor urged all eligible tax payers to make use of professionals in their tax administration as the practice will not only enhance economic growth but will reduce unemployment providing a bright future to many young graduates in the state.
Commenting on the award, the Head Communications and Brand PR, Procter & Gamble West Africa Ms. Patricia Obozuwa said that the award given to the company by Lagos State government, trailing another one given in January 2009 by the government of Oyo State at Ibadan the home of P&G factories is a testimony that P&G is starting to gain recognition in Nigeria for its leadership in tax compliance.
At the award presentation only five companies (including P&G) were appreciated by the state government for the feat of over 99 percent tax compliance.