By Oboh Agbonkhese
KPMG Nigeria has said that there was need for companies to make tax affairs part of boardroom discussions, given the country’s changing regulatory and fiscal landscape, “to enhance tax cost optimization, improve business performance and create stakeholders’ value.”
Speaking at a briefing in Lagos, ahead of the launch of KPMG’s task risk management survey report scheduled for Thursday, November 19, Head, Tax Division, Victor Onyekpa, said present economic realities will make alternative revenue sources, such a tax, vital to government.
He said with the fall in oil prices and shift in revenue sources, the management of firms will do well to have a functional tax unit, as it will not only prevent defaulting, but also ensure that they do not overpay “as government continues to review its strategies for increased revenue drive.”
Speaking on the survey, KPMG’s Tax Partner, Ms. Nike James, said using 60 companies across all sectors as sample, the report will enable companies benchmark their tax operations against global best practices.
She said the survey focused on strategy, risk management practises, tax department operations, its set up and the people running the operations.