In line with its commitment to deepen the capacity and growth of businesses in Nigeria, particularly Small and Medium Scale Enterprises (SMEs), First City Monument Bank (FCMB) will host a seminar on tax matters in Lagos today.

The seminar, tagged, ‘’Tax Enforcement and Implications on Businesses in Nigeria’’, is aimed at equipping entrepreneurs with requisite knowledge on taxation by promoting the exchange of ideas between tax regulators and businesses on existing and emerging tax matters to ensure compliance and avoid sanctions.

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The one-day seminar would have in attendance SMEs operating in various sectors, including, trading, manufacturing, agribusiness, renewable energy, creative industry, digital technology, healthcare, schools and individuals running businesses in their personal names or accounts.

The Guest Speaker is the Director of Enforcement, Federal Inland Revenue Service (FIRS), Mr. Emeka Obiagwu.
In a statement, FCMB said topical issues relating to the country’s tax system and laws as well as other fiscal policies that impact on the profitability and overall success of businesses would be discussed at the seminar.

Mrs. Bukola Smith, Executive Director, Business Development, FCMB, reiterated the commitment of the bank to go the extra mile to empower businesses with relevant technical and financial know-how that would boost their performance and contribution to national development.

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The statement added that it would also provide an opportunity for entrepreneurs to understand their rights and responsibilities, especially as regards taxes, such as withholding tax and value added tax, among others.

“As the dynamics of taxation continues to change in Nigeria, we recognise that many businesses, especially SMEs, in the country are not equipped with the requisite information and knowledge to discharge their responsibilities in this area appropriately. It is based on this reality that we decided to organise a seminar on tax matters, which will go a long way towards helping SMEs to understand taxation and the processes involved better,’’ she said.