In recognition of its continuous compliance with the Nigerian tax laws and its regular payment of the two per cent Education Trust Fund, Samsung Heavy Industries Nigeria (SHIN) Limited has received ‘Award of Merit’ from the Tertiary Education Trust Fund (TETFund).
The award was given to SHIN at the Third Edition of the TETFund’s Taxpayers’ Forum held in Abuja on August 12th.
SHIN has dutifully paid two per cent of its yearly assessable net profit as Education Tax to TETFund, which is the Nigerian government’s agency charged with the responsibility for imposing, managing and disbursing the tax to public tertiary institutions in Nigeria.
The Taxpayers’ Forum was meant to intimate the contributors to the fund on the activities of the TETFund, ahead of the celebration of its 10-year anniversary and to recognise the organisation’s most important and deserving contributors.
Commenting on the award, SHIN said in a statement that it was highly excited to align itself with development of tertiary education and Nigeria at large.
“SHIN, being an outstanding corporate citizen, is honoured to receive this recognistion in carrying out its statutory duty as no country has achieved greatness without developing its human capacity. “This serves as a confirmation of SHIN’s contributions to the development of Nigeria and its people,” the statement explained.
The main source of income available to TETFund is the two per cent education tax paid from the assessable profit of companies registered in Nigeria.
The Federal Inland Revenue Services (FIRS) assesses and collects the tax on behalf of the TETFund.
The TETFund award was not the first award received by SHIN in Nigeria as the company had in February 2020 received ‘Award for Technological Breakthrough” at the Nigeria International Petroleum Summit (NIPS) in Abuja
SHIN was honoured with the award for technological breakthrough for the innovations introduced during the construction of the Egina Floating Production Storage Offloading (FPSO) unit, the world’s largest FPSO, which was built for the Egina oil field, the deepest offshore oil and gas field in Nigeria.
Earlier in April, 2019, SHIN was also recognised by the Nigerian Oil and Gas Opportunity Fair (NOGOF) with the first place winner for the most impactful contribution to local content development since 2017 to date.
SHIN had in September 2019, won a highly commended award for its contribution to the development of regional maritime Cluster at the prestigious Sea trade Maritime Awards Middle East, Indian Subcontinent & Africa held in Dubai.
SHIN had also won ‘Breakthrough Deal of the Year 2018’ and ‘African Project of the Year 2019’ in Africa Assembly award, organized by the Oil and Gas Council in Paris for the Egina FPSO unit built for Nigeria’s Egina oil field.
The company had again, in April 2021 written Nigeria’s name in the global business and technology map with its recognition with award of ‘Excellence in Floating Production Storage Offloading (FPSO) Services’ under the utility/energy category of the 2021 Global Business Outlook (GBO) Awards.
Apart from meeting its legal and contractual obligations to the Nigerian government, SHIN has also maintained a track record of consistently giving back to Nigerians over the years as part of its Corporate Social Responsibility (CSR).