Fidelity Bank, Andersen Harp on Financial Health Checks

Fidelity Bank Plc, in partnership with Andersen Tax Nigeria has embarked on a sensitisation programme aimed at enlightening customers of the bank on the changing trends in Nigeria’s tax landscape.

The bank’s Divisional Head, Private Banking, Mrs. Chioma Nwankwo, who spoke at a recent tax advisory forum organised by Fidelity Bank, said it was designed specifically to educate customers on the current tax system and its attendant impact on their businesses and financial well-being. She said the programme was organised in view of the deadline set for the federal government’s Voluntary Assets and Income Declaration Scheme (VAIDS) which elapsed last weekend. “Fidelity decided to partner Andersen Tax to enlighten customers on what is taxable and other related tax issues, including consequences of missing the deadline as stipulated by government,” Nwankwo added.

Nwankwo pointed out that the bank organised two streams for customers from branches within the Lagos and Southwest region, whilst another session was held exclusively for the bank’s high networth individuals (HNIs).

Speaking at the forum, the Senior Manager, Private Clients/Family Wealth, Andersen Tax, Mr. Israel Koledowo advised customers to conduct tax health checks to ascertain their financial status and minimise potential risks associated with non-compliance with tax requirements.

Whilst restating federal government’s resolve to clamp down on tax offenders, Koledowo however pointed out that tax health checks will assist the customers understand inherent gaps in tax compliance.

VAIDS is a time-limited opportunity for taxpayers to regularise their tax status relating to previous tax periods. In exchange for fully and honestly declaring previously undisclosed assets and income, tax payers will benefit from forgiveness of overdue interest and penalties, and the assurance that they will not face criminal prosecution for tax offences or be subject to tax investigations. VAIDS ushers in an opportunity to increase the nation’s general tax awareness and compliance.

Meanwhile Chief Executive Officer, Polysonic Nigeria Limited, Mr. Paulinus Ozonnagbo commended the bank for the initiative.

“This forum is quite timely and very commendable. It is a clear indication that the Bank truly values its customers because many entrepreneurs and businessmen in the country do not understand tax laws and associated matters” he stated.