Dipo Olowookere
By Dipo Olowookere
Stockbrokers in the country have been urged to join hands with the Federal Government in improving tax-payer education and compliance, crediting their side customer network as a key advantage.
This appeal was made by the Minister of Finance, Mrs Kemi Adeosun, in a message to the Conference of the Chartered Institute of Stockbrokers held at the Trasncorps Hilton Hotel in Abuja on Tuesday, July 4, 2017.
Mrs Adeosun noted that to support the successful implementation of the recently-launched Voluntary Asset and Income Declaration Scheme (VAIDS), government will provide free training to stockbrokers, accountants, lawyers, wealth managers and other professional advisers to the public on the scheme.
According to her, the free training is aimed at equipping them to give advice to their clients on participating in the scheme.
“Those who manage wealth and undertake transactions on behalf of their clients are best placed to advise them to take advantage of the VAIDS offer by declaring their assets and income honestly,” the Minister said.
She specifically commended stockbrokers for their role in the recently launched Federal Government Savings Bonds, which relied on their distribution network.
“The success of this product shows that you continue to have a wide reach and therefore must partner with government,” Mrs Adeosun noted.
The Minister further recognised the role of the stockbrokers in the recent successful Eurobond and Diaspora Bond issuances, adding that despite these debt issuances, government is focussed on changing its financing mix and on raising more revenue.
Nigeria is hoping to capture 4 million new tax payers into its tax base with the VAIDS, which ends March 31, 2018.
In addition, about $1 billion is expected to enter into the coffers of the government from the scheme, which kicked off on July 1, 2017, but was launched in Abuja on June 29, 2017 by the Acting President, Mr Yemi Osinbajo.
During the launch, the Federal Government declared every Thursday as Tax Thursday.
