PriceWaterhouseCoopers Holds Tax Academy for Lawyers in Lagos
Legal practitioners, particularly those involved in the tax practices of various law firms, gathered at the Landmark Centre on Victoria Island on Wednesday, February 21, 2018 for a highly engaging session designed to deepen their understanding of tax practices and regulations, and to sharpen their skills in applying those regulations in a way that benefits their clients and their respective law firms. The Tax Academy for Lawyers was organized by the globally-renowned asset-management company, PriceWaterhouseCoopers (or PwC for short).
NEWSWIRE Law & Events Magazine’s correspondent in Lagos reports that the programme, a collaboration between PwC and the Nigerian Bar Association’s Lagos Branch, was overseen by PwC’s Tax Academy Training Manager, Chioma Giwa-Amu, and anchored by two facilitators, Moshood Olajide, a Partner at PwC in charge of Tax and Regulation, and Chukwuemeka Chime, a manager at PwC.
In their respective but complementary presentations, the two facilitators traced the history and evolution of taxation in various jurisdictions, including Nigeria, as well as the various codes, protocols, regulations and structures that have been developed over the years to govern tax-paying and collection. Amidst regular questions, observations and comments from the audience – which included the Chairman of the NBA’s Lagos branch, Chukwuka Ikwuazom, Esq. and other officials of the branch – the facilitators painted the picture of a historically chequered but increasingly structured tax environment, with ever-improving standards and greater positive impact on the overall economy.
NEWSWIRE correspondent reports that the main emphasis of the presentations was the Basis for Calculating Income Tax in terms of the AI and AA Rates in terms of percentage. These rates differ on the basis of the business or industry being taxed, and it spans the vast range of industries such as building, mining, plants for agricultural production, furniture and fittings, plantation equipment, housing estates, ranching and plantation, and research and development, among others.
Olajide and Chime explained the differences between tax charges, and especially the rationale and concepts behind them – such as balancing charges and allowances; tax written-down value and what happens to one’s tax status when they sell above, or below, or at the same rate as, this value; the difference between accounting and tax losses; the format of CIT and TET computations; assessable profits; commencement rule; right of election; and withholding tax (or WHT), among others.
The participation of the gathered lawyers, in the form of probing questions and insightful observations which elicited various clarifications on the part of the facilitators, made for a lively interaction – which belied the general perception of tax as a ‘dry’ area of legal practice into which only the bravest of lawyers may venture.
The training academy came to a close with remarks of appreciation by Lagos NBA chairman Chukwuka Ikwuazom and the organizer, Chioma Giwa-Amu (who called on lawyers to take advantage of the full range of her company’s tax training services by accessing its website: www.pwc.com.ng and to direct their enquiries, requests or comments to its email address: firstname.lastname@example.org, or by calling Ifeyinwa on 08133998221).
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