There will be rapid development if value added tax resides in the State where it is generated.
President of Institute of Chartered Secretaries and Administrators of Nigeria, ICSAN, Mr. Taiwo Owokalade made the statement at a news conference in Lagos.
Mr.owokalade enjoined other states to take a cue from Lagos and River states on value added tax and begin to project towards re-addressing the reality and reaching self sustenance.
According to him, VAT is basically a sales consumption tax that should sit with the States where it comes from because it is not in the exclusive list.
Mr.Owokalade said that there was need for a methodology that would ensure that other States were more viable by looking inwards to build their tax bases even though they have other natural resources to tap into.
“If your strength is in agriculture like some states in the north, develop that aspect, and if it’s natural resources endowment, develop it well to position your citizens. Everybody is coming to Lagos because of the development here, who says Ekiti, Niger, or Kogi cannot do the same?
He stated that the issue didn’t just have to do with the Rivers state government, “Lagos state some years back also got a court judgment to that effect but didn’t follow it up until recently when Rivers state got a similar judgment.
He said: “It is beyond the fact of winning a court case. It is a function of what is the import of that judgement on the Nigerian nation. Several times people have talked about physical federalism and all of those things and there have been arguments here and there but the judgement is speaking to the heart of some of these issues. Why will you collect resources from an area and that area does not enjoy the bulk of that thing and then you share out?
According to him, the FIRS going to the National Assembly to seek more powers over the issue is an effort in futility.
“This idea of depending on federal allocation for survival by federating states will only encourage laziness. Let every State develop its potential,” he said.
The ICSAN boss also commended the President Muhammadu Buhari- led administration for having the will power to sign the Petroleum Industry Bill into law after many years of neglect by successive governments.
He said the PIA is a welcome development as it would help give direction to the country’s oil industry, giving room for accountability and sustainable growth.
“We know there are grey areas, but the fact that it has eventually been signed into law is a plus for the country and the industry itself. We need to start creating narratives around sustainability and good corporate governance in the NNPC and the petroleum sector as a whole,” he added.
Vice President of the institute, Mrs Funmi Ekundayo who said the institute will not relent in advocating good corporate governance in the country, noted that the issue would also be discussed at the 45th annual conference and dinner of ICSAN scheduled for Thursday 16th and Friday 17th 2021 at MUSON Centre Lagos
Speaking on the theme of this year’s conference, “African Continental Free Trade Area (AfCFTA) and National Development: Issues, challenges and opportunities” Mrs. Ekundayo said seasoned experts like Prof. Akin Oyebode (SAN), Professor of International Law and Jurisprudence; former governor of Ekiti state and minister of Industry, Trade and Investment, among many others will be at the conference.
Meanwhile, the Immediate Past President of the Institute of Chartered Secretaries and Administrators of Nigeria, (ICSAN), Mr. Bode Ayeku, FCIS, has been elected as the President of the Corporate Secretaries International Association (CSIA) for year 2022.
This took place at the last Council meeting of CSIA as the Council also elected the following other Honorary Officers of CSIA for the coming year: Nagendra Rao – Vice President, Siew Chuan Chua – Secretary, Karyn Southgate – Treasurer.
CSIA is the Global Voice of Governance Professionals and is dedicated to developing and growing the study and practice of Secretaryship to improve professional standards, the quality of governance practice and improve organizational performance. This global organization was established in Geneva, Switzerland in 2010 and was officially launched at the World Bank Headquarters in Paris on 23 March 2010 under the auspices of the International Finance Corporation and the Organization for Economic Cooperation and Development. CSIA is currently based in Hong Kong.
Mr. Bode Ayeku, FCIS, who currently holds the position of the Vice President of CSIA is a Fellow of ICSAN.
He is a lawyer and a Fellow of the Nigerian Institute of Management and an Associate of both the Chartered Institute of Taxation of Nigeria and Chartered Institute of Stockbrokers. He is a member of the Governing Council of the Nigeria Employers’ Consultative Association (NECA) and the Chairman of the Committee of Legal Advisers and Company Secretaries of NECA.
He has attended several local and international courses and presented papers at various programs.
ICSAN is a professional body dedicated to excellence in Corporate Governance and Public Administration and a member of CSIA.
Immediate past president of ICSAN, Mr. Bode Ayeku and the new president, Mr Taiwo Owokalade