Insurance World

LEADWAY ASSURANCE PARTNERS PWC ON TAXATION MATTERS IN INSURANCE VALUE CHAIN

Leadway Assurance is set to organize a one-day seminar in partnership with consulting firm PricewaterhouseCoopers aimed at enlightening the public, especially the business community, on the current tax reform policy of the Federal Government as it relates to the insurance industry. The Seminar is also to promote the exchange of ideas between tax regulators and companies on existing, practical tax matters to ensure compliance and avoid sanctions.

Themed “Taxation Matters in Insurance Value Chain”, the seminar is scheduled to hold at the Oriental Hotel, Lekki on Tuesday 25th September, 2018and will have as speakers/panelistsMr. Babatunde Fowler, Chairman, FIRS; Mr. AyodeleSubair, Chairman, LIRS; Mr. Kenneth Erikume, Partner PWC and Mr. TaiwoOyedele, Partner PWCtogether with a number of Leadway Assurance executives.

A statement from the Commercial Director, Leadway Assurance, Mr. Gboyega Lesi, noted that with the growing increased drive by the government to improve the Nigerian economy, the Federal Inland Revenue Service and various state revenue agencies have taken steps to increase tax collection across board by enforcing the existing tax laws in the bid to improve the country’s tax to GDP ratio which at 6% remains one of the poorest in Africa.

Hesaidthatas the economic narrative in the country continues to change significantly due to the new tax regime, it is important that service providers in the insurance industryunderstand their rights and responsibilities along the value chain especially as regards to indirect taxes like Withholding Tax and Value Added Tax.

He added further, “the central pointof Leadway’s philosophy is commitment to the provision of integrated insurance and financial services to the Nigerian public and this seminar on Taxation Matters in the Insurance Value Chain is a mark of its commitment to leveraging on itsunique capabilities, skills and network to present Insurance as a risk management tool to itsclients.”

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