Insurance

FIRS seeks tax interactive sessions with insurance sector

From left: Special Assistant to Chairman, Lagos State Inland Revenue Service, Tunde Akande; Regional Coordinator Federal Inland Revenue Service, Mrs Toluwalase Akpomedaye; Partner West Africa Tax Leader, Pricewaterhousecooper, Taiwo Oyedele, Executive Director Business, Leadway Assurance Limited, Adetola Adegbayi and President, Nigerian Council of Registered Insurance Brokers (NCRIB) Shola Tinubu at the event.

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Chuks Udo Okonta

The Federal Inland Revenue Service (FIRS) has called for a yearly tax interactive sessions with the insurance industry to help address all tax related concerns clogging the progress of insurance business.

The Executive Chairman of FIRS, Babatunde Fowler, stated this today in Lagos at the Taxation Matters In Insurance Value Chain, organised by Leadway Assurance Limited.

Fowler, who was represented by the Regional Coordinator FIRS, Mrs Toluwalase Akpomedaye, noted that such sessions have helped foster understanding with other sectors of the economy.

He noted that the FIRS would gladly work with the insurance industry to ensure growth and development, stressing that all the tax concerns expressed by operators in the industry are presently being looked into.

He charged operators in the industry to support the government by paying all necessary taxes, adding that the economy needs taxes to thrive.

The Partner West Africa Tax Leader, Pricewaterhousecooper, Taiwo Oyedele, who also supported the call, urged the government to support the insurance industry by streamlining its taxes.

According to him, the industry which bears the nation’s risks, should not be burdened with taxes. He maintained that all the ills in the society increase claims settlement, adding that bad roads often lead to accidents, hence increasing claims and poor health care brings about high death rate, thereby pushing claims up.

President, Nigerian Council of Registered Insurance Brokers (NCRIB) Shola Tinubu, who also supported the call for an annual tax session in the industry, pledged to take the message to the Nigerian Insurers Association (NIA) and the Institute of Loss Adjusters of Nigeria.

From left: Chairman, Law Union and Rock Insurance Plc, Remi Babalola and Managing Director, Leadway Assurance Limited, Oye Hassan-Odukale at the event.

Managing Director, Leadway Assurance Limited,Oye Hassan-Odukale , said the tax session would really help improve the relationship between FIRS and the insurance industry.

He noted that the event was parts of his companies contributions to the development of the insurance industry and by extension the economy.

“I agreed that there is need for the industry to have yearly interaction forum with FIRS and Lagos State Inland Revenue Service (LIRS),” he added.

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