The Executive Chair-man, Federal Inland Revenue Service, (FIRS), Mr. Babatunde Fowler, yesterday in Lagos, said despite recession as envisaged in Nigeria, global reliance on advertising to grow business and economies is not shrinking, but has helped to reshape tax payment systems.
He made this assertion at the 44th Annual General Meeting/Congress of the Association of Advertising Agencies of Nigeria (AAAN) titled, “Fresh thinking,” stating that global reliance on advertising to grow business and economies is not shrinking, yet, cannot be over-looked.
Speaking further he noted that contribution of advertising spend to the economic growth of any country cannot be over–emphasised.
His words, “given the spread and diversity of advert patronage globally, the central role it plays in the acceptance of a product , service ,new thinking, behavioural change, careers and industrial fortunes is pertinent in shaping economic growth.”
He however stated that the conference is apt and timely, particularly at a time like this when there is need for fresh thinking at every level to nip corruption in the bud.
Global reliance on advertising to grow business and economies is not shrinking. Despite the so- called economic downturn or recession, while multinationals are spending heavily on advertising, citing example that in 2016 Coca cola spent $4billion on advertising.
For this reason, the Executive Chairman said government’s faith in fresh perspective to issues compelled the administration of President Muhammadu Buhari to look at ways to serve the citizenry better by providing efficient services as evidenced in the deployment of six online Information Communication and Technology, (ICT) solutions that include taxpayer registration (through-registartion), stamp duties payment (through e-stamp duty, payment of taxes online, (e-tax pay, Remita and e-receipt, receiving of electronic receipt after payment of taxes (through e-Receipt), filling tax returns online (e-filling) and online tax clearance certificates (TCC) through electronic tax clearance certificate (e-TCC).
He opined that these e-solutions represent a revolution in tax administration in Nigeria. “It is our sincere desire to make tax payment as easy as ABC and bring convenience to our taxpayers.”
Fowler stated further that a major programme to promote compliance and generate more revenue to fund development, provide infrastructure and make the country a better place is the Voluntary Assets and Income declaration Scheme, (VAIDS), which was launched penultimate week by government.
In addition, Lagos state Governor, Akinwunmi Ambode, represented by the Commissioner for Information and Strategy, Lagos, Mr. Steve Ayorinde, said the state is fast-tracking socio-economic growth and infrastructure development to keep pace with the demands of the emerging smart city status which will impact on the advertising profession.
“It will require that you consider evolving new strategies to serve the needs of your clients in the development and location of billboards and advert hoardings in the public space,” the governor stated.