The Lagos Chamber of Commerce and industry (LCCI), has said that the activities of agencies of government should be in tandem with the Ease of Doing Business Agenda of government and the promotion of the ideals of the Economic Recovery and Growth Plan (ERGP). The LCCI recently made this disclosure during its Council meeting held in Lagos.
In a communiqué signed by its Director General, Muda Yusuf, and made available to Daily Sun, the meeting deliberated on a range of business and economic issues. The LCCI Council reiterated the imperative of a peaceful conduct of the forthcoming elections. It stressed that a peaceful environment is crucial for political stability, economic progress, social stability and societal cohesion.
“Council affirmed that LCCI is a strong proponent of regulatory compliance by private sector players. However, it is important to underscore the fact that tax administration should be in consonance with the basic tenets of the rule of law and the fundamental principles of a good tax system.
Tax administration should be consistent with the principles of equity, fairness, legality, accountability and due process.
Taxpayers should be given ample opportunity to defend their positions on tax matters before a lien is placed on their bank accounts. There are instances where company accounts were frozen in error because there was no proper engagement, documentation or communication with the tax payers. “The disruptions to businesses resulting from a sudden freezing of bank accounts for reasons of alleged default in tax payment has caused irreparable reputational damage to many businesses.
“The ultimate objective is to ensure equity, improve welfare of citizens, create jobs and promote the advancement of the economy. The activities of agencies of government should be in tandem with the Ease of Doing Business Agenda of government and the promotion of the ideals of the Economic Recovery and Growth Plan (ERGP),” the statement reads in part.
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