Tax Reforms: KWACCIMA advises firms on accurate record-keeping

By Olubukola Aiyedogbon

The Kwara Chamber of Commerce, Industry, Mines and Agriculture (KWACCIMA) KWAhas urged business owners to adopt proper record-keeping practices to avoid incorrect tax assessments amid new tax reforms.

Godwin Oyedokun, a Professor of Accounts and Finance at the University of Ibadan, gave the advice during a sensitisation seminar organised by KWACCIMA in Ilorin on Thursday.

The seminar was aimed at creating awareness about the new tax reforms and the importance of proper accounting records for businesses.

Oyedokun, the guest speaker, said maintaining accurate accounting books would enable businesses to understand their tax obligations, exercise their rights and claim legitimate tax benefits.

He added that the new Nigerian tax reforms were beneficial and inclusive for low-income earners as well as Small and Medium-Scale Enterprises (SMEs).

Also speaking, the Head of Tax at the Kwara State Internal Revenue Service (KWIRS), Mr Abdullahi Gegele, urged business owners to ensure their businesses were properly registered and had tax identification numbers.

Gegele noted that tax evasion was now a criminal offence in Nigeria with severe penalties.

Earlier, the President of KWACCIMA, Mr Abu Salami, said the seminar was organised to equip entrepreneurs with practical knowledge to navigate Nigeria’s evolving fiscal environment and protect their businesses through improved financial documentation.

Salami said the recent tax reforms were designed to broaden the revenue base, simplify compliance and create a more predictable fiscal environment.

According to him, a transparent and well-structured tax system can unlock investment, improve infrastructure and support the $1 trillion economy target by 2030.

He reaffirmed the chamber’s commitment to supporting ease of doing business in Kwara through advocacy, education and engagement with government tax authorities.

“At the same time, we must guard against multiple taxation and high compliance costs that have long burdened businesses.

“A concern repeatedly raised by the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) and other stakeholders.

“I call on all participants to view this seminar as a launchpad for collaboration.

“Let us harness the private-sector potential that President Tinubu and Gov. AbdulRazaq have championed.

“We must turn tax reform into a catalyst for job creation, innovation and inclusive growth. Together, we can build a stronger, more resilient economy for Kwara and Nigeria,” he said.