TAX NEWS - June 2010

Nigeria Tax: Oceanic Bank's Boss Harps On Appropriate Tax Policies

Managing Director of Oceanic Bank International Plc, Mr. John Aboh, has called on governments at all levels to streamline the countries' tax system and develop tax policies that will help businesses contribute meaningfully to the growth and development of the economy.

Speaking during the 11th Annual General Meeting of International Chamber of Commerce (ICC), sponsored by Oceanic Bank, in Lagos, Aboh, represented by Mrs. Mofoluke Dosumu, an Executive Director of the bank, stressed the need for tax policies that are business-friendly, adding that the developmental objectives of governments at all levels can not be fully achieved, without the contribution of businesses in the country.

He said, "Taxation policies and strategies to elevate the economy is very relevant to continuing economic development initiatives.

He further said that the promotion of domestic and global trade is essential for sustained economic growth and development.

He explained that well-coordinated trade initiatives can drive economic empowerment and prosperity with adequate support from the private and public sectors of the economy.

He said, "Oceanic Bank believes trade facilitation is crucial to enhancing economic growth and we have over the years been involved in boosting local and global trade through financial backing for individual and corporate organizations."

He commended ICC for providing a robust platform for its members to access knowledge for competitiveness in international business practices, adding that Oceanic Bank would continue to collaborate with ICC Nigeria on its various capacity building initiatives.