By Rukayat Moisemhe

The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) on Monday forged an alliance with the Chartered Institute of Taxation of Nigeria (CITN) to enhance the business and taxation systems in the country.

Mr Chimezie Ihekweazu, President of BRIPAN, during a business visit to CITN in Lagos, stated that the partnership aims to bridge knowledge gaps in business recovery and taxation processes in Nigeria.

Ihekweazu explained that the collaboration would offer a more comprehensive package for business solutions and management.

He added that BRIPAN, an association of lawyers, bankers, and accountants specialising in insolvency and business recovery, is committed to improving businesses within the framework of the law.

He further stated that the joint venture between the two institutions would support policy and advocacy efforts to drive reforms in business management, professional competencies, and rescue operations.

“There is no functional business or company that can operate without understanding tax systems and business recovery dynamics,” he said.

“Taxation is essential, especially when we consider the need for development in the country. As an association, we recognise that taxation is one of the factors contributing to insolvency issues.

“Therefore, it is crucial to support insolvency practice while respecting taxation laws.

“By driving this partnership, we can foster growth in these areas, ultimately enhancing business sustainability and the country’s economic development,” he added.

In his remarks, Mr Samuel Agbeluyi, President of CITN, emphasised the importance of addressing the existing gaps in tax and insolvency practices to create greater value and impact for the business community.

Agbeluyi acknowledged that taxation, if mishandled, is a major challenge that could lead to business failure (insolvency).

He noted that the aim of the collaboration is to help businesses thrive, simplify the business-tax system, and benefit society and the nation as a whole.

He also called for the advancement of the Tax Reform Bill, particularly to provide foreign investors in Nigeria with greater certainty regarding their expectations and returns in the coming years.

“This collaboration will benefit members of both organisations as they begin to master the business recovery process in relation to taxation, and vice versa,” he said.

“We understand that businesses will face challenges, but the manner in which these challenges are addressed, particularly with regard to the rule of law on insolvency and taxation, is crucial.

“This is also an opportunity to advocate for the proper use of taxes collected, which will help rebuild trust in government and encourage citizens to pay taxes”. (NAN)(www.nannews.ng)

Edited by Chinyere Joel-Nwokeoma