Nigeria’s Chattered Institute of Taxation officials say recent amendments to the country’s Companies and Allied Matters Act, 2020 (CAMA 2020) “need to be reviewed”.
The amended Act which replaces the Companies and Allied Matters Act, 1990 was accented to by President Muhammadu Buhari on August 7, 2020.
Section 839 (1) of the Act empowers the Corporate Affairs Commission to suspend trustees of an “association” and appoint interim managers in their place where it “reasonably” believes that there is or has been “misconduct” or “mismanagement” in its administration; or where it deems such action necessary for the purpose of “protecting” the association’s property, securing a “proper” application for the association’s property toward achieving its objectives, or in the public interest.
This and other provisions have been widely criticized as targeting religious organizations and other nongovernmental organizations not favoured by the present administration.
The Act was intended to ease doing business in the country, but reviews are crucial “following the public outcry against some of its provisions,” said the CITN’s Jos District Chairperson, Isaac Wadak on Tuesday.
The Nigerian Financial Act, 2020 might equally fail to ease doing business as intended by authorities, due to “instable power supply, insecurity, and poor infrastructure,” Wadak said in a webinar for the 4th edition of the institute’s Mandatory Professional Training Program (MPTP) hosted by its Jos Zone.
Represented by the Chairman of the local organizing committee of the program, Mr. Dan Philip, Wadak called for policies and programs that address threats to business and human survival in the 21st century, including “cumbersome” contract procurement processes and high cost of internet services.
The webinar, meant to update members’ knowledge and skills in tax operations came as a replacement to physical trainings due to covid-19 regulations, President of the Institute, Dame Gladys Olajumoke said.
Papers presented at the webinar covered “The Imperative of Finance Act 2019 on Ease of Doing Business in Nigeria” by Dr. Kennedy Iwundu, “Dispute Resolution in Nigerian Tax System” by Barr. Sani Dahiru and “Managing Tax Audit and Investigation; Strategies for Effectiveness” by Dr. Linus Igboyi.
An Annual Tax Conference (ATC) of the body fixed for 5th and 6th November 2020 might however hold live, Olajumoke said.