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Uche Henry
SAGE, an international technology solution firm; SAGE, has launched a new financial Product called ‘Business Cloud’ designed for financial managers, tax experts, accountants and other financial personnel both in the private and public space.
In a business summit held in Lagos over the weekend, Abiola Adegbite; Manager for Midmarket and Entreprise, West Africa at SAGE, said that, Sage Business Cloud is a software that provides accounting, enterprise management and payroll solutions which makes it easier for companies to avoid any form of irregularity and manipulation from any source in respect to their tax management, administration and remittances.
Adegbite said with the Cloud, companies will be able to keep track of changes to tax regulations that impact payroll, saying that the software reduces the chance of human error, saves companies of many hours of manual work, and makes it easier to comply with tax laws and regulations as well as make them focus their time on running a better business rather than on compliance and red- tap.
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Adegbite “rather than relying on spreadsheets and other manual methods to do your calculations or keep their records and file returns, companies should consider investing in payroll software. “The Payroll solutions is available for businesses from start- ups to mid -sized companies and larger enterprises which make it easy to generate reports and calculate relevant taxes” he added.
The tax expert also gave thumbs- up to the federal government’s Voluntary Assets and Income Declaration Scheme (VAIDS) for lifting tax revenue by 42% and grow the country’s tax base from 13 million taxpayers in 2015 to 19.3 million in 2018.
He also maintain that VAIDS offers taxpayers the opportunity to voluntarily declare all previously undisclosed assets and income, adding that the Federal Inland Revenue Service (FIRS) is likely to take a hard line on companies and individuals that have not used this opportunity to regularise their tax affairs, therefore, they must sit up as the end of the tax year looms.
Against this backdrop, he stressed that businesses must ensure they declare the correct earnings for all employees and include the right statutory deductions in payroll calculations. He alarmed that those who do not submit timely and accurate reports could face large fines and penalty interest.
“As Nigeria’s government is under pressure to increase infrastructure investment and spending on social services – goals they cannot achieve without broadening the tax base and driving compliance, and as tax authorities continue to modernise their processes and systems, it will be become increasingly difficult for individuals and companies to escape the tax net, as a result, companies should play along by embracing the newest technology to keep prudent records of manpower, payroll and other business transactions to avoid non – compliance with Pay As You Earn (PAYE) because tax authorities are seeking to plug revenue leakages and to expand their tax base by taking a firm line on non -compliance” he posited
