President of the Port Harcourt Chamber of Commerce Industry, Mines and Agriculture (PHCCIMA) Sir Mike Elechi has decried the practice of taxation economy in Nigeria saying that the practice is pushing away potential investors from the country.
He said the taxation economy is adversely affecting the business environment as investors are living the country due to multiple taxation by those posing as government tax agents.
Elechi made the observation when he received the Chairman and Executive members of Chartered Institute of Taxation of Nigeria, Rivers District who paid him a courtesy visit at the chamber’s secretariat in Port Harcourt.
The PHCCIMA President who is also the Managing Director and Chief Executive officer of Vintage Farms and Products explained that the chamber is a conglomerate of business owners who come together to promote, project and exchange business ideas, adding that they are divided into various trade group where some of their members belong to other professional bodies like ICAN which also falls under the Institute of Taxation.
Elechi further advised his visitors to do more advocacy on some of the federal government institution on issue of double taxation.
He used the occasion to commend the Governor of Cross Rivers State, Ben Ayade who recently declared tax free on the informal sector in his state.
While promising collaboration with the institute, he tasked them to take the lead on the fight against quacks and touting among members for more effective service delivery.
Earlier in his speech, leader of the delegation and the District Chairman, Chartered Institute of Taxation Nigeria, Mr. Godwin Chukwukere Ogbu , congratulated the PHCCIMA president and his EXCO on their election and subsequent inauguration into office, saying that Rivers State is a great state with allot of potentials for those who are desirous in making success.
He maintained that one of the core mandates of the institute is the training and re-training of professionals in the key areas of taxation, public finance management as well as ensuring transparency in governance.
He however, said the institutes challenges are lack of facilities for the smooth and effective running of such its programmes.
The district chairman also use the medium to invite the President and his team to their one week event tagged, “Tax Week” coming up on Monday 21 November to Friday 25 November 2022.
Those present at the meeting were: the Chamber President, Sir Mike Elechi, the Chamber Treasurer, Emmanuel Ogbodah, the Financial Secretary, Sir Dan Harrison and the Director General, Mr. Erasmus Chukunda.
