E-Financial
Deloitte Mobile Tax Calculator Can Inject $3Bn in Economy
Findings by Akintola Williams Deloitte of the Nigerian tax system has showed that, there is a significant amount of reluctance by individuals and small and medium enterprises (SMEs) to pay taxes due mainly to lack of understanding of how the tax liability is derived.
This has also prompted the development of Nigeria Income Tax Calculator (NITC), a mobile (online & offline), tax application targeted at closing the information gap.
It also aims to place basic key information into the hands of the taxpayer.
Tawanda Gumbo, Transitional Leader, Akintola Williams Deloitte, said that apart from taxpayers as the single most significant group of stakeholders in the Nigerian tax system, the National Tax Policy (NTP) encourages the development of structures, platforms, tools and/or applications that can enhance and simplify compliance for taxpayers.
He told Nigeria CommunicationsWeek that, “The application will significantly empower the average individual and foster a greater level of understanding of how this key area of their expenditure is arrived at.
“Empowerment also arms the taxpayer with the ability to plan and challenge others who administer the Tax Act and so should create a greater level of acceptance of the citizens’ obligation to taxes which is currently not the case”.
In terms of future (policy changes), he said, “We have a dedicated IT Team who are readily available to update the application as needed. The users will be prompted by Google play store to update the NITC application similar to the way they update their other applications, whenever there is an update available. In other words the configuration is set at the international standard of applications and is robust in its construction to keep up with new changes to the Act locally.
Gumbo added that based on findings, users can make savings by currently calculating their income taxes.
“Certainly, it is key to consider that the majority of phone users have mobile data available for their use, so downloading the NITC application will not result in any additional cost. What is important to note is that the application is free and small in size. It will consume very little data at the point of download and requires no data for regular use and will take up very little memory space. The biggest benefit is that if you consider that Tax is a key area in which experts are normally used and yet, the application packages expert advice online for free to culminate in the accurate calculation of a key liability, then that is a great benefit in time and cost for all taxpayers”
The NITC application, Nigeria CommunicationsWeek investigations show, pertains to the personal income tax Act 2011 (PITA) only.
In other words, it does not relate to other taxes such as companies income tax, value added tax and capital gains tax, to mention a few.
Confirming this, Gumbo said, “As you are aware, the application of PITA is the same nationwide and not State specific. Hence, a user in Port Harcourt will find it as useful as a user in Lagos or Sokoto States. Our platform was therefore targeted at the national level and does not cover aspects of Tax that have many state based variables in the calculation, so yes we did consider these aspects”.
He added that at Deloitte, innovation is a key principle, “we continually find new ways of doing things and strive to add value not only to our clients but to our business environment.
“We continually seek to make an impact that matters and Deloitte Nigeria has over the years been at the forefront of innovations of this nature. This is just a tip of the iceberg and we suggest you stay up to date as we have a few more surprises of the same genre lined up”.
E-Financial
Kekere-Ekun, CJN Blames Reliance on Telecom Services for Online Banking Glitches
Kudirat Kekere-Ekun, chief Justice of Nigeria and chairman of the Board of Governors, National Judicial Institute Justice has blamed telecommunications companies for the glitches experienced in the country’s banking sector.
Kekere-Ekun said this in her keynote address at the 2024 National Workshop for Justice and Judges on Legal Issues in Telecommunications with the theme, ‘The Role of the Judiciary in Accelerating Digital Transformation in Nigeria.’
The blame on telcos comes in the wake of multiple glitches in online services. On August 14, 2024, customers reported that the Guaranty Trust Bank (GTBank) website was down, leading to speculation that it had been cloned and customer data intercepted.
The CJN said, “I will like to quickly bring our attention to two issues which I consider to be pivotal and which revolve around cyber security and the attendant challenges of exploring the digital space.
“The first is the increased risk of the personal data of consumers being misused or compromised by unscrupulous persons, thus necessitating the need for improved strategies and innovation for consumer protection in the telecommunications sector.
“Also, worth noting are deficiencies in the Banking Sector and which are attributable to reliance on digital services provided by the Telecommunications Sector. There is for instance the major challenge posed by electronically backed transactions which is commonplace in the Banking Sector.”
The CJN said these glitches have led to several issues including hacking of online banking platforms as well as banks being compromised.
“Concerns in this regard include the spate of customers whose online banking platforms have been hacked, as well as banks being compromised due to technological glitches not factored into their day-to-day operations. Consequently, these and several other challenges have resulted in a number of disputes which frequently require adjudication,” she said.
Kekere-Ekun said the deployment of technology in telecommunications plays a pivotal role in the advancement economic system of any country.
She, however, said there is a need to proffer solutions to legal issues arising from digital services provided by the telecommunications sector.
“It is also my expectation that the forum will equip Judicial Officers with the technical skills required for adjudicating disputes arising from the sector and keep them abreast with global standards and best practices,” she added.
E-Financial
Ecobank Serves Customers Notice of Planned Service Disruption
Ecobank Nigeria has alerted its customers to an upcoming brief service disruption due to scheduled system maintenance on its card services.
The maintenance is set to occur from 11:00 p.m. on Thursday, November 7, 2024, until 1:00 a.m. on Friday, November 8, 2024.
In a notification to customers, the bank explained that during the maintenance window, cardholders might experience intermittent issues when using Ecobank cards on other banks’ channels.
However, the bank said all its specific channels, including ATMs and POS terminals, will remain operational.
Additionally, other digital platforms—such as the Ecobank Mobile App, USSD *326#, Ecobank Online, Omni Lite, and Omni Plus—will be fully accessible throughout the maintenance period.
The bank expressed apologies for any inconvenience, reaffirming its commitment to providing seamless banking experiences across Africa.
E-Financial
Zenith Bank Commends Customers After Successfully Unveiling Upgraded Enhanced Tech infrastructure
Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward. This upgrade follows a recent comprehensive technology enhancement.
The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.
This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO.
In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”
Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.
The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system.
“We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.
“While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.
“Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”
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