TEA AND TAXES On the 26th of March, the Tax club held the Tea and Taxes at the staff school hall. For those that had preregistered we had been assuaged with messages that the event would start at 9:00am on the dot and if we weren’t there, we would be bounced. Well true to their word, there was a bouncer present at 9:00 but the event didn’t start until it was almost 10:30. This didn’t put a damper on the tone of the event for we all forgot about how long we had been waiting as soon as we stepped in. Everywhere was decorated and covered so beautifully you almost couldn’t tell you were in staff school hall. I wondered to myself,
‘Is this the place we used for our year one classes? Where we always drenched in sweat and wishing for the classes to end?’
I didn’t want to leave this time. The opening prayer was taken and then Ayanfe Sanni sang the National Anthem reminding us all why she had won The Laws got Talent the previous year. Following from this, we were introduced to our hosts: Mic Man Jones Ayuwo and the lovely Faith Onimiya. Tax club has fine babes, we all know this. The President of the Tax club then gave his welcome address and mentioned in between that we should look forward to the Tax Journal which would be launched that very day. Following from this, the first talk started right away.
The topic was on Taxation and the environment and the discussant was Mr Taiwo Oledele from PWC (The head of Tax and Advisory services). From the way he spoke and the points he gave it was easy to see just how grounded he was in tax and how much he believed in the gospel of Tax being the saving grace of the nation. He first started by giving a general overview of the state. He made mention of the sorry state of Nigeria pointing out that oil and Gas produced 70% of governments revenue. Following from this and the drop in prices of oil, inflation has moved to double digits affecting every single sector, states owe money, Nigerians work hard but earn very little, our Education is in the pits as we have poor infrastructure and little training, more people are unemployed and those that are employed are underpaid, the cost of production is too high, inconsistent regulations…the list goes on. Following from this, the environment is not doing much better. One of the solutions he proposed which was also supported by Dr. Amokaye was that tax through taxation could mitigate the effect of the pollution of the economy and could contribute to the economy. This would be done by taxing the manufacturing corporations in Nigeria so much so that every process that involves pollution has attached to it a heavy fine. The second topic: The crude reality of the economy and the IGR capabilities of state Government with the discussant Mr. Bicci Alli the Chairman of Oyo state board of Internal Revenue. His topic focused on how the state although is presumed to be a body of its own, it does not have total control over its revenue as almost every aspect of its revenue is regulated by the federal government for example: the Minerals in the state are owned by the Federal government, the company income tax also goes to the federal government. The state has no true control over its productivity. The solution he proposed was Fiscal Federalism giving the US example. He mentioned two states. Nevada and Texas. Texas plays on its strengths in oil and generates revenue while Nevada is known for its city Las Vegas.
He also proposed enlightenment of the people and better infrastructure. This was followed by questions and answers. It was obvious that people had been listening from the type of questions that were asked. Perhaps having a limited number of people in there helped us concentrate. Trust law students though, give them an inch and they’ll take a mile. So many questions were asked but the speakers did justice to them all.
After all this, Dr Sanni stood up to give the special address encouraging the Tax Executives for their initiative, the glamour with which the event was executed, their creativity, and for the compilation of the Journal which featured not only experienced lawyers but students from the faculty. He mentioned that this was the first time that a journal of this kind; one in which students had put their heads together to ensure its success, had ever been made. Mr Gbenga then launched the book and donations to help support the book and promote it began rolling in. All the donees gave ‘undisclosed amounts’ i.e. the money was so big it couldn’t be mentioned. Donation after donation poured in until we were all just clapping nonstop. Our very own Dr. Sanni promised books to all the students offering Tax in year 4 who were AT THE EVENT. #TAX MONEY TALKING.
Finally, the moment we had all been waiting for. I just have to say, the Welfare Secretary is just awesome!! Buffet style with perfect coordination…Tea, coffee, juice, variety of bread, egg, sausages…I’m sure your mouth is watering by now :p. You just know the food will be on point after everything you’ve seen and we were definitely not disappointed. Thumbs up to the tax club for an awesome event. #TAX MONEY TALKING. #TEAANDTAXES #TEAANDTAXES #TEAANDTAXES
Written by Wura Kayode