NGOs must adhere to tax regulations
A tax compliance expert, Obare Musa from Goldstone Attorneys, urged non-governmental organizations (NGOs) to fulfill their tax obligations by submitting taxes to the appropriate authorities.
Speaking at a two-day training organized by Global Rights for representatives of selected NGOs in Osogbo, Osun State, Musa emphasized that many not-for-profit groups mistakenly believe they are exempt from tax obligations.
Highlighting the benefits of tax payment, Musa stressed that NGOs must file annual returns and pay taxes when engaging in business activities in accordance with existing laws.
Musa further emphasized that NGOs should take the responsibility of being tax agents seriously, as laws mandate the deduction of taxes from employees' salaries.
When asked about the tax compliance status of NGOs in the country, Musa stated, "From my experience and observations during this training, it appears that many NGOs are not tax compliant due to lack of awareness about their obligations."
"So, lack of awareness hinders their compliance, but hopefully, with this training, we can bring these organizations on board to boost compliance."
Edosa Oviawe, speaking on behalf of the workshop organizers, stated that many non-profit organizations were jeopardizing their credibility by failing to comply with existing regulations.
The lack of compliance among NGOs is primarily due to a knowledge gap. He emphasized that the workshop was designed to engage NGOs and highlight the importance of complying with relevant laws as corporate entities engaged in charitable activities.
He further mentioned that the group aims to provide training for approximately 370 NGOs over three years. Oviawe noted that this initiative is supported by the European Union delegation to ECOWAS and Nigeria.
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