As it is its mandates to maintain the integrity of the tax laws and processes, stimulate voluntary tax compliance and assist the State Government to attain specific economic, social policies, systems and targets, the Kwara State Internal Revenue Service (KW-IRS) hosted the maiden edition of sensitization workshop for traders and marketers across the State, under the auspices of Kwara State Association of Marketers (KWAM).
The training sessions, held between Wednesday 4th and Friday 6th October 2023 at the corporate head office of KW-IRS in Ilorin, brought together diverse business owners within the informal sectors of Kwara State.
In her opening remarks, the Executive Chairman, KW-IRS, Shade Omoniyi, welcomed all participants, stating that the sessions aimed at educating, and training marketers on ways to keeping adequate record of various business transactions, describing the initiative as a panacea to major business and tax payment difficulties.
Describing the importance of members of the informal sector to the growth of economy of the nation, Shade Omoniyi commended the leadership of the State Association of Marketers at various levels, for their show of commitment in collaborating in developing the State, evident in the encouraging number of participants at the workshop.
The 3-day workshop, conducted in English and local languages, had resource persons drawn from within KW-IRS, with presentations on topics around Record Keeping in Business (Practical and Theory), Running a Successful Business, and Business Registration.
Taking turns to make their presentation, the Director, Income Tax, Mohammed Usman and Director, Accounts and Finance, Omolari Ojulari, emphasized benefits of good record keeping to businesses, noting that members of the informal sector play critical roles in the economic, hence all participants are required to impact the lessons of the workshop on their various businesses, and members; and by so doing, would be collaborating in the promotion of business knowledge and tax compliance.
In their separate paper deliveries, the Head, Tax Audit, Kabiru Rufai; Head, Corporate Planning, Mohammed Audu; Head, Corporate Tax, Kuburat Yinusa; Hassan Abdulkadir and Rachael Adeyemi of KW-IRS, explained factors responsible for loss of capital and manpower invested in businesses and proffered workable solutions, among which include proper business organization, detailed record keeping, analyzing competition, identifying risks and rewards, exploring creativity, prioritizing education, accepting change, good customer relationship, data gathering, among others to participants, describing them as bedrock to achieving steady business growth.
The capacity building training highlighted gains of good record keeping to include, prevention of fraud, and theft, management of cash flow and inventory, good business decisions, time management, cost saving, and provision of easy access to loans, and several others.
It further stated that business registration, defining short-medium and long-term business goals, plans, good customer service, initiating profitable partnerships, documentation, monitoring, and mentoring are activities that could promote businesses development.
Participants were taken through documents needed for good record keeping such as receipt, invoice, ledger, inventory card, store issuance voucher, purchase record book, expenses record book, among others, with emphasis that KW-IRS will not relent in providing needed support to businesses in the areas of tax advice and guidance to both informal and formal sectors towards ensuring conducive business environment for all in the State.
Giving their remarks, the top executive members of the Kwara State Association of Marketers, Alhaji Abdullahi Saad, Alhaja Muibat Olumo, and Alhaja Sidikat Akaje, commended the State Governor, Mallam AbdulRahman AbdulRazaq for his continuous support to marketers and growth of the State, and also appreciated KW-IRS for always putting in place, sensitization avenues on tax matters and business development.
The association through its leaders confirmed that the lessons derived from the three-day training had not only exposed attendees to better understanding of business management in the informal sector, but had added significantly to knowledge of growing and sustaining their various businesses, pledging continuous support to the State in sensitizing others on tax compliance and its benefits to the State.
Highlights of the workshop were questions and answers sessions, group photographs, and presentation of certificates to over 300participants.
Corporate Affairs Department, KW-IRS