The meeting started by 10am with a brief speech from the Managing Director Of Common Sense Group. He greeted everyone that were present and wish them a happy new year. He introduce to the audience the Auditor to Common Sense Group Mr. Oludare Okusanya and the Group Accountant Mr. Adetunji Adeniyi
The agenda of the meeting was to inform the members of Finger Prints Investment Club about withholding tax deductions on the interest of their investment in the club.
There was sensitization on the tax as the requirement of the law for every investment company to deduct it from the interest accrued on client investment on behalf of the government and hitherto remit such amount to government coffers.
To this end, it was made known that the company will start deducting the tax (10%) on the interest element from the Client that are due for payment from January, 2016.
Some members left giving their opinion that if they had known this is what the company want to discuss, they wouldn’t have come because it is the right thing to do and they are aware of it.
For better clarification a scenario below explains the implication of the 10% tax on the Investment of a Client. An investor saving N10, 000 per month for 10 years investment plan would have saved N1, 200,000 to earn in total N4, 987, 935, 45.
|Principal (Monthly sum of Investment or Lump Investment)||1,200,000.00|
|Interest on investment||3, 787, 935. 45|
|Less 10% withholding tax 378,793.55||3,409,141.90|
It was noted also at the meeting that on the sum deducted from their interest, every client is expect to demand for a WITHHOLDING TAX CREDIT i.e. receipt to show that COMMON SENSE actually remit the money to Government coffer. For further information on the issue of the withholding tax, please visit our corporate office. We wish you all a happy and prosperous new year 2016.