Standard Chartered Bank Organizes International Taxation Training

Standard Chartered Bank Nigeria recently organised a training session on International Taxation as part of the bank's efforts to keep Federal Inland Revenue Service (FIRS) members of staff abreast with policy updates on Global Taxation guidelines.

The one day Trade Forum was held on Wednesday 17th September, 2007 and focused on International Taxation from the perspective of a Multi-National Corporation.

The topics discussed during the program spread across the spheres of Global Taxation (Taxation of Global Financial Institutions and Multinationals), taxation experience in other developing markets (Korea, India and China), taxation of Financial Products, taxation of Free Trade Zones and Tax treatment of exotic Financial products. The bank's aim was to share with participants the facts and implications of best practices in taxation across the world.

The Chairman of FIRS, Mrs. Ifueko Omoigui-Okauru, gave a short speech during the forum expressing the appreciation of the Federal Inland Revenue Service to Standard Chartered Bank for the organization of the program. Other speakers at the forum included 2 Standard Chartered members of staff: Steve Crosby, Group Head, Tax, Suzanne Weal, Regional Tax Manager, Africa, Middle East and Pakistan and 3 Partners from Price WaterHouse Coopers: Simon Leach, Ray McCann and Mark Schofield

According to Christopher Knight, Standard Chartered Bank Nigeria's CEO, "We are proud to be contributing our own quota towards expanding and deepening the knowledge base of Taxation practitioners in Nigeria. We are proud members of a global organization with a footprint of over 150 years in Africa. Our international standards, systems and expertise are differentiators for our Brand in the continent.

We recognize that exemplary internal governance is fundamental to our reputation and that the relationships we have with our external stakeholders in Africa and in other markets give us the opportunity to help support economic development.

We will continue to replicate programs like this across all sectors of banking and finance to increase the depth of the industry's players.

We are also quite pleased with the invaluable support we have received from the sector's apex regulatory body, The Federal Inland Revenue Service on this initiative and particularly appreciate the presence of Mrs.Ifueko Omoigui-Okauru, the Chairman of the FIRS whose address was particularly enlightening. We look forward to organising more programs like this in conjunction with our regulators in the future."

Yemi Owolabi, Standard Chartered Bank Nigeria's Executive Director and Head of Finance said "We are delighted to be able to assist our regulators in understanding Taxation practices, especially from the perspective of other developing markets.

Particular thanks to Mrs. Ifueko Omoigui-Okauru, the Chairman of FIRS for taking time out of her busy schedule to join us.

We certainly look forward to collaborating with the FIRS on similar programmes in the future.

We are a global bank of significance and actively engage with the Government and regulators to share our skills and expertise and work in partnership to support sustainable development."

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