5.1.4 Other efforts of the government and its agencies aimed at providing enabling
environment and attracting investors’ confidence include:
The Companies Regulation Act of 2010 which introduced new statutory
forms for parts A, B, &C, developed in line with global best practices.
Clear guidelines have been provided by the regulation for all new registration and post registration services.
Collaboration with EFCC in a Transactions Clearing Platform: This is an
online interface of the EFCC done with the assistance of CAC in which
the CAC has to confirm the corporate status of Local partners to an intending foreign investor to unveil the identities of their Directors and
save the foreign investor from any intent to defraud.
Issuance of default notices to operators in most of the regulated sectors. In order to ensure compliance with the provisions of the Company
and Allied Matters Act (CAMA) 1990 and related enactments, the CAC
also followed up these notices with inspection visits and public enlightenments in major cities of the country. These efforts resulted in improvement in compliance with specific provisions of the CAMA and
other related enactments by regulators in the economy.
Delisting of dormant Companies from the register. Discovering that
over 400, 000 Companies failed to file annual returns since incorporation, an indication that such Companies are not in business or operation, Corporate Affairs Commission in accordance with the provision of
section 525 of the CAMA, de-listed such companies.
Tax Reforms: Through the Federal Inland Revenue Service (FIRS), the
Federal Government responded to the need for a strong tax administration in order to attain international best practices in tax administration
and address government concerns about the precarious reliance on oil
revenue receipts as the mainstay of the country’s economy. Some of
the concrete steps taken to reduce leakages and increase the country’s
revenue base are:
A New National Tax Policy; which is to serve as an all time guiding principle for all taxes in the country.
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