ITF Urges Reps To Enact Law On 10 Percent Levy
ABUJA, March 09, (THEWILL) - The Industrial Training Fund (ITF) today called for the promulgation of a law to compel companies to pay the statutory 10 per cent industrial levy.
Director General of ITF, Prof. Longmas Wapmuk made the call at a public hearing on a bill for an Act to amend the ITF Act 2004 organised by the House of Representatives Committee on Industry.
The bill seeks to further empower and reposition the ITF to enable it discharge its statutory functions effectively and efficiently.
Wapmuk said that the quest to amend the Act was borne out of the desire to enhance the role of ITF in the economic development of Nigeria.
“The proposed amendment is expected to give vent to the ITF in assisting our industries to spring back to life and to nurture the SMEs to growth.
“As an organisation, we shall continue to initiate and implement policies that will contribute in improving human performance and productivity in the economy,” he said.
The Director General accused many companies in the country of evading the payment of the 10 per cent statutory industrial levy.
He said that cases involving defaulting companies lasted up to 10 years in the courts.
He suggested the engagement of regulatory agencies that would partner the ITF on the collection of the Industrial levy.
In his address at the occasion, Chairman of the House Committee on Industries, Hon. Solomon Agidani (PDP, Benue) said that most employers do not give accurate number of their employees in order to evade the payment of the industrial levy.
He said that the proposed amendment would compel evading companies and those with less than 10 employees who have a yearly turnover of N50 million to pay the levy.
Agidani warned that any company that is certified to do business in Nigeria should be able to pay the levy.
Earlier Speaker of the House, Hon. Dimeji Bankole while declaring the public hearing open described the industrial sector as one of the main sectors that would drive the economy to become one of the world’s 20 developed economies.
Represented by the Chairman, Committee on Rules and Business, Hon. Ita Enang, the Speaker said that the National Assembly would always make laws that would enhance the development of the country.