The Kwara Chamber of Commerce, Industry, Mines and Agriculture (KWACCIMA) has urged business owners to adopt proper record-keeping practices to avoid incorrect tax assessments amid ongoing tax reforms in Nigeria.

The advice was given by Godwin Oyedokun, a Professor of Accounts and Finance at the University of Ibadan, during a sensitisation seminar organised by KWACCIMA in Ilorin on Thursday.

The seminar was aimed at creating awareness about the new tax reforms and highlighting the importance of maintaining proper accounting records for businesses.

Oyedokun, who was the guest speaker at the event, explained that maintaining accurate accounting books would help businesses understand their tax obligations, exercise their rights and claim legitimate tax benefits.

He also noted that the ongoing tax reforms in Nigeria were designed to be beneficial and inclusive for low-income earners as well as Small and Medium-Scale Enterprises (SMEs).

Also speaking at the seminar, the Head of Tax at the Kwara State Internal Revenue Service (KWIRS), Abdullahi Gegele, urged business owners to ensure that their enterprises were properly registered and possessed valid Tax Identification Numbers (TIN).

Gegele warned that tax evasion had become a criminal offence in Nigeria and could attract severe penalties.

Earlier in his remarks, the President of KWACCIMA, Abu Salami, said the seminar was organised to equip entrepreneurs with practical knowledge to navigate Nigeria's evolving fiscal environment and protect their businesses through improved financial documentation.

Salami explained that the recent tax reforms were aimed at broadening the revenue base, simplifying compliance processes and creating a more predictable fiscal environment.

According to him, a transparent and well-structured tax system could unlock investment opportunities, improve infrastructure and support Nigeria's ambition of achieving a $1 trillion economy by 2030.

He reaffirmed the chamber's commitment to promoting ease of doing business in Kwara State through advocacy, education and continuous engagement with government tax authorities.

"At the same time, we must guard against multiple taxation and high compliance costs that have long burdened businesses, a concern repeatedly raised by the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture and other stakeholders," he said.

Salami also urged participants to see the seminar as a platform for collaboration aimed at strengthening the private sector.

"Let us harness the private-sector potential that Bola Ahmed Tinubu and AbdulRahman AbdulRazaq have championed. We must turn tax reform into a catalyst for job creation, innovation and inclusive growth.

"Together, we can build a stronger, more resilient economy for Kwara and Nigeria," he added.