Imported User:
The Chartered Institute of Taxation of Nigeria (CITN) on Monday said that the challenges of security crisis in northern states could affect the country’s revenue target for the year.
Mr Sunday Jegede, the President of the institute told News Agency of Nigeria (NAN) in Lagos that the conflicts had distorted business activities in the region.
This, he said, would consequently affect the revenue pool of the country negatively.
He said that business activities in the region had contributed to the nation's income especially through taxes.
Jegede said that urgent solution should be proffered to the crisis if the Federal Government was to achieve its economy development drive through efficient tax system.
``Because the country’s development drive is dependent on efficient tax system, especially in an era when earnings from oil is failing.
``All the states of the federation can also survive on Internal Generated Revenue (IGR) if there is complete sanity in the system.’’
The CITN President said that N1.254 trillion was generated between January and April in 2011 as against N2.93 trillion collected in the whole of 2010.
The expert said that Nigeria would be buoyant if revenue generation continued in such progression.
``But this will depend on total sanity of the economy.’’
Jegede added that the institute had advocated that leaderships of churches and mosques needed to be paying taxes on their emoluments.
``Those adjudged to be affluent should be made to pay tax to boost government revenue.
``But considering the circumstances on ground, such advocacy would be incapacitated because sources of income of the clerics had been attacked.”
