The Chartered Institute of Taxation of Nigeria (CITN) has stressed the need for the expansion of the tax net in the country as it becomes more essential to generate non-oil revenue.
President of council of the CITN, Chief Adeshina Adedayo, while speaking at the institute’s presidential press briefing and media workshop for tax/finance reporters, stated that expanding the tax net would help with the generation of more revenue.
Noting that, while generating revenue is critical, utilisation of the revenue gathered and productive accounting is important. He noted that, transparency and accountability inspires confidence while letting more people come into the net without the same set of people being overburdened even as other people are getting away with it, as the expansion of the tax base is the way to go.
While emphasising that tax education will have an ample effect on tax compliance and the rate which improves tax administration and make the policy that enhances the spread of taxation, Adedayo while speaking on the $800M loan from the IMF proposed by the FG to be given to the vulnerable due to the subsidy removal, said: “to me, that will be a good one at the beginning but we still need to go back to the drawing table and address the issue of economic development bearing in mind that less than 25 years from now, our population would grow from 200 million to around 400 million.
“How long will the N5,000 continue before you are now forced to face the reality of the fact that we need to really develop economically and we need to really develop?”
He implored knowing the cost of the subsidy, determining the extent of the economy, and where it would be deployed towards economic advancement which is the critical sector of the economy.”
The president added that CITN has made deliberate efforts in addressing the issues of policy as to practice license, admission processes, improving the governance and administration of the tax institute and the Tax Academy.
While adding that information technology was equally strengthened, focusing on corporate communication to build a meaningful relationship with members and stakeholders.
Prof. Godwin Oyedokun enunciated that, while it is the government prerogative for revenue collection, broadening the tax net is seen as a tool for economic boost that the nation can rely on, therefore, the increment of the rate would be an overburden on taxpayers which can hamper the growth of businesses or its collapse.
The registrar/chief executive, Chartered Institute of Taxation of Nigeria(CITN), Dr. Lanre Olasunkanmi, in his paper presentation, spoke about the basic taxation terminologies to enlighten and broaden the knowledge of finance reporters on passing out tax-related information to the public.
Group Head, Strategic Tax and Compliance, Dangote Industries Limited, Dr.Mrs. Titilayo Fowokan spoke on “Tax Administration and Practice” while highlighting the national tax policy with personal insights on personal income tax and insights on tax revenues, tax threshold, and the Nigeria tax system comprising of all taxes collectible by tiers of government.
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