Omolabake Fasogbon
The Chartered Institute of Taxation of Nigeria (CITN) has decried indiscriminate granting of tax holiday, which it says would further weaken the economy.
The institute which is not entirely condemning this gesture insisted that tax holiday should be granted on merit and in fair terms, as against family or political patronage.
President of CITN, Samuel Agbeluyi also advised federal government to urgently embrace measures that will improve the nation’s tax system for effective administration of the country.
Speaking at a media chat ahead of the institute’s tax conference holding in Abuja Chamber of Commerce and Industry (ACCI) International Trade and Convention Centre, Agbeluyi said taxation remained the only sustainable way to run the government and fund the country’s budget of N28.77 trillion.
He stated that most successful economies run their operations on taxation and not just natural resources, adding that Nigeria must imbibe culture of sustainability in taxation to propel voluntary tax payment.
“Achieving tax compliance in Nigeria is an essential step towards fiscal sustainability and economic growth. This is why it is important that tax dividends are seen on the public who should continuously demand accountability from the leaders. This is necessary to enhance the system, otherwise, not accountable for collected tax can only weaken the system. We are grateful that Nigeria’s President, through his committee on tax reforms is bringing taxation to shape in the country.
