The Chartered Institute of Taxation of Nigeria (CITN) has maintained its position on the introduction of new taxes, stating that such would do further harm to businesses and economy at large.
President of the institute, Adesina Adedayo rather advised that efforts should be focused on few but high yielding taxes.
Adedayo who was speaking at the 45th induction ceremony of the institute, pointed out that taxation remained a key fiscal policy instrument to return the economy to stability post COVID-19. He however counselled that the instrument be wisely used.
He said, “Government must avoid the propensity to introduce earmarked taxes with the intention of raising revenues while neglecting the impact that such action would have on businesses and economic activities. As a matter of fact, the thinking of Section 2.2.6 of the Revised National Tax Policy 2017 is that our “taxes should be few in number, broad-based and high revenue-yielding.”
He emphasised that tax policy initiatives and tax law reviews be well thought-out and followed through, adding that taxes be simplified for easy enforcement and compliance by taxpayers.
Addressing the 850 inductees, Adedayo reminded them of the need to adhere to the ethics and standards of the profession and to avoid falling for temptations.
He added that the induction exercise was in compliance with the provisions of the CITN Act, CAP C10, Laws of the Federation of Nigeria, 2004 where the Institute derives powers to regulate and control the practice of taxation profession, in all ramifications.
Also speaking, Registrar/ Chief Executive Officer of the institute, Adefisayo Awogbade tasked the inductees on continuous learning to enable them stay abreast of trends in taxation practices.