Omolabake Fasogbon
The Chartered Institute of Taxation of Nigeria (CITN) has expressed readiness to work with stakeholders and government at different levels on tax issues, towards a stable economy.
The institute declared this at the investiture ceremony of its 16th President, Mr. Samuel Olushola Agbeluyi in Lagos, recently.
In his address, Agbeluyi advised government to intensify efforts in widening the tax net to be able to boost revenue and relieve businesses of tax burden.
Noting that Nigeria was yet to maximise its huge population to grow its revenue, Agbeluyi said it was high time Nigeria looked beyond corporate income tax but should also look at personal income tax like South Africa is doing.
“A number of Nigerians are still outside the tax net. Businesses have not been able to grow effectively because of tax related issues. It is my belief that if we effectively capture more people into the tax net, the number of taxes burdened on businesses will reduce and our economy blossom,” Agbeluyi.
To get it right, he further advised that critical attention be paid to research, digital infrastructure, fiscal policy interventions and tax governance, among others.
Earlier, Executive Director, FBN Holdings/Guest Speaker, Ariyibi Oyewale tasked the authority on good governance to engender development and stability.
According to Oyewale who spoke on the theme, “Nigeria’s Governance and Taxation: A New Dawn for Nigeria”, good governance should also be complemented by efficient and equitable taxation system.
He said, “As a nation, we have ignored taxation to generate sufficient revenue for government for too long. No wonder our tax-to-GDP ratio (4% against Capacity of 7%) is ranked among the lowest in the world. Hence, we must seize this moment by calling on the new administration both at the federal and state levels to re-launch the country into a new era for fiscal prosperity and responsibility for the benefits of the current and the future generation.
