Omolabake Fasogbon
The Chartered Institute of Taxation of Nigeria (CITN) has expressed optimism on the new tax policy of President BolaTinubu, describing the move as being timely to spur economic growth.
The Institute also lauded federal government’s decision setting up a Presidential Committee on Fiscal Policy and Tax Reforms, headed by Mr. Taiwo Oyedele.
It reiterated that the committee’s mandate would improve the tax system and compliance level of payers.
President Tinubu had recently signed four Executive Orders deferring and suspending the commencement of certain taxes paid by individuals and companies in the country.
The orders with key fiscal policy measures featured prominently the suspension of the 5 per cent excise tax on telecommunication services and excise duties on locally manufactured vehicles, amongst others.
President of CITN, Mr. Samuel Agbeluyi in a statement however tasked the authority on open dialogue and engagement with stakeholders in the Nigerian tax system.
“This is necessary to engender all inclusive and meaningful reforms. We expressed our commitment to participate fully we have always done in the current reforms process, “Agbeluyi stressed.
