CITN to share tax reform observations at public hearing

Samuel Agbeluyi, president, the Chartered Institute of Taxation of Nigeria (CITN) has said that the Institute will present its observations regarding the proposed tax reform bills at the public hearing.

Speaking at the Media Workshop for Tax and Finance Reporters/Correspondents held Wednesday in Lagos, he stated that the Institute welcomes the bills as capable of transforming the Nigerian tax space.

He also encouraged stakeholders concerned about the provisions of the bills to base their assertions on facts and figures rather than sentiments.

“We welcome the interest of stakeholders in the Bills as it is part of the process of ensuring that the provisions of the Bills are all-encompassing. However, we urge all those who have expressed concerns about certain aspects of the bills to base their assertions on facts and figures and make their suggestions and recommendations on specific provisions of concern for a more enriched document,” he said.

Godwin Oyedokun, professor of accounting and chairman, branding, publicity and publications committee for the workshop, stated that the “workshop aims to bridge the gap between tax experts and media practitioners, enabling a more informed public discourse on tax matters.”

Read also: 10 changes to expect as FG’s tax reforms begin

Chukwuemeka Eze, a national legal adviser and member of the presidential committee urged tax and finance journalists to manage the sentiments and controversies around the proposed tax reforms by providing accurate reporting.

According to him, the attendant controversies, sentiments and emotions around the proposed tax reforms need journalists grounded in tax matters.

“The emotion, sentiment, and verbal recriminations built into the issue of attribution of VAT or otherwise could degenerate into combat if not well managed by the media,” he stated.

The Federal Government of Nigeria is seeking to harmonise its complex tax system with a new bill to end multiple taxation, increase revenue generation and lower borrowing.

However, these reforms have generated controversies and pushback from different stakeholders including governors of different states and northern leaders.

The Senate, yesterday, directed its Committee on Finance to pause further deliberations on the proposed tax reform bills pending the outcome of a high-level meeting with the Attorney General of the Federation (AGF).

The meeting aims to ensure that the bill aligns with national priorities while addressing concerns raised by stakeholders.