• Monday, May 27, 2024
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Taxation is not merely about revenue collection, says CITN president

Streamlined taxes to bring sanity to Nigerian system – CITN president

Samuel Agbeluyi, 16th President/ Chairman of Council, the Chartered Institute of Taxation of Nigeria (CITN) has noted that taxation is not merely about revenue collection but also about building a sustainable future for the country.

He noted this on Tuesday at the ongoing 26th Annual Tax of the CITN with theme “Sustainable Tax Culture and Economic Roadmap for Nation Building”.

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“It is about creating a culture where every citizen understands the importance of contributing his or her fair share towards national development. It is more importantly about prudently using tax policies as a roadmap to drive economic growth, social inclusiveness and prosperity for all,” Agbeluyi said.

He further noted that the current economic realities of Nigeria as a country were multifaceted, in spite of efforts to improve the narrative by the current government adding that the need for sustainable solutions has never been more pressing than now.

“And at the heart of these solutions lies an effective tax system. The 2024 budget of ‘Renewed Hope’ as we know relies significantly on non-oil revenue, and this trend is expected to continue in the future. Therefore, building a sustainable tax culture capable of significantly improving our tax revenue performance for effective economic and capital formation becomes a top priority.

“In this regard, one cannot overlook the commendable effort by the Tinubu-led administration. The establishment of the Presidential Committee on Fiscal Policy and Tax Reforms reflects a resolute commitment to charting a course for sustainable economic growth through effective and efficient taxation.

“I must add that, in building a sustainable tax culture in Nigeria, government at all levels have a great role to play. Taxation, in all its aspects, demands the utmost level of professionalism due to its critical importance to economic sustainability ” he said.

Speaking further, the CITN President said that in furtherance of efforts at sustaining a tax paying culture, it is important to emphasize judicious use of tax revenue to engender trust between government and the taxpayer thereby entrenching a taxpaying culture and by extension contributing to nation building.

He said that at the subnational level, particularly at the various revenue authorities, there is the need to invest in technology and people to effectively track revenues in the digital space including cryptocurrency to maximise government revenue. “It is also key to provide support to the revenue authorities by way of financial and administrative autonomy to empower them to effectively administer taxes,” he said.

Adeyemi Sanni, Chairman, 26th Annual Tax Conference said for Nigeria to achieve meaningful fiscal development over the long term, it is imperative to establish a tax culture that can withstand economic fluctuations and challenges.

“The emphasis on sustainable is deliberate. We understand that for Nigeria to achieve meaningful fiscal development over the long term, it is imperative to establish a tax culture that can withstand economic fluctuations and challenges,” he said.

“This requires a concerted effort from all stakeholders, including the government, tax professionals, and taxpayers themselves. Currently, our government is prioritising the improvement of tax revenue and fiscal performance. As the leading professional body in taxation in Nigeria, it is our responsibility to support these efforts.

“By convening gatherings like this conference, we provide a platform for deliberation and collaboration, with the aim of developing actionable recommendations that will help the government achieve its objectives,” Sanni said.