Experts task government on economic impact of taxation
Against the backdrop of huge revenue losses through tax evasion, the Federal Government has been charged to examine the effects of taxation on economic growth.
Special Guest of Honour and Director-General, Nigeria Employers’ Consultative Association (NECA), Dr. Timothy Olawale, at the 42nd induction ceremony of the Chartered Institute of Taxation of Nigeria (CITN), said it was not only in the collection of taxes but its utilisation to the benefit of the citizens and the nation at large.
Specifically, he urged the government to examine the impact of Value Added Tax (VAT), and the effect of Petroleum Profit Tax (PPT) on economic growth in Nigeria.
Submitting that taxation is a significant determinant of economic growth in Nigeria, Olawale argued that the country should not be indebted to such a huge amount of money due to borrowing from local and foreign sources.
He recommended that government should enact policies to ensure adequate collections of taxes, after widening the tax-net.He charged the government to embark on massive awareness and sensitisation on the importance of taxation through recognised bodies such as the CITN and NECA among others.
He charged the new tax professionals to contribute immensely to the development of the country, even as they equip themselves more in rendering professional services, especially with the outbreak of COVID-19, where a lot in the profession are taking a new dimension.
According to him, it is important to be diligent, and to make professionalism, integrity and honesty the core values.In her welcome address, President and Chairman of Council, CITN, Gladys Simplice, urged the tax authorities to continue to engage more with taxpayers towards addressing some of the challenges, given the current realities facing the sector due to the coronavirus pandemic.
She charged members to be on top of current policies and developments in the profession to be able to enlighten clients on reliefs available to them, to assist them in reducing their exposures, while also ensuring that they are able to fulfil their tax obligations as and when due.
She commended the tax authorities at the federal and states levels on the measures taken towards mitigating the effects COVID-19 on taxpayers, such as extending the period for filing tax returns, waivers of penalties, extension of the period for due tax payments, tax waivers for small businesses and among others.
Congratulating about 582 newly-inducted members, Simplice enjoined them to make the most of their certification not just for respectability and career progression but as agents of change, actively contributing to the development of Nigeria.
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