Oyedokun, who stated this during the varsity’s 11th inaugural lecture, spoke on ‘Growing Our Digital World in Nigeria: Forensic and Tax Accounting Perspective’, recommended that government should embrace technology innovations by implementing blockchain solutions for tax compliance.
Noting that there exists a growing excitement around blockchain and its potential to transform the tax system, the don said using blockchain in the tax system could have a significant impact on tax, the way people pay tax, and how tax administrators collect revenue.
He said for Nigeria to grow its digital world, considering forensic and tax accounting, government should put in place a system that would support technology adoption and integration.
He said more financial support should be focused on the implementation of tax system technology.
According to him, it creates a system where tax payments can be integrated within the business operations and become a by-product of each transaction.
He maintained blockchain could significantly modernise the current Value Added Tax (VAT) system.
Speaking on tax compliance, he said: “There is a growing demand for the technology from many tax administrations worldwide and in Europe, in particular, to improve tax compliance, reduce the cost of operations and make it easier for the taxpayers to comply.”
He urged the government to leverage information technology in the deployment of e-government services.
Oyedokun advised tax practitioners to step up their mode of operations by matching up with the advancement in technology to carry out their functions.
He assured that if all the recommendations were well observed by all concerned, the country’s digital world and the economy would experience tremendous growth and development.
