The Chartered Institute of Taxation of Nigeria (CITN) has introduced the newly published professional rules and practice guidelines to members and stakeholders while addressing key issues in tax practice and administration.

The institute said the guidelines help to promote transparency, accountability and fairness in the tax system.

Presenting a paper on the theme ‘Professional Rules and Practice Guidelines for Sustainable Economic Growth in the Tax System’, Managing Partner, BBC Professionals, James Obogwu, noted that the tax system plays a vital role in promoting sustainable economic growth.

He, however, said it could only achieve its full potential if tax professionals adhere to the professional rules and practice guidelines.

According to him, professional rules and practice guidelines are essential for ensuring that tax professionals maintain the highest standards of integrity, objectivity and competence.

He listed independence, integrity, objectivity, competence and due care, among others, as the fundamental principles of professional rules in tax practice, adding that training and re-training are top-notch in professional practice.

Speaking on Tax Compliance, Enforcement and Litigation: Strategies for Best Practice, Partner, PwC Nigeria, Kenneth Erikume, gave an overview of the country’s 10-year revenue collection of N77.13 trillion from 2015 to 2024.

He said growth in 2021, 2022 and 2023 are attributed to the impact of tax policy reforms and improvement in tax administration through automation of processes.

For instance, in 2024, he said the Federal Inland Revenue Service (FIRS) collected N21.6 trillion in tax revenue in 2024, thus surpassing its N19.4 trillion target.

Building on the progress made in 2024, he said the FIRS aims to achieve significant milestones in 2025, while focusing on aligning people, processes and technology.

On recent developments impacting compliance, enforcement, and litigation, Erikume mentioned the tax reforms bills of 2024, deduction at source, windfall tax on banks, and the appointment of new Tax Appeal Tribunal (TAT) Economic commissioners and resumption of the TAT.

He urged tax practitioners to stay informed and develop a flexible tax strategy.

He added that they must be digitally prepared and adaptable, even as they seek expert advice.

Managing Partner, Midaspage, Kriz David, who spoke on ‘Tax Compliance and Enforcement: Tax Practitioners’ Role,’ said in a system where tax compliance is low and enforcement is selective, tax practitioners must do more.

He maintained that their role was not just about earning fees, but they must be tax compliance enforcers.

Earlier in his welcome remarks, President and Chairman of Council, CITN, Samuel Agbeluyi, said such programme was dynamic for members to keep learning to give their best to the society.

According to him, “When we give our best, we also give our best to the country to move forward.”