The Chartered Institute of Taxation of Nigeria (CITN) said efforts are in motion to generate revenue from the digital economy and curb Base Erosion and Profit Shifting (BEPS) by multinational corporations.

The outgoing president of CITN, Samuel Agbeluyi, said this during the institute’s 33rd yearly general meeting, where he presented the report of how the institute has fared in the last year.

Noting that tax systems are also evolving, he said the obstacles brought on by technological development and complex business models continue to increase, raising the risk of tax revenue leakages.

He said despite the benefits associated with the growth of the digital economy, the issues faced by revenue agencies, legislators, international organisations and tax professionals are possibly the most pressing. Providing some context on the operating environment, Agbeluyi said on the domestic front, Nigeria’s economy is poised for a positive trajectory.

However, noting that challenges persist, such as the removal of fuel subsidies and reforms in the foreign exchange system, which at the outset of the current government, led to short-term economic difficulties for households and businesses.

He said inflationary pressures exchange rate volatility and infrastructural deficits continue to impact economic stability, while public debt levels continued to rise, prompting stronger efforts to boost domestic revenue.

However, in the context, the CITN boss said taxation became central to fiscal policy, with the government pushing reforms to broaden the tax base, enhance compliance and reduce leakages.

Additionally, he said the Central Bank of Nigeria’s (CBN) decision to retain the Monetary Policy Rate at 27.5 per cent underscores the delicate balance between curbing inflation and stimulating growth.

On the institute’s front, Agbeluyi said the CITN operated within a dynamic environment shaped by a national focus on tax and fiscal policy reforms, economic resilience, and regulatory changes.

He said as the country prioritised domestic revenue generation, the body remained a key thought leader and convener in Nigeria’s fiscal transformation.

According to him, the institute’s contributions were prominent in the Presidential Tax Reform Committee, as well as in collaborations with government institutions and professional bodies on tax education, digital and cross-border tax issues.

He maintained that the CITN has benefited from robust stakeholder support and collaboration, underscoring the widespread recognition of the institute’s statutory role in shaping Nigeria’s tax landscape.