The Chartered Institute of Taxation of Nigeria (CITN) has said that the ongoing debate on the tax reform bills, if properly executed, can change the Nigerian economy, bring more development and raise the gross domestic product (GDP) of the country.
Noting that the bill is key to the progress the country envisages, the institute said there is a need for the country to move from where it is presently to a new chapter for development, believing that leaders would develop the political will to move the nation forward.
President and Chairman of Council of the CITN, Samuel Agbeluyi, said this ahead of the institute’s yearly tax conference, with the theme ‘Taxation for Development, Policies, Law and Implementation’, slated to be held in Abuja from May 12 to 16.
He said the tax reform bills, which informed the theme of the conference, speak to the components making the Nigerian tax system, especially on the multiplicity of taxes across the board.
The CITN boss said that while the nation awaits the Senate to speak to the bill upon recess and for onward transmission to President Bola Tinubu for assent, the institute would continue to lead the path in advising the current administration on a proper and effective taxation system.
While he prayed that the bill is passed substantially the way it is, he said that if achieved, it would draw in more investors into the country.
Agbeluyi kicked against the role of non-state actors, urging governors to do more by taking them off the street.He warned that if not done, they would sabotage the positive impact and benefits the bill has for Nigerians.
Similarly, to plug loopholes for revenue leakages, the CITN chief highlighted the processes of assessment, collection, and accounting, stating that once these are properly followed through, the avenue for revenue leakages would be tamed.
He also advocated for sanctions for those involved in tax maladministration. Chairman of the 27th yearly tax conference, Dr Adeyemi Sanni, gave highlights on what should be expected during the conference and the impact on members and the economy at large.
