The Lagos State Governor, Babajide Sanwo-Olu, has urged the newly inaugurated President of the Chartered Institute of Taxation (CITN), Innocent Ohagwa, to foster innovation and enhance the important role of taxes and taxation in national development.

Calling for reforms that will benefit not just the sector but the economy as a whole, he expressed satisfaction that Ohagwa would deliver on this mandate to streamline taxation in Lagos and nationally, as well as provide the right leadership for the institute.

Speaking at Ohagwa’s investiture ceremony as the 17th President of the institute yesterday, he hailed the new President for being a consummate professional with over 35 years of experience in tax administration, urging him to steer the institute to greater heights and strengthen professionalism in the sector.

Sanwo-Olu was represented by his Special Adviser on Taxation and Revenue, Opeyemi Ogungbo, and pledged to support the new administration in advancing tax administration and compliance to the fullest.

He urged him to build on the solid foundation already laid and contribute to the growth and modernisation of Nigeria’s tax system.

In his anniversary lecture, titled, “The Tax Professionals of Tomorrow: Skills, Ethics and Innovation,” Prof. M.A. Mainoma of the Nasarawa State University noted that Nigeria’s tax system is undergoing a fundamental transformation fueled by rapid technological advancement, growing regulatory complexity and shifting public expectations. Speaking further on the changing tax environment, he noted that countries are moving towards harmonisation of tax rules and data sharing mechanisms; automating and digitalisation of tax systems; economic integration and stronger tax governance.

Adding that taxpayers today want fair taxation that reflects economic substance and transparency in tax payments and incentives, he urged the government to embrace public accountability and ethical prudence.

Adding that innovation is now a must, he said Artificial Intelligence (AI), Blockchain and Robotic Process Automation (RPA) are some tools to transform taxation into the future.

He called for stronger collaboration between the government, taxpayers and stakeholders and called for a transformation of policies, mindsets and service delivery.

He listed some challenges hindering tax innovation to include economic and technological barriers, human capital and skills deficit, institutional barriers, changing regulations as well as scalability and sustainability issues.