The Guardian’s economic forum series on tax begins today
The maiden edition of The Guardian’s Conferences and Masterclasses series, scripted to attract think-tanks to brainstorm on topical issues of the economy, begins today.
Slated for Lagos, at the magnificent Civic Centre, the initiative is billed to take off with the burning issue of taxation which has become the nation’s last resort in the face of oil price crisis that has adversely affected its revenue profile.
With the theme, “Unlocking Nigeria’s Tax Revenue Potential for Sustainable Development,’’ the event is expected to unravel hidden opportunities that are inherent in Nigeria’s “troubled” economy.
Of course, the event is auspicious due to the importance tax was accorded in the 2016 federal budget, which also rubs off on states’ plans.
Specifically, the Federal Inland Revenue Service is targeting N5 trillion to boost the government’s gross retained earnings.
There have been the challenges of multiple taxation, which over the years, have also become a disincentive to voluntary compliance, as eligible payers seek opportunities for evasion or outright avoidance.
For the business community, multiple taxation and even appropriate ones, are anti-business when operators end up providing the facilities that are considered public utilities due to governments’ irresponsibility.
To offer a leeway to the increasingly challenging tax environment in the country, the event will be graced by the Chairman of FIRS, Babatunde Fowler, referred to many as “Mr. Tax,” having had a stint in Lagos State as inland revenue chief and growing the state’s tax receipts to over N25 billion monthly.
At the event, the President of the Chartered Institute of Taxation of Nigeria, Dr. Olateju Somorin (Teju Tax), will also seek to further her campaign on sustainable taxation in the country.
The Director-General of Lagos Chamber of Commerce and Industry, Muda Yusuf, who will represent the organised private sector, will also give an insight into the challenges bedeviling the growth and survival of real sector operators.
Other panelists are the Tax Partner, Akintola Williams Deloitte, Seye Arowolo; Partner, AELEX, Theophilus I. Emuwa; and FCA Registrar/Chief Executive Officer, ICAN, Rotimi A. Omotoso.
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