The Nigerian Chartered Institute of Taxation (CITN) has stated that it is critical to assist the government in developing a tax-driven economy.
Adesina Adedayo, President and Chairman of Council of the CITN, made this know in his speech at the institute’s 46th induction event in Lagos, where 372 members were initiated into the profession.
He said, “the disruptions that were witnessed by the global economies occasioned by the COVID-19 pandemic have forced the government to realise the impacts of taxation as one of the fiscal policy instruments needed for stability in the post-pandemic era.
“It is imperative that as tax professionals, we should support the government towards achieving a tax-driven economy. The onus is on us to attain this feat by being proactive in developing strategies for tax policy formulation and administration among others.”
According to him, the induction ceremony was held in accordance with the requirements of the CITN Act, CAP C10, Laws of the Federation of Nigeria, 2004, which gave the institute the authority to govern and control the practice of taxation in all its forms.
He said that the institute’s faculties had been on the cutting edge of responding to recent changes in Nigeria’s tax scene.
He said the institute had been able to respond to many policy issues in taxation, fiscal policy, and economic policies of both national and subnational governments, as well as regional and global affiliations while noting that the institute was a key stakeholder in tax policy and administration in Nigeria.
CITN’s position paper on the need to improve the Federal Government’s Internally Generated Revenue; position paper on the National Science, Technology, and Innovation Policy 2021; position paper on the Review of the Personal Income Tax Act, Cap P8, Laws of the Federation of Nigeria 2004 and Personal Income Tax Amendment Act 2011; and others, he said.
Chairman, Membership and Professional Conduct Committee, Prince Ade-Tunde Oretuga, said the induction ceremony was a remarkable event as it represented the symbolic unleashing of a force of qualified tax practitioners and administrators who were the future leaders in the field of taxation.
