From Isaac Anumihe, Abuja
The Chartered Institute of Taxation of Nigeria (CITN) is pushing for a tax law which will make it difficult to evade tax.
Speaking during the first and 52nd induction of over 1,459 members in Abuja, today, the president of CITN, Mr Samuel Agbeluyi, informed that the Fiscal Policy and Tax Reforms Bill is currently awaiting concurrent approval from the Senate having been passed by the House of Representatives.
The bill, according to the president, recommends, among other things, the introduction of tax agents who will serve as intermediaries between tax payers and revenue authorities.
“The bill is currently awaiting concurrent approval from the Senate having been passed by the House of Representatives, amongst other things, recommends the introduction of tax agents who will serve as intermediaries between tax payers and revenue authorities.
“The institute has reviewed these bills and have made submissions on areas where specific provisions may benefit from further refinement to enhance tax administration and uphold the highest standards of professionalism within the taxation system in Nigeria. We believe that if and when our recommendations are taken into consideration, the Nigeria tax system will be better for it,” he said.
He advised the inductees to avoid greed and fraudulent activities in the course of their profession as there are other relevant laws to ensure that they are punished.
“We have done a lot of sensitisation on the bill. Don’t ‘hammer’ in a wrong way. Run away from investigation panel. Do everything to avoid it. Don’t be in a hurry to make money. You will see a lot of money in the purse of your clients and don’t give out information unnecessarily” the president further noted.
In his remarks, Chairman, membership and professional conduct committee, Dr. Titilayo Eni-Itan Fowokan, highlighted the importance of taxation in national development.
According to her, tax professionals play a crucial role in ensuring compliance, promoting fiscal responsibility and contributing to the economic growth of the country.
“The knowledge and skills you have acquired will serve as invaluable tools in addressing the challenges within Nigeria’s tax system and shaping the future of taxation” she said
Declaring the event open, the Special Guest of Honour, Professor Yusuf Ali reiterated that tax evasion in other countries is more grievous than murder because while murder might involve one person, tax evasion kills more people.
“Tax evasion is an anathema. We should put in place systems to prevent people from indulging in tax evasion. At the same time, CITN should put in place a reward system to reward those who obey the ethics of the profession” he recommended.