…wants wealthy Nigerians brought into tax net
JOE EFFIONG, UYO
Chartered Institute of Taxation of Nigeria has expressed concern over multiple taxes imposed on some businesses in Nigeria even s some high networth individuals have tactically escaped from tax nets.
President of the institute, Samuel Agbeluyi, who enunciated the position of the body in an interview with journalists during the 2024 Council Retreat with the theme : Making CITN the Professional Institute of Choice: Strategies and Options” in Uyo, Akwa Ibom State on Thursday, explained that the institute was looking at bringing such categories of people into the tax net especially at this critical time to give back to the society that has contributed to their success.
Agbeluyi said that though CITN as an institute is working with the government to formulate policies and strategies required to generate more revenue, it is conscious not to increase the rate and not to bring in new taxes that would become a burden to tax payers in the country.
“Nigeria is going through a difficult and turbulent experience and we must all come together. Taxation is within the fiscal policy realm and as an institute we keep advising the government as to the policies, strategies required to generate more revenue.
“And when we say we are generating more revenue, we are conscious of two variables: Don’t increase the rate and don’t bring in new taxes. So, if anything reduce the number of taxes that we have in the country.
“In some states, there are as many às 60 different number of taxes.The federal government has said we can bring this to aleast 10 or 9. When we reduce we give space and comfort to the tax payer who have been harassed over the years with over 60 different types of taxes.
“They are a lot of people who are into tax evasion; who are not paying anything at all and who are making a lot of money. We also need to look at the high network of individuals who are successful.
“We thank God that they’re successful but this is the time to do more and give back to the society that has given them the opportunity to be successful. Once we do this Nigeria will be on track again” the CITN president explained
In his goodwill message the Governor of Akwa Ibom State Umo Eno, represented by the state commissioner, Emem Bob, lauded the pivotal role played by the institute in regulating the profession and practice of taxation in Nigeria.
Eno noted that taxation is a critical layer of government adding that if properly run and given the right legal teeth it can help fast track development across all sectors.
According to him; “CITN has played a pivotal role in regulating the profession and practice of taxation in Nigeria, as well as influencing appropriate fiscal policy and internal revenue generation at national and subnational levels
“Taxation is a critical layer of government all over the world if properly run and given the given the right legal teeth to enforce it, it can help to fast track development across all sectors. Taxes fund government programmes and stabilizes the fiscal framework, foster healthy investment climates and social equilibrium”
In his welcome address, the chairman of the Akwa Ibom State Internal Revenue Service, Okon Okon, expressed appreciation to the institute for choosing Akwa Ibom to host the retreat and charged participants to come up with ideas that help the the national and subnational levels in tax administration.