The Chartered Institute of Taxation of Nigeria, CITN, has urged Nigerians to support President Bola Tinubu-led government executive bill for the tax reform policy, saying it would stabilize the nation's economy.
The CITN President, Samuel Agbeluyi, made the call yesterday during the investiture of Mr Sylvester Irem as the third Chairman and swearing-in of the 2024-2026 executive committee members of the CITN Abakaliki and District Society at the Staff Development Centre, Abakaliki, the Ebonyi State capital.
The President observed that the tax reform bill has witnessed controversy as a result of divergent opinions coming from Nigerians but insisted that its approval by the National Assembly and subsequent assent for operation by President Tinubu would usher in a stable economy in the country.
"Many see the tax reform initiative as a controversial issue, but in the real sense, we see it as a step forward to change the tariff of Nigeria and her economy.
"There are people who have different opinions, and that's good for our economy. Nigeria, as a country, we don't expect the executive arm to send a bill to the National Assembly, and everybody will accept it.
"So, we have seen that different people have different opinions, but that is good for democracy.
"We also expect different people having different opinions and perceptions to go National Assembly during their next sitting to offer their opinions. We will be there to offer our opinions as well.
"Tax reform initiative definitely will sanitize the Nigerian economy. It will reduce the burden of taxation, which Nigerians are carrying now.
"It's because Nigerians are paying many taxes and the effect is not reflecting the government coffer or purse. It needs to be sanitized so that whatever is collected as tax revenue will go to the coffer.
"Nigerians can't afford to pay over 60 types of taxes. This bill is saying to reduce the over 60 taxes to 9; that's a good step Nigerians deserve.
"This bill, the committee was set up in 2023, the CITN has been hammering for almost everything we see in it for over 20 years. CITN is happy that the government of President Tinubu insists on tax reform because Nigeria can't survive as a mono-product economy.
"We can't rely only on oil revenue, because no great nation relies on one revenue. We are just moving towards making Nigeria's economy a sophisticated one.
"We will once again use this opportunity to warn the citizens to pay their taxes and the government must use it properly to build the nation's economy."
He urged the newly inaugurated CITN Chairman and other officials in Ebonyi State to carry their members along, commending the Ebonyi State government under Governor Francis Nwifuru for the life-touching projects built in the state.
Delivering a lecture on the topic, "Deepening Tax Administration in Ebonyi State through Partnership with CITN, the Chairman Emeritus of the CITN Abakaliki and District Society, Dr George Ukpai, described taxation as a critical component of the nation-building development, providing the necessary resources for government functions, infrastructure development and public services.
He said that in Nigeria, particularly in Ebonyi State, effective tax administration remains vital to achieving sustainable development goals.
He described Ebonyi as a state endowed with abundant natural resources, agricultural potential and a growing urban population that has a wide scope for revenue generation.
He, however, identified several challenges, including a limited tax base, revenue leakages, lack of awareness, inadequate infrastructure, action against interest, and inadequate technical personnel as the top challenges facing the state taxation system.
He recommended that the CITN should embark on capacity building and training, public awareness campaigns, technology integration, research and development, advocacy for policy reforms and support or revenue diversification to enhance tax administration in the state and other parts of the country.
In his acceptance speech, the CITN Abakaliki and District Society Chairman, Sylvester Irem expressed gratitude to the national and state leadership of the body and promised to work towards their vision and mission.
According to him, the CITN was to be the foremost professional association in Africa and beyond to build an institute to serve as a citadel for the advancement of taxation in all ramifications.
He assured of striving to ensure tax administration and practice are agreed upon in Ebonyi State through service, teamwork and integrity by engaging his members in intensive and extensive awareness campaigns to enlighten the tax pay tax-paying for a tax Britax-friendly menu.
Meanwhile, Governor Francis Nwifuru, represented by the State Commissioner for Finance, Prof Leonard Uguru underscored that the state experiences many challenges in its revenue service.
"The governor is aware of the problem in the Internal Revenue Service, and with time, it will be addressed because the governor, His Excellency Rt Hon Francis Nwifuru himself has started addressing it gradually, believing the wrongs can be corrected," he said.
