Tax Professionals Charged On Nigeria’s Rising Debt, Declining Revenue

The Chartered Institute of Taxation of Nigeria (CITN) has inducted 680 new tax professionals. The institute tasked them to brace up for the challenge of ending country’s revenues woes.Information Guide Nigeria

Speaking at the induction ceremony, the president of CITN, Adesina Adedayo reiterated that taxation is an essential component of every economy.

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Adedayo said that the role of tax professionals in shaping the economic landscape cannot be overstated.

According to DAILY TRUST, he said, “Amidst declining revenue from crude oil, rising debt burden, fluctuating value of the naira and increasing government expenditure, the place of taxation cannot be overstated.

“It is the given that, taxation in the 21st Century 4th Industrial Revolution era has transformed significantly. The use of Big data, Internet of Things (IoT) and Data Analytics among other digital complexities has become the new world order.”NYSC Portal

“The digital economy has grown dramatically worldwide, leading to the growth in e-commerce and online transactions. Despite the advantages linked to the expansion of the digital economy, several challenges have also originated. In the midst of this challenges, tax implications of the digitalised economy are perhaps the most urgent that bedevils revenue authorities, policymakers of governments, international organisations and tax professionals.”

He stresses that the Tax administration in Africa and indeed Nigeria “remain unclear on the most effective and efficient way to tax the digital economy, yet the challenges arising from technological advancement and intricate business models continue to mount; thus, increasing the likelihood of tax revenue leakages.”JAMB Result

As reported by DAILY TRUST, it behoves on tax professionals who are the “Hope of the Nation” to constantly engage and contribute meaningfully to the Country Impact Assessment of the Organization for Economic Cooperation and Development (OECD) Tax Deal in Nigeria.”“To do this effectively, I implore you to constantly upskill your knowledge on global trends in taxation,” he added.

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