CITN Charts Path for Economic Recovery Post COVID-19

By Omolabake Fasogbon

The Chartered Institute of Taxation of Nigeria, CITN, has sought for renewed commitment to tax payment by Nigerians, as the country strive to regain its balance from COVID-19 shock.

The institute at its just concluded 23rd Annual Tax Conference in Kaduna, stated that complying with regulations on tax payment would help speed up economic recovery process and attract meaningful investment.

President of CITN, Dame Gladys Olajumoke said that the theme of the conference- “Taxation for Economic Recovery: A necessity for Social Engagement and Economic Sustainability” was strategic, given the economic status of the country and the need to promote discourse on possible solutions.

In addition to tax Infractions, she identified infrastructure deficit and especially insecurity as impediments to desired expansion and development in the country.

She said, “From the urgency of providing safe and quality transport systems to securing every nook and cranny of our dear country, nothing has been more urgent as these needs in our 60 years of existence.

The government must rise to the occasion and stem the tide of insecurity across the land for without security, we cannot have a meaningful investment”

On his part, a Professor of Law at Bayero University Kano, Prof A.B Ahmad,while expantiating on the theme of the conference, reiterated the urgent need for government to introduce principles, practices and policies that will encourage investment and businesses.

According to him, “This is essentially to establish an enabling environment necessary to earn income, which is a pre-condition for the imposition and collection of income tax.

“To achieve this, government must come up with very favourable policies in the tax system, that will not only serve as a source of revenue but also as a leverage of regulating economic and social activities.”

The don also charged tax professionals to wake up to their responsibility of proposing changes that would improve the efficiency of the nation’s tax system.

Earlier in his remark, Minister of State for Health, Senator Olorunimbe Mamora, worried about the exemption of larger part of the informal sector in the tax net.

He underscored the need for innovative strategies ,to expand the nation’s tax base and increase revenue that would help government to deliver on its mandate.

The Minister also appreciated how taxes have help to complement the National Health Insurance Scheme, NHIS, through a blended mix of “Tax-based Health Care Financing and Social Health Financing”.