CITN Inducts new Fellows, Tasks FG on Fiscal Policies

 Omolabake Fasogbon

The Chartered Institute of Taxation of Nigeria (CITN) has advised the federal government to raise critical fiscal policies that speak to taxation and present economic realities.

President and Chairman of Council, CITN, Adesina Adedayo, declared this at the institute’s fellowship conferment ceremony that held in Lagos, recently. 

While admonishing the new fellows, Adedayo said that the content of 2023 budget Appropriation Bill that was recently presented to the National Assembly places more responsibility on them to develop the profession. 

He added that with the country’s present debt profile, fellows’ inputs would come handy to assist government with actionable policies and implementation strategies.

The key note speaker and Special Adviser to Kano State Governor on Internally Generated Revenue (IGR), Habibu Mohammed lamented that the recent Finance Acts of 2020 and 2021 do not reflect rich involvement and consultation of tax professionals. 

He said, “In my opinion, exempting businesses with annual turnover of less than N25m from paying taxes, while at the same time, collecting taxes from salary earners with N300, 000 annually, as well as controversies surrounding the minimum tax, suggest a little involvement and participation of CITN and its members in producing such acts”.

“CITN should strive to gain more participation in the subsequent acts to be made”. 

He also advised the new fellows to take the conferment as challenge, but not just a title or fashion.