CITN Inducts New Members,  Urges Professionalism 

Omolabake Fasogbon

The Chartered Institute of Taxation of Nigeria (CITN) has tasked members on service and professionalism, just as it swore in new inductees. 

Specifically, President and Chairman of Council of CITN, Adesina Adedayo charged the 680 newly inducted members to contribute meaningfully to the Country Impact Assessment of the OECD Tax Deal in Nigeria.

He noted that taxing the digital economy remained one of the most urgent issues confronting the discipline and requiring interventions.

He said, “It is 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. 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 maintained that despite regional and international efforts, it was still unclear on the most effective and efficient way to tax the digital economy.

As a result of this, Adedayo said challenges arising from technological advancement and intricate business models have continued to mount and increasing the likelihood of tax revenue leakages.

He therefore challenged the new inductees, who he described as the ‘hope of the nation’ to rise up to the task by constantly engaging with tax deal.

“To do this effectively, I implore you to constantly up skill your knowledge on global trends in taxation”, he added.