Taxation: CITN Seeks Implementation of Treaty between Nigeria, UK

Omolabake Fasogbon

 The Chartered Institute of Taxation of Nigeria (CITN) has stressed improved bilateral relationship between Nigeria and United Kingdom ((UK) in area of taxation in the interest of countries’ economies. 

CITN President and Chairman of Council, Samuel Agbeluyi stated this at the inauguration of CITN’s United Kingdom and District Society, where he specifically called for smooth implementation of Double Taxation Agreements (DTA) signed in 1987.

By DTA, it ensures security of foreign investors and reduce tax burden, while also preventing double taxation disputes, tax fraud and evasion, amongst others. 

Agbeluyi tasked the district and its pioneer chairman,Peter Boladale Makinde on sufficient awareness creation for the fulfillment of the DTA, stressing the  purpose of the new district to strengthen economic ties between the two countries. 

Furthermore, he said, “I expect the district society, as part of its core mandate to focus on knowledge sharing on the potentials of the OECD Beneficial Ownership Initiative and the Common Reporting Standard which gave rise to automatic exchange of information between tax administrations”

He clarified that district societies served as a formal platform for members to collectively organise and make impact at the sub-national and international levels, noting that CITN so far boasts 44 districts in about 34 states of Nigeria. 

He charged the new district to brace up for new responsibilities that will effectively address issues affecting tax and fiscal policy in Nigeria,leveraging  experiences the UK and other jurisdictions.