Tax Body Proposes Review of FG’s Economic Stabilisation Bill

Omolabake Fasogbon

The Chartered Institute of Taxation of Nigeria (CITN) has suggested a review of the federal government’s recently approved Economic Stabilization Bill.

President of CITN, Samuel Agbeluyi, cited concerns around specific provisions within the bill, noting its impact on taxation practice.

While speaking at the institute’s 51st Induction ceremony in Lagos recently, Agbeluyi commended the bill for being timely, stating that it was a step towards for a comprehensive reforms to taxation and fiscal policy frameworks in Nigeria.

He asserted that a review of some provisions in the bill would enhance output in tax administration as well as uphold highest standards of professionalism within the tax system.

“I recognise that some tax professionals have raised concerns about certain areas in the bills.  As an institute, we have set up a committee of esteemed members to conduct a thorough analysis, and submitted our recommendations for consideration. We remain committed to always providing technical support and advice to the government as we progress in these reforms,” he stated

The president further tasked the over 1,000 inductees on continuous learning so to remain updated with evolving tax landscape.  He charged   them to constantly uphold the institute’s core values of Service, Teamwork, Excellence, and Professionalism (S.T.E.P).

Also addressing inductees, Registrar/Chief Executive of CITN, Mrs. Afolake Oso, familiarized them with the gains of their new status as well as expectations from them, including ethical practice, knowledge update, contribution to tax research and publications as well as collaborating for improvement, among others.

“The CITN plays a crucial role in maintaining professional standards and promoting knowledge sharing within the Nigerian tax community. New members are encouraged to take advantage of the institute’s resources and actively participate in its programmes,” she said.