To generate sufficient revenue, the President/Chairman of Council, Chartered Institute of Taxation of Nigeria (CITN), Mr. Cyril Ede, says government at all levels need more tax professionals to execute their budget and developmental projects.
The CITN president disclosed this at the 37th induction ceremony of the institute in Lagos, where 480 people were inducted as tax professionals.
He said, “It is plausible to ask, why we need more tax professionals at this point in time. The reasons are not far-fetched. There is no better time other than now for Nigeria as a country to put in place enduring structures for effective resource mobilisation to fund our development. Facts and figures are at the public domain on the serious challenges government at all levels are faced with in mobilising revenue to finance government and develop the country.”
According to him, the institute will continue to explore various means to ensure that the professional body is responsive in its obligations to all stakeholders in the Nigerian tax system.
Ede spoke on the need to bring in more Nigerians into the tax net and develop a robust tax framework for the informal sector of the economy, stating that the informal sector accounted for over 60 per cent of the country’s economic activities.
The CITN president described the introduction of the Voluntary Assets and Income Declaration Scheme in July 2017 as a vital step towards increasing the tax base.
The Deputy Vice Chancellor, Management Services, Babcock University, Prof. Sunday Owolabi, who was the special guest of honour at the event, applauded the CITN for raising quality tax professionals, pointing out that tax practitioners were the backbone of any economy whether developed, underdeveloped or developing.