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FG, CITN move to boost tax revenue

By on May 10, 2016

The Chartered Institute of Taxation of Nigeria says it will partner the Federal and state governments to evolve a sustainable solution to economic crisis affecting the country.

It, however, said the crisis would require an empirical approach through a viable tax system that would translate to increased revenue for the governments.

The President, CITN, Dr. Olateju Somorin, spoke in Lagos at a news conference heralding the 2016 Annual Tax Conference tagged, ‘Fiscal challenges and opportunities of the Nigerian economy.’

She said the conference, scheduled to hold in Abuja next week, was relevant in view of the economic crisis occasioned by the decline in the nation’s oil revenue.

Somorin said, “Nigeria’s economic crisis has become an issue of deep concern. Unfortunately, the uncertainties about the oil price that has been looming very large on the global scene is translating to a daunting fiscal challenge for the Nigerian government.

“The manufacturing sub-sector has not been spared having been weakened by rising scarcity of the forex.”

To increase its revenue through tax, the CITN president stressed the need for government to make massive investment in infrastructure and ensure consistent power supply.

According to her, the unstable and unpredictable operating business environment, coupled with “high level of corruption” are part of obstacles scaring private investors.

Somorin, who stressed that the institute has the technical competence to partner the federal and state governments in their drive to achieve set goals, said, “it became imperatively clear that there is need for the institute to use the platform of the 18th Annual Tax Conference to address and attempt to proffer empirical solutions to these challenges.”

She continued, “Apparently therefore, we feel statutorily obliged to initiate programmes and discussions that would not only help in critically addressing these issues but would also find solutions to the numerous problems bedeviling our economy. This year’s conference is specifically one in the series of such initiatives.”

Speakers expected at the event include the Chairman, Federal Inland Revenue Service, Mr. Babatunde Fowler; the Director-General, Lagos Chamber of Commerce and Industry, Mr. Muda Yusuf; and the Tax Adviser to the Finance Committee of the Scottish Parliament on Fiscal Matters, Prof. Gavin McEwen.

 

[Punch]