CITN chairman lauds govt on new national tax policy

THE Federal Government and the National Assembly has been commended for the introduction of new National Tax Policy and the passage of the Personal Income Tax (Amendment) Act 2011.At his investiture as the fifth CITN Chairman, Ikeja District, Samuel Agbeluyi, regarded the development as one that would further entrench transparency and accountability in the management of task in Nigeria.'In the same sprit, we also recognise the effort of the National Assembly for the passage of the Personal Income Tax (Amendment) Act, 2011,' Agbeluyi added.A chartered accountant and Barrister-at-Law, Agbeluyi pointed out that the two steps taken by both the Federal Government and the National Assembly would go a long way at speeding up infrastructure development in the nation since revenue from taxes would equally be available to all tiers of government to process developments instead of relying solely on revenue from oil.'One of the reasons for lack of infrastructural development and failure of successive government to fulfill their promises has always been the unstable revenue from oil to cope with ever expanding need for development,' he pointed out.'Low infrastructural development is not due to lack of political will, of personnel and machinery but low income to actually finance earmarked projects and complete existing ones. Where this New National Tax Policy is strictly pursued and generated revenue truthfully returned, the reliance on money from oil would soon be reduced to its barest minimum. Definitely the nation would be better for it,' Agbeluyi added.He challenged his professional colleagues to seize the opportunity of the new policy to bring to bear their professional training to help both the government and the tax paying community to understand the policy and also help to simplify tax compliance. 'It is an opportunity for us to properly advise tax payers on the compliance requirements and provide the necessary insight and assistance to tax authorities.'Earlier, Governor Babatunde Fashola, represented by his adviser on taxation and revenue, Abimbola Shodipo, stressed the need for all and sundry to recognise the fact that tax was the main source of finance for governments.
Click here to read full news..