CITN, stakeholders seek growth of tax revenue

By Colins NwezeThe Chartered Institute of Taxation of Nigeria (CITN) and stake-holders in the tax industry have discussed key issues that needed to improve tax revenue for the country.Some of the issues discussed at the business luncheon which attracted key players in the tax industry include ways of addressing multiple taxation, taxing Small and Medium Enterprises (SMEs), tax exemption for businesses, among others.In her opening remarks, CITN President, Dame Gladys Olajumoke Simplice, said the business luncheon presented opportunity for stakeholders to criticise, address and influence tax policies that affected them in the past but were not addressed in the new Finance Act.She said aim of the luncheon was to produce a feedback from stakeholders on how to move the tax industry forward.The feedback on issues in the tax system will be be taken back to government for appropriate action. It is a great opportunity for us to discuss what affects us as institution, players and tax practitioners. We want feedback we can take to government for effective implementation, she said.According to her, CITN remains a key institution in the tax industry, and has consistently made major inputs into Nigerias tax administration.Also, CITN Vice President, Adesina Adedayo, said there was need for Small and Medium Enterprises (SMEs) to have effective information exchange with tax authorities to guide decisions on taxing them.Read Also:ARMTI seeks support for small scale farmersSMEs should know what they achieved in a particular year. If you cross a N25 million threshold in 2019, you can tell the tax office on the basis of openness, I achieved N25 million plus in 2019, whether you will be able to achieve it in 2020, is subjective. That information management will become the basis for dealing with you and you need to be transparent, truthful and straightforward, he said.Adedayo said the way SMEs share information with the tax authorities must be based on the truthful part of their transaction. There could even be a year that you did not do any business in a large part of the year, you also need to inform the tax authorities. The challenge is when business owners want to play a fast game on Federal Inland Revenue Service (FIRS), which has enough capacity now to determine how you are able to make income, he said.
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