The Chartered Institute of Taxation of Nigeria (CITN) Charter serves as compass to guide tax professionals and industry to sustainable professionalism, CITN President, Dame Gladys Simplice has said.
Speaking during the institute’s 43rd induction ceremony of the institute held in Lagos, she said the provisions of the CITN Charter is the guiding compass as far as admitting members to the Institute is concerned.
According to her, the overall, purpose of the institute is to maintain the sanctity of the taxation profession to the extent that knowledgeable, skilled and qualified professionals are available in Nigeria.
She explained that taxation remains a unique profession that is open to many other professionals who have gone through rigorous certification processes, thereby providing the basis for their being eligible to apply for the membership of our dear Institute.
“In cases where Council had reviewed the requirements for admitting members by virtue of its powers as provided in Section 5 of the Institute’s Charter, it has always ensured that the values and intentions of the founding members of the Institute remain the bedrock of such decisions,” she said.
Simplice called on the inductees to show professionalism and expertise in their dealings as tax officers.
She said: “The outbreak of the coronavirus and its aftermath has brought unimaginable consequences on the world scene. Unemployment rates have doubled, economic growth has slowed down, production levels are on the low, to mention but a few. “At the local scene, the negative effects of the pandemic are glaring, including a severe contraction in government revenues at more than 60 percent, a widening fiscal deficit, increasing debt stock and rising inflation.
Expanding the tax net in Lagos “So, your admission makes you stakeholders. As such, your contributions are key to the realisation of the goals of the Institute by your active participation in our programmes and activities. “Furthermore, you should exhibit professional expertise in your work as tax professionals. The depth of your technical capacity confers greater respect and value on the Institute by all those that deal with you.”
On ways the federal government can tackle economic challenges, the CITN boss noted that: “The recent reports of the Nigerian Bureau of Statistics has revealed a decline in the Gross Domestic Product for the third successive quarter, which signals that Nigeria is now in recession.
“In addressing this situation, the central message of the just-concluded 22nd Annual Tax Conference of the Institute which is centred on the theme ‘Taxation and Economic Competitiveness: Imperatives for National Development’ is apt.
Simple said that more than ever before, there is a compelling need to reinvigorate our enlightenment and education mechanisms and for this reason the National Orientation Agency (NOA) must wake up to its statutory responsibilities.
“The CITN Council has approved District Societies as part of our concerted plan of action to change the part of its responsibilities. The continuous engagement in regular education and enlightenment programmes at the national level and through our District Societies, is required to change the narrative of poor tax awareness among the citizens,” she stated.
Also, at governmental level, she said it was important that tax policy initiatives and reviews in tax laws are well thought-out and followed through.
“We have consciously seen Government’s efforts in the amendment of our tax laws through the Finance Act, 2019 followed by the Finance Act, 2020. Government must avoid the propensity to introduce earmarked taxes with the intention of raising revenues while neglecting the impact that such action would have on businesses and economic activities. As a matter of fact, the thinking of Section 2.2.6 of the Revised National Tax Policy 2017 is that our “taxes should be few in number, broad-based and high revenue-yielding”. In effect, the administration of the taxes should be simplified for ease of enforcement and compliance,” Simple said.
Also speaking, the Registrar/Chief Executive of CITN, Adefisayo Awogbade, tasked the inductees to make good use of the opportunities offered by the Institute. His words: “Membership of our prestigious Institute offers you the opportunity to interact and network with a large number of tax professionals. “The Institute creates an enabling environment for professional career progression as well as continuous improvement of your knowledge and skills through exposure to trending taxation issues.”
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