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CITN: e-Naira promotes transparency in tax collection  

The President, Chartered institute of Taxation of Nigeria (CITN), Adesina  Adedayo, says the coming of the e-Naira present great opportunity for government to promote transparency in tax collection.

Speaking during the the Institute’s 2021 Business Luncheon, with theme: Digital Currency Technology and e-Naira, he said the tax authority could use the Central Bank Digital Currency (CBDC), also known as e-Naira, to track both Personal Income Tax (PIT) and Company Income Tax (CIT).

He said the objective of the program is to to review government policy decisions and its potential impact on the economy and the tax system; provide a feedback mechanism for policy makers and government; provide an opportunity to interact with corporate business leaders, policy makers, members of the organized private sector and professionals and bring to the fore issues in tax administration that impact on the ease of paying taxes and doing business.

The programme presented  opportunity for citizens to highlight their expectation from government and its agencies in terms of service delivery and gauge and reappraise the expectations of stakeholders.

He said that taxes are the key source of revenue for the government and regulators can track both individuals and corporate bodies’ incomes using the CBDC.

“When you look at income, which is the most important thing, if I have an e-Naira transaction with you, for instance, you sent something to me and I use my  e-Naira to make the payment. Technically, you have made an income from me. So, when you make income from me, you are going to find yourself, either in Personal Income Tax (PIT) area  or  in Company Income Tax (CIT),” he stated.

He explained that the implementation of the e-Naira would reduce tax evasion and transparency in tax collection enhanced. 

He said that CITN remains  a knowledge-based institute, he said the essence of the programme was to continually enlighten and educating the public and stakeholders via activities geared towards contributing to national development, and to update its members on emerging tax policy and related issues.

According to him, the functionality of the e-Naira, a digital currency issued and regulated by the Central Bank of Nigeria, delivers speedy, safe, simple trading and transactional opportunities to customers and end-users.

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