The ongoing reforms in the Nigeria tax system is expected to double Nigeria’s tax to Gross Domestic Product (GDP) ratio in the nearest future, the 15th President, Chartered Institute of Taxation of Nigeria (CITN), Adesina Adedayo, has said.
Nigeria’s tax to GDP ratio, currently stands at eight per cent.
Speaking at the CITN 40th anniversary dinner held in Lagos, he said the level of work being carried out by tax professionals on the tax system, tax reforms and dynamism in the industry will lead to improved tax to GDP ratio for the country.
Speaking on the theme: “Evolution of Taxation as a Profession in Nigeria: The Birth of the Taxation Institute of Taxation of Nigeria”, Adedayo, said the institute is also expanding the frontiers for the development of taxation beyond Nigeria to global space.
He however said that the issue of multiple taxation is still present but is being addressed.
He said: “The institute will continue to engage professionals in the process of this discussion, we will be identifying and addressing all challenges facing tax practice in Nigeria,” he said.
He also advocated professionalism in tax practice among tax practitioners adding that the institute understands its role in terms of thought leadership, tax legislative, administration and policy intervention and expects its members to operate within set guidelines to build trust among stakeholders.
He said members of the institute have for years made inputs into tax matters at domestic and global stages.
“From administrative standpoint, we have our members who have been leaders in the federal land revenue services. They have demonstrated their knowledge of the tax system by virtue of the way they have improved and reformed the federal land revenue services, for which we have good authority,” he said.
Chairman, Planning Committee, CITN at 40, Foluso Fasoto advised government to always listen to tax professionals when it comes to taxation. “Taxation jobs should not be given to anyone. There is need to allow professionals to handle the collection and administration of taxation in Nigeria,” he said.
He said that areas of leakages in tax collection have been identified, including the need to advance tax collection in the informal sector .
He said the institute seized the opportunity of the celebration to reach out to selected Internally Displaced Person Camps and orphanage homes to offer support and make donations.
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