Taxation stakeholders have called for ethical tax practices to enable the nation boosts its non-oil revenue.
The stakeholders spoke at the 52nd induction ceremony of the Chartered Institute of Taxation of Nigeria (CITN) in Abuja on Thursday.
Prof. Yusuf Ali, the Special guest of honour at the event, said that the importance of taxation in any serious society could be underlined by the fact that tax evasion attracts severe punishment.
Ali, a Senior Advocate of Nigeria (SAN), said in such societies, evasion of tax is equated with killing so many people.
According to him, one of the challenges Nigeria has had is that we are used to freebies.
“In first republic, each of the three regions was contributing to the national purse. Nigerians showed interest in the common wealth of the country because they were all contributing to generate the revenue.
“But when oil money came, we went off target and taxes became relegated. When people pay taxes, they hold those in charge responsible.
“In advanced societies, the central government taxes the states for the resources they generate. For us to make progress, we must retrace our steps.
“If we rely on taxes, we will be more interested in making our leaders account for the way they spend our money. All Nigerians should imbibe the habit of willingly fulfilling their tax obligations,” he said.
The CITN President, Mr Samuel Agbeluyi, said that the Institute, the foremost professional taxation body in Nigeria, had been at the forefront of driving excellence, ethical and professional standards in the tax profession for over 43 years.
Agbeluyi urged members to be well acquainted with the tax and fiscal policy reforms being proposed through the Economic Stabilisation Bill presented by the Presidential Committee on Fiscal Policy and Tax Reforms.
“The Bill is currently awaiting concurrent approval from the Senate, having been passed by the House of Representatives.
“Amongst other things, it recommends the introduction of tax agents who will serve as intermediaries between tax payers and revenue authorities.
“This legislative effort is certainly commendable; however, as tax professionals, we have a critical role to play.
“The Institute is committed to ensuring that taxation remains a specialised and regulated profession, ensuring that only individuals with the required expertise and certification are allowed to practice,” he said.
He said that the CITN had reviewed the bills and made submissions on areas where specific provisions may benefit from further refinement to enhance tax administration and uphold the highest standards of professionalism.
“We believe that if and when our recommendations are taken into consideration, the Nigeria tax system will be better for it.
“The CITN remains unwavering in its commitment to continually providing technical support and advice to the government as we progress in these reforms,” he said.
He said that the Institute took seriously the issue of continuous learning.
“Apart from the annual Mandatory Professional Training Programme (MPTP), the Institute, including the CITN Tax Academy, organises various trainings, conferences, workshops, seminars and specialised training programmes.
“Additionally, to ensure that members stay up-to-date about the proposed changes and understand their potential impact on the taxation landscape, the Institute has carried out series of high-level webinars to deepen discussions on the tax reforms among members and the general public,” he said.
He urged the new inductees to project the institute positively through ethical conduct, and by striving for excellence at all times in your service to employers, clients and stakeholders.
In his remarks, Dr Titilayo Fowokan, the Chairman, Membership and Professional Conduct Committee, said that taxation was imperative to national development.
According to Fowokan, as tax professionals, members of the CITN play a crucial role in ensuring compliance, promoting fiscal responsibility, and contributing to the economic growth of our country.
“The knowledge and skills you have acquired will serve as invaluable tools in addressing the challenges within Nigeria’s tax system and shaping the future of taxation,” she said.
She urged the new members to take full advantage of available opportunities in CITN for continuous learning, networking, and active participation in its programmes and activities.
“Your success as tax professionals will be determined by your dedication to integrity, lifelong learning, and commitment to best practices.
“As you step into the CITN family, you should imbibe and live the CITN values–Service, Teamwork, Excellence and Professionalism (STEP). Make sure you extend your network and add to your contacts as this is the soul of success in professional practice,” she said.
The News Agency of Nigeria (NAN) reports that 1,427 new CITN members were inducted at the ceremony.
Nine of the inductees were awarded for excelling in the October 2024 professional examination, and Oluwadamilola Olaiya was named as the overall best student.
