Prudent Use Of Tax Revenue Will Boost Voluntary Compliance – CITN
The Chartered Institute of Taxation of Nigeria (CITN) has called for the judicious use of tax revenues as a means to build taxpayer trust, encourage voluntary compliance, and reduce the cost of tax administration in the country.
This position was presented by the 16th President and Chairman of the Council of CITN, Mr Samuel Agbeluyi, at the investiture ceremony of Dr Caroline Mary Ndubuisi as the sixth National Chairperson of the Society of Women in Taxation (SWIT), held in Abuja.
Agbeluyi noted that the prudent management of funds derived from taxation would inspire citizens’ confidence in the fiscal system and reduce resistance to tax payments.
“Judicious usage of the tax revenue will lead to voluntary compliance,” he said. “Voluntary compliance will lower the cost of collecting the taxes.”
Speaking on the wider tax reform agenda in Nigeria, the CITN President expressed satisfaction with the momentum generated by the ongoing review and overhaul of the tax system. He attributed much of the progress to the active participation of members of the Institute in shaping national tax policy.
“In 2023, when President Bola Tinubu set up the presidential committee on tax reforms, a good number of members of that committee were from the institute, including the chairman,” Agbeluyi said. “As an institute, we are happy we are progressing.”
He noted that several policy directions currently being pursued by the government are being driven by CITN members, reaffirming the institute’s central role in the evolution of Nigeria’s fiscal landscape.
As Nigeria anticipates the signing into law of tax reform bills currently before the presidency, Agbeluyi disclosed that the Institute was preparing to lead the implementation phase.
“Hopefully, in the next few days, the president will sign the bills, and we will move to the next level of implementation,” he said. “We intend to take the front seat as an institute in the implementation of the soon-to-be enacted Acts of the National Assembly.”
Prudent Use Of Tax Revenue Will Boost Voluntary Compliance – CITN is first published on The Whistler Newspaper
