John Nnekwe advocates for Tax Education, as CITN holds 26th Annual Conference
It was on this note that John Nnekwe, the Tax expert advocated for Tax education and the review of Tax culture, in Abuja on Wednesday at the ongoing 26th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria (CITN).
Speaking at the conference with the theme, “Sustainable Tax Culture and Economic Roadmap for Nation Building, he noted that developing a strong revenue base requires the review of Tax culture
While speaking with journalists, he reaffirmed that, Tax education is important in fueling civic action toward promoting policies that would aid the progressiveness of tax schemes and regimes. Adequate education on revenue, tax and financial schemes would drive a surge in the enactment of more laws, legislations and policies that could aid tax development.
Wednesday Newsway Media Understands that, a nation with a sizeable number of individuals versed in tax education is poised to be driven to tube their tax policies to be in line with the best global standard practices, thereby boosting their chances towards economic sustainability and development.
Nnekwe advocates that the promotion of tax education also aids tax advocacy and activism, thereby driving tax literacy at the grassroots. This is evident in the impacts of tax and revenue organisations poised in spreading the gospels of tax.
" He said accountability is necessary for governance and tax education is an effective way of ensuring that government finances are properly incurred and not laundered. Knowledge of the workings of essential taxes like the Personal Income Tax, Education Tax, Companies Income Tax, Capital Gains Tax, Value Added Tax, Withholding Tax and other taxes would ensure that citizens are on the lookout for how these taxes are expended and how they are spent on expenditure and budgetary allowances.
"Tax education would also go a long way in ensuring that corrupt public officials are brought to book on the occasion of tax and financial laundering, towards promoting transparency in governance and public administration
Samuel Agbeluyi, 16th President/ Chairman of Council, the Chartered Institute of Taxation of Nigeria (CITN) has noted that taxation is not merely about revenue collection but also about building a sustainable future for the country.
He noted this on Tuesday at the ongoing 26th Annual Tax of the CITN with theme “Sustainable Tax Culture and Economic Roadmap for Nation Building”.
“It is about creating a culture where every citizen understands the importance of contributing his or her fair share towards national development. It is more importantly about prudently using tax policies as a roadmap to drive economic growth, social inclusiveness and prosperity for all,” Agbeluyi said.
He further noted that the current economic realities of Nigeria as a country were multifaceted, in spite of efforts to improve the narrative by the current government adding that the need for sustainable solutions has never been more pressing than now.
And at the heart of these solutions lies an effective tax system. The 2024 budget of ‘Renewed Hope’ as we know relies significantly on non-oil revenue, and this trend is expected to continue in the future. Therefore, building a sustainable tax culture capable of significantly improving our tax revenue performance for effective economic and capital formation becomes a top priority.
In this regard, one cannot overlook the commendable effort by the Tinubu-led administration. The establishment of the Presidential Committee on Fiscal Policy and Tax Reforms reflects a resolute commitment to charting a course for sustainable economic growth through effective and efficient taxation.
I must add that, in building a sustainable tax culture in Nigeria, government at all levels have a great role to play. Taxation, in all its aspects, demands the utmost level of professionalism due to its critical importance to economic sustainability ” he said.
Speaking further, the CITN President said that in furtherance of efforts at sustaining a tax paying culture, it is important to emphasize judicious use of tax revenue to engender trust between government and the taxpayer thereby entrenching a taxpaying culture and by extension contributing to nation building.
He said that at the subnational level, particularly at the various revenue authorities, there is the need to invest in technology and people to effectively track revenues in the digital space including cryptocurrency to maximise government revenue. “It is also key to provide support to the revenue authorities by way of financial and administrative autonomy to empower them to effectively administer taxes,” he said.
Adeyemi Sanni, Chairman, 26th Annual Tax Conference said for Nigeria to achieve meaningful fiscal development over the long term, it is imperative to establish a tax culture that can withstand economic fluctuations and challenges.
“The emphasis on sustainable is deliberate. We understand that for Nigeria to achieve meaningful fiscal development over the long term, it is imperative to establish a tax culture that can withstand economic fluctuations and challenges,” he said.
“This requires a concerted effort from all stakeholders, including the government, tax professionals, and taxpayers themselves. Currently, our government is prioritising the improvement of tax revenue and fiscal performance. As the leading professional body in taxation in Nigeria, it is our responsibility to support these efforts.
“By convening gatherings like this conference, we provide a platform for deliberation and collaboration, with the aim of developing actionable recommendations that will help the government achieve its objectives,” Sanni said.
