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Tag: CITN

  • Govt urged to revitalise tax system

    The Chartered Institute of Taxation of Nigeria (CITN) has advised the Federal Government to improve the tax system.

    A statement by the institute said the advice became necessary following United States President Barrack Obama’s speech in South Africa that his country does not need energy from Africa.

    The CITN’s President, Mr. Mark Anthony Dike, said Obama’s speech, if critically examined, portends danger to the economy whose development depends on oil revenue.

    “The United States President Barack Obama has, ultimately, confirmed the fears in some quarters that the days of crude oil importation from African oil producing countries, including Nigeria, were numbered, as oil export from Nigeria is on a downward trend,” he said at a three-day Joint District Societies’ meeting of the institute.

    Dike said that the United States President was only speaking on an obvious fact which the Institute has always reiterated to successive Nigeria governments from time immemorial. “America has made several successful advances in oil and gas production, as well as clean energy production springing up at a rapid rate in the United States,” he said.

    Dike said statistics have shown that the US, Nigeria’s biggest oil customer, has been slashing down its oil imports from the country amid surging output and refinery closures in North America, prompting Nigeria’s oil marketers to find alternative markets in Asia, an equally politically unstable continent as Africa.

    “It is saddening that Nigeria’s dwindling oil exports to the United States has crashed further to the lowest in 15 years, noting that it was high time the government seized the opportunity of revamping the country’s tax system which has proven to be a better alternative to revenue in other climes,” he said.

    He urged the Federal Govern-ment to be cautious of its negative impact as the economy relies mainly on proceeds from crude oil sales to generate foreign exchange and proceeds from crude oil represent over 85 per cent of foreign exchange earnings. This, in turn, would translate into increased government borrowing and fiscal deficit.

    Citing a recent report of the International Monetary Fund (IMF), the CITN President said that the persistent decline in oil export and the fluctuating crude oil prices which is at an annual average of $97 per barrel may not only translate to lower oil revenue for Nigeria but would also eat into Nigeria’s Excess Crude Account (ECA) balance, while a further fall to between $80 and $85 per barrel would wipe out ECA balances within a year.

  • Benefits of tax revenues, by CITN boss

    Benefits of tax revenues, by CITN boss

    An economy that is able to sustain its citizens must leverage on tax revenues, as the most reliable source of fund for national development and transformation, President, Chartered Institute of Taxation of Nigeria (CITN) John Jegede has said.

    Speaking at the institute’s induction in Lagos, he told the inductees that their role is to assist the government and taxpayers to plug loopholes and bring into the tax net more individuals.

    He said a situation where negligible percentage of taxable persons pays taxes is very disheartening, stressing that professionals must rise up to the challenge to ensure Nigeria’s economy is diversified through taxation.

    Jegede said the institute is determined to collaborate with various stakeholders on training of tax practitioners in various organisations and agencies. He said: “While commending stakeholders for their unalloyed support to the Institute, it is my hope that the existing mutual co-operation between governments at all levels and the Institute would go a long way to improving the effectiveness of the various states’ revenue agencies while at the same time strengthening the confidence of taxpayers in the Nigerian tax system,” he said.

    He said in realisation of the need for the institute to be visible in the league of professional bodies, the institute has positioned as a force to be reckoned with, locally and internationally.  “We have a good working relationship with Taxation Institutes in Ghana, South Africa, Senegal, Sierra Leone, Liberia, Mali and Burkina Faso through the auspices of West Africa Union of Tax Institutes (WAUTI) and Association of African Tax Institutes (AATI),” he said.

    However, Igho Dafinone, a tax expert, said a good tax system should be as efficient as possible to collect in terms of cost per collection. It should also be as neutral as possible so that all those in similar situations are subject to the same incidence. He said a sound tax system should also be as simple as possible to comprehend and comply.

     

  • CITN holds workshop on taxation

    CITN holds workshop on taxation

    The Chartered Institute of Taxation of Nigeria (CITN) has held a workshop for the media.

    In a statement, the institute said the objective was to enlighten the public on their rights, duties and liabilities in relation to taxation.

    It said the media has a responsibility to hold the government accountable to the people, a role which made the institute to partner with the media on the training.

    It explained that taxation, like any other discipline or profession, has peculiarities, technicalities and terminologies, which are incomprehensible to the uninitiated.

    “The Council of CITN has empowered its Publicity and Publications Committee to organise this event to educate and interact with gentlemen of the press so as to equip them intellectually on terminologies and basic taxation issues that are germane to the performance of their functions,” it said.

     

  • CITN, Tribunal to collaborate on tax administration

    The Chartered Institute of Taxation of Nigeria (CITN) and the Tax Appeal Tribunal (TAT) are to collaborate on areas of their operations that will benefit tax payers.

    In a statement issued after visiting the cordinating secretariate of TAT on the issue, CITN Council members said the areas of collaboration border on capacity building for tax professionals to ensure they understand proceedings at tax tribunal, technical input into operations of TAT as well as inter-organisational publicity.

    The Publicity Chairman of CITN, Chukwuemeka Eze, said partnership with TAT would add value to tax payers especially those that have cases to resolve at the tribunal.

    TAT is an administrative tribunal, he said, established pursuant to Section 59 of the Federal Inland Revenue Service (Establishment) Act, 2007 as the foremost alternative dispute resolution body in the tax system in Nigeria.

    He said TAT operates in eight zones – one in Abuja, one in Lagos, and one in each of the six geo-political zones. The commissioners, who dispense administrative justice at TAT, work on part-time basis while each zone has a secretary who is a permanent staff member of TAT.

    TAT Coordinating Secretary, Yahaya Manga Abubakar, agreed with the CITN that given the fundamental positions of both agencies in the tax system, it became imperative that they partner to create a tax system as contemplated by the National Tax Policy.

    He acknowledged that there was need for a closer relationship between two bodies since the activities of the two organisations are complementary, and not mutually exclusive.

    He said since the focus of CITN is to produce qualified and competent tax professionals and that of TAT is to resolve tax disputes between taxpayers and tax–collecting authorities in a fair, just and equitable manner, an interactive relationship between the bodies will serve the interest of taxpayers better. He said the tax payers will be the ultimate beneficiaries of a functional and efficient tax system.

  • CITN woos governors on revenue job

    The Chartered Institute of Bankers of Nigeria (CITN) is discussing with governors to appoint its members as head of their internal revenue services.

    CITN President, Sunday Jegede, said such appointment is about putting round pegs in round holes, and achieving professionalism.

    He regretted that in some states, tax administrators are not being fairly treated, leading to loss of revenues that would have been channeled into productive ventures.

    The CITN boss said the Court of Appeal verdict, that only CITN members can act as tax practitioners and administrators indicated that the governors must engage the institute’s members in handling revenues and tax issues.

    He said Section 19 of CITN Act empowers the institute and its members to be solely responsible for these duties.

    The CITN boss said taxation has a way of complementing government revenue drive, and making more resources available to provide social amenities for the people.

    He added that taxation can be deployed into key sectors of the economy such as power, agriculture, real sector and creation of jobs to reduce growing unemployment rate in the country. The CITN boss said resources from taxation will complement oil revenue, to solve critical problems confronting the country.

  • CITN to honour Nigerians

    The Chartered Institute of Taxation of Nigeria (CITN) has unveiled plans to honour some Nigerians for their invaluable contributions to the development of tax practice and administration in the country.

    In a statement, the Institute’s Registrar/Chief Executive Mr Abayomi Jayeoba, said the conferment of the awards on distinguished persons and also fellowship of the Institute on deserving members is scheduled for the Annual Dinner Nite slated for this Saturday in Lagos.

    “The decision to honour few Nigerians at this year’s Annual Dinner was taken by Council in recognition of their invaluable roles in moving the nation’s tax system forward and their contributions to the nation at large.

    “Although the country’s tax system is yet to attain the desired level of efficiency, the Institute is confident that a the on-going tax reforms would go a long way in correcting some of the lapses that are still noticeable in the system”, the statement added.