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Published On: Mon, May 28th, 2018

Tax reliable source of revenue for development – Chartered institute of taxation

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From Femi Oyelola, kaduna

The Chartered Institute of Taxation of Nigeria (CITN) has described tax as the most reliable source of revenue generation for national development and urged government at all levels to strengthen its collection and administration.
The institute’s President and Chairman of Council, Dr Cyril Ede, made the call yesterday in Kaduna, at the opening of a Joint District Society (JDS) meeting, hosted by Kaduna District Society.
According to him, tax is the only constant source of revenue for the government that will never dry out, unlike oil whose uncertainty and fluctuations had already thrown the country into financial crisis.
Ede said that although there was a reasonable improvement in tax collection in the country, its huge revenue potential has remained untapped.
“Apart from tax, all other source of revenue are clouded with uncertainty, which has been demonstrated with latest crash of the price of oil in the international market.
“Tax remained the most reliable source of revenue, with which government at all levels can plan and ensure development, which is possible with efficient tax administration, efficient tax collection, and good legal framework.
He called on the federal, state and local government areas to strengthen their tax administration with focus on given back to the society to motivate tax payers to willingly pay their as at when due.
The president pledged the continued support of the institute as the professional tax body in the country for harnessing and exploitation of optimal potential of tax as crucial source of revenue for development.
“Our institute is positioned at this point to be reckon with in the community of professional bodies in Nigeria.
“With increased emphasis on taxation by government at all levels, tax professional remain the pivot of such attention and we must make our positive impact as administrators and as practitioners, “Ede said.
Earlier, the Chairman of Kaduna and District Society, Mr Obafunso Agboola, said that the objective of the meeting was for the chairmen of the District Societies to share experience, achievements, challenges and opportunities.
Agboola explained that the over 35 District Societies in the country were established by the institute to get engage at the grassroots, and take care of the welfare of members.
He said that the meeting provides the needed opportunity for officials to deliberate on ways to strengthen the institute contribution to improve tax collection for sufficient revenue generation in Nigeria.

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