Sanwo-Olu tasks institute on deepening taxation practice

GOV Babajide Sanwo-Olu of Lagos State has tasked the Chartered Institute of Taxation of Nigeria (CITN) to be proactive on deepening taxation practice in Nigeria.

The governor gave the advice at the Investiture of the 14th President of CITN, Dame Olajumoke Simplice, on Saturday in Lagos.

Represented by Mrs Balogun Olufunmilayo, Permanent Secretary, Ministry of Finance, he said that deepening taxation practice would enhance revenue generation of the state and country.

He said that his administration would partner the Institute to strengthen and encourage the taxation system for the enhanced economic development of the country.

“CITN has immensely contributed to the growth of taxation in Nigeria, but the reward for hard work is more work.

“The Institute should not relent on efforts to have an efficient taxation practice as is obtainable in other countries.

“Tax is a civic responsibility of every citizen of a country and remains a major medium through which the government can generate funds to fulfil its electoral promises,” he said.

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The Chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, said that the issue of deepening taxation was a global issue that Nigeria should key into.

Fowler, who was a special guest of honour at the Investiture, said taxation was a social contract that enables citizens to play significant roles in raising revenue for the government.

“By paying taxes, the government will similarly have a strong motivation to account for revenues collected and the utilisation of such revenues.

“Voluntary compliance by the taxpayers will ensure that revenue is made available for improving on the provision of social amenities and services,” the FIRS boss said.

Fowler affirmed that the CITN had advanced to an enviable stage when considered from the level it started operation in Lagos State.

In her acceptance speech, Simplice promised to widen the corporate horizon of the Institute through the review of its vision and mission statement.

She said the institute would develop and deepen the use of technology by ensuring a full-fledged ICT department as the backbone of its operations.

“Our vision to be the leading Institute in training world-class Tax Professionals has been driven over the years through various capacity building programmes.

“Going forward, it is intended that the Tax Academy will be developed to protect this fundamental driving force of our vision.

“The Tax Academy will be repositioned in terms of capacity for a technically driven alternative route to the membership through intensive training for revenue services staff,” Simplice said.

She congratulated all the newly elected members and encouraged them to take up challenges that would take the Institute to a greater level.