Tax institute tasks 680 inducted members on professionalism

The Chartered Institute of Taxation of Nigeria (CITN), yesterday inducted 680 new tax professionals, tasking them to brace up for the challenge of ending the country’s revenues woes as they remain the hope of Nigeria.

President of CITN, Adesina Adedayo at the induction ceremony in Lagos, said taxation is an essential component of every economy.

He said, “Amidst declining revenue from crude oil, rising debt burden, fluctuating value of the naira and increasing government expenditure, the place of taxation cannot be overstated.”

The president stated that tax administration in Africa and Nigeria “Remains unclear on the most effective and efficient way to tax the digital economy, yet the challenges arising from technological advancement and intricate business models continue to mount; thus, increasing the likelihood of tax revenue leakages.”

Tax institute tasks 680 inducted members on professionalism

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He urged tax professionals who are the “Hope of the Nation” to constantly engage and contribute meaningfully to the Country Impact Assessment of the Organization for Economic Cooperation and Development (OECD) Tax Deal in Nigeria.

“To do this effectively, I implore you to constantly upskill your knowledge on global trends in taxation,” he added.

Meanwhile, the governing council of the CITN has appointed Dr. Musibau Lanre Olasunkanmi as the Registrar/Chief Executive of CITN with effect from April 19, 2023.

The president said Olasunkanmi, until his appointment, was the Deputy Registrar, corporate and internal services of the institute and has over 18 years’ experience.