The Chartered Institute of Taxation of Nigeria (CITN) has thrown its weight behind the Federal Government’s 2020 Finance Bill, saying when operational, it would “promote fiscal equity and tax incentives to mainstream small and medium scale businesses in driving economic growth and development.”
President and Chairman of Council of the institute, Dame Gladys Simplice stated this in Lagos at the 41st induction ceremony where 586 were inducted into the professional body.
Daily Trust reports that the Finance Bill which is geared towards increasing revenue to the government’s coffers especially by raising Value Added Tax (VAT) to 7.5 from five per cent was approved last week by the Senate.
She said the reintroduction of the Finance Bill had become long overdue since its stoppage after the administration of General Ibrahim Babangida.
The President however noted that the cynicism on new tax regime expressed by Nigerians who describe the current government as a ‘Government of Taxation’ was due to long years of neglect of taxation as a key revenue earner.
According to her, there was a long period of apathy and lack of focus by government in placing taxation at the foundation of its revenue mobilisation efforts.
She reiterated that the new tax law would encourage “dynamic growth in government revenue drive and give legislative backing to measures geared towards addressing loopholes in tax laws.”
She said, “While we maintain that there is need to increase indirect taxation, we also hold the government accountable for the diminishing infrastructure and standard of living of the populace.
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