A tax professional, Dr Mukail Akinde, has described Nigeria’s tax system as a kindergarten struggling to compete with developed countries like the UK, and the US as well as some African countries like South Africa and Ghana.
Akinde who is the Rector of Federal Polytechnic, Ilaro, lamented that it is unfortunate Nigeria has been left behind by other countries in terms of taxation.
He spoke in Lagos yesterday in his keynote address during the 49th induction ceremony of the Chartered Institute of Taxation of Nigeria (CITN) where 1058 tax professionals were inducted.
Speaking on “Navigating the Tax Landscape: A Journey of Tax Professional Excellence,” he stated that while Nigeria’s gross domestic product (GDP) is growing, “taxation is not going.”
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He said, “The growth in tax rate in Ghana is positive but in Nigeria, it is the other way round.”
Saying taxation remains the surest way to overcome the revenue challenges facing Nigeria, the rector said the government must make a deliberate attempt to widen the tax base.
He said, “Nigerian taxes are like a kindergarten learning how to run a marathon race in the village with developed countries like the US, the UK, China, and developing countries, for example, Ghana, South Africa; they are running and leaving us behind.
“The taxes of these countries are fast developing unlike Nigeria, where the rich hardly pay taxes… We have to change our attitude as taxpayers and tax professionals.”
He advised the new inductees to “be conversant with tax trends locally and internationally.
President and Chairman of the Council of the institute, Mr Samuel Agbeluyi, commended the federal government for the establishment of the Presidential Committee on Fiscal Policy and Tax Reforms, saying this “reflects a resolute commitment to charting a course for sustainable economic growth through effective and efficient taxation.”
He stated that the outcome of the committee’s work if properly implemented “holds great potential for bridging fiscal policy gaps and fortifying the taxation framework in Nigeria. You will all agree with me that the quality of the Quick Win Report of the committee corroborates this position.”
