The Chartered Institute of Taxation of Nigeria (CITN) has 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 reiterated that that taxation is an essential component of every economy, adding that the role of tax professionals in shaping the economic landscape cannot be overstated.
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.
“It is the given that, taxation in the 21st Century 4th Industrial Revolution era has transformed significantly. The use of Big data, Internet of Things (IoT) and Data Analytics among other digital complexities has become the new world order.”
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“The digital economy has grown dramatically worldwide, leading to the growth in e-commerce and online transactions. Despite the advantages linked to the expansion of the digital economy, several challenges have also originated. In the midst of this challenges, tax implications of the digitalised economy are perhaps the most urgent that bedevils revenue authorities, policymakers of governments, international organisations and tax professionals.”
The President stated that Tax administration in Africa and indeed Nigeria “remain 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.”
According to him, it behoves on 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 the Institute with effect from April 19, 2023.
The President described Olasunkanmi as a Chartered accountant and Tax professional who until his appointment was the Deputy Registrar, Corporate and Internal Services of the Institute.
Adedayo said the appointment was an expression of confidence that the new Registrar/Chief Executive would discharge his duties professionally which is the hall mark of the Taxation Profession.
Olasunkanmi is a multidisciplinary professional with over 18 years of experience in Accounting, Taxation, Consulting, Forensic Auditing, Corporate governance, and Capacity Building.
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