Taxation institute backs Tinubu’s tax reform

The Chartered Institute of Taxation of Nigeria (CITN) yesterday expressed its support to the federal government’s initiative to set up the Presidential Committee on Fiscal Policy and Tax Reforms.

President Bola Tinubu recently signed four Executive Orders with key Fiscal Policy measures featuring prominently, including the suspension of the 5% excise tax on telecommunication services and excise duties on locally manufactured vehicles.

CITN’s President, Mr. Samuel Agbeluyi however lauded the initiatives, expressing optimism that the Committee’s activities would lead to improved revenue collection efficiency, promote transparency, foster a healthy tax culture, and encourage voluntary compliance.

He also called for open dialogue and engagement of all stakeholders in the Nigerian tax system for the reforms to be all inclusive and meaningful.

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Agbeluyi restated the commitment of CITN to participate fully as it had always done in the current reform process.

Agbeluyi praised President Tinubu for appointing Mr. Taiwo Oyedele, a CITN member, as the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.