The Chartered Institute of Taxation of Nigeria (CITN) has reported a surplus of N13.9 million in its Annual Report and Account for the 2017 financial year ended.
At the Institute’s 26th Annual General Meeting (AGM) held in Ikeja, Lagos, the CITN Honourary Treasurer, Samuel Agbeluyi said unlike the challenging year 2016 whereby the institute recorded a deficit of N13.5 million, it succeeded in 2017 in turning the situation around positively.
He said the institute recorded a total comprehensive surplus of N13.94 million in the year under review as against a deficit of N13.51 million in 2016.
He said the surplus was as a result of support, hardworking, dedication, understanding and commitment of Council, committee members, and all members of staff cost reduction campaign embarked and applied in the year under review.
In explaining how the institute was able to turn the situation around, the Honourary Treasurer explained that a great deal of efforts were deplored in managing CITN resources efficiently in such a way that it was able to achieve value for money in the face of inflation and the gradual economic recovery in 2017.