There is a limit to how much you can stretch a thing before it snaps. Sadly, when it snaps you lose on both ends.
This is the reason the Chartered Institute of Taxation of Nigeria (CITN) is opposed to the International Monetary Fund’s suggestion of increasing the tax base to reduce Nigeria’s debt burden.
The President and Chairman of CITN, Adesina Adedayo, asserted that heeding to the option may be counterproductive.
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Adedayo, while briefing journalists suggested that the Federal Government should widen the tax net to accommodate more taxpayers and increase revenue base.
He believes the government not to heat up the situation with a tax raise as many businesses are already overburdened with multiple taxes.
According to him, “the institute had always advocated for a widening of the tax net to cater for budgetary expenses.
He said: “To improve tax compliance, education is key.
“The effect of non-compliance will bring about shame if one is dealing with an international organisation.
“You can’t be telling them you are playing smart with your government when it comes to tax, they will de-market you.
“We should engender confidence and educate them on improvement in tax education”.
‘Lenience And Transparency’
The Group Head of Strategic Tax and Compliance at Dangote Industries Limited, Dr. Titilayo Fowokan, on her part called for lenience and transparency in tax administration and management.
Fowokan who spoke on the theme, ‘Tax Administration and Practice’, tasked government to engage more professionals in the entire tax administration value chain.
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She appealed to the government to give Nigerians reasons to willingly pay taxes by proving that taxes are judiciously utilised.
“By doing this, people and corporate organisations would without hesitation pay their taxes because they can see where their monies are deployed.
“If taxes are judiciously managed, there won’t be reason to murmur,” she said.
