CITN Urges Maximisation Of Tax Revenue

President of Chartered Institute of Taxation of Nigeria (CITN), Mr Sunday Jegede, has called on African countries to maximise tax revenues to facilitate their development.

Jegede told newsmen in Lagos yesterday that efficient use of tax revenues would protect them from looking for foreign aids for development.

He pointed out that many African countries, that gained independence 50 years ago, ought to be funding development themselves rather than relying on foreign aid.

Jegede advised African countries to enthrone a fairer and more efficient tax system to fast track their development.

“The truth is that it is so unwise for African countries to keep borrowing, all they needed to do is to look inwards and develop more vibrant and efficient tax system,” he said.

Jegede, who also doubles as the President of Association of African Tax Institutes, said unlike foreign aid, tax revenue could make  enormous difference in achieving the millennium development goals.

He pointed out that the combined fiscal revenue in Africa reached over 400 billion dollars in 2008, which he said, was ten times the total amount of aid money that flowed into the continent during the period.

He said that developed countries could help African countries by playing key roles in the development of the continent.

”Development partners can also support international tax dialogue to voice and address Africa’s concern on issues as tax evasion, abuses by multinationals, among others.

“Besides,  the more efficient a country makes use of tax revenue, the less financial resources it will need to provide decent infrastructure and functioning public services,” Jegede said.