CITN Urges Implementation Of Tax Policies

The Dean, Faculty of Direct Taxation, Chartered Institute of Taxation of Nigeria (CITN), Mr Taiwo Oyedele,  has  called for speedy implementation of the country’s existing tax policies.

Oyedele said in Lagos that this would help in addressing the challenges of multiple taxation and by implication encourage direct foreign investment in the country.

“The implementation of existing tax policies will also make the tax system more vibrant,’’ he said.

Oyedele noted that the approved National Tax Policy (NTP) was still pending at the National Assembly.

“The NTP allows for the harmonisation of some of the existing taxes, and this will help to reduce the burden of multiple taxation on the taxpayers.

“There are so many taxes in the country which need to be harmonised, like the environmental taxes, and this harmonisation will help to reduce the tax burden on people,” he said.

Oyedele urged the Federal Government to improve the tax system to make it competitive with others in the world economy.

“If the tax system is improved, more investors will find Nigeria viable and will be willing to come and do business.

“The indigenous investors will also like to expand their businesses and employ more people and consequently improve the economy,” he said.

Oyedele also urged the federal government to legally empower the Joint Tax Board to enable it regulate the various tiers of government on the taxes each of them could collect.