Business
ICAN Backs Compliance To Tax Laws
The Institute of Chartered Accountants of Nigeria (ICAN), has thrown its full support behind total compliance and enforcement of tax laws in Nigeria.
President of the institute, Alhaji Ismaila Zakari, who disclosed this to newsmen at the Port Harcourt International Airport, Omagwa, on his way back to Lagos, noted that so much revenue had been lost for non-compliance to tax law.
He said that Nigeria had so much depended on revenue from petroleum products, while other sources, especially the tax area have not been fully exploited and enforced.
Zakari commended efforts of the Acting President, Prof. Yemi Osinbajo for the recent executive order he signed which, according to him, is a sign for good things in the economy.
He said that the major problem in the instability of Nigerian’s revenue earnings is the instability of oil price at the international market, which according to him, is not in the control of Nigerian government.
“We are coming out of the wood, and progressively so. The government is now focused, and the Acting President has signed an executive order on voluntary asset and income declaration.
“That is to show that the one that they are able to control, they are now working on it. Many people are not paying tax.
“We in the Institute of Chartered Accountants of Nigeria are in full support on this compliance on tax law, and will want all Nigerians to take the issue of tax payment more seriously”, he said.
Corlins Walter