NIGERIA NEEDS GOOD TAX SYSTEM TO ATTRACT FOREIGN INVESTMENT – CITN

The Chartered Institute of Taxation of Nigeria highlights the vital role of a robust tax framework in the nation to foster foreign direct investment (FDI). Mr Abiodun Oke, Chairman of the Ikeja District Society of CITN, disclosed this during his recent investiture ceremony in Lagos. “A well-structured tax system is indispensable to create an enabling environment for foreign investors to operate and channel capital into our nation,” remarked Oke.

Highlighting the significance of updating Nigeria’s tax legislation, Oke pointed out, “Obsolete tax laws hinder our progress. We must ensure our legal framework remains current to effectively meet the needs of our evolving economy.” He also expressed optimism regarding the role of tax professionals in mitigating the issue of multiple taxation. He further emphasized digitization as a pivotal tool for enhancing tax compliance and should include digital monitoring and efficient tracking of transactions to foster compliance. 

In addressing the welfare of CITN members, Oke outlined plans to leverage digital platforms for seamless communication and support. He said that improving member relations is paramount through an e-platform, as they aim to enhance engagement and provide better assistance, particularly to elderly members who have served their district and the Institute. 

Mr Samuel Agbeluyi, President of CITN and a member of the Tax Reforms Committee, also shared insights into the ongoing efforts to streamline Nigeria’s tax landscape. He shared the plans of the committee to reduce the payable taxes in Nigeria from 60 to a maximum of 10, and steps are being taken in that direction to follow the plans, thereby simplifying compliance for taxpayers.

Source: Punch