Thursday, September 28, 2023

Stakeholders Want Increased Tax Revenue Generation



Stakeholders at the Chartered Institute of Taxation of Nigeria said they are optimistic that the adoption of presumptive tax regime and ICT will help to boost revenue generation from the informal sector.

This came to the fore at the 11th edition of zonal conferences of CITN and the third edition of the South West zonal district’s conference tagged ‘SWZDC LAGOS 2022’, which had the theme ‘Presumptive tax regime and ICT in optimising revenue generation’ in Lagos.

Chairman, CITN South West Zonal Districts Adeola Agbogunleri said “The theme of this conference will stimulate discussions and draw attention towards positioning the tax profession at this jet age in good perspectives.

” It’s no longer news that the government ‘s major sustainable source of revenue is taxation, therefore, attention and focus must be on how to generate and sustain our economy.

President of CITN Mr Adesina Adebayo who was represented by his vice Mr Samuel Agbeluyi said..

“CITN is an institute that supports the digitalisation process of the Nigerian tax system to enhance revenue generation. I must therefore applaud the organisers of this conference for echoing and aligning with the ethics of the institute.

The tax system in Nigeria is yet to add up in the speed of this economic revolution. It is appalling that Nigeria, being the biggest economy in Africa, tax system is still not yet fully automated.