New Tax Law to Benefit Downtrodden More, CITN President Says
The President of the Chartered Institute of Taxation of Nigeria (CITN), Mr Innocent Ohagwa, says the new tax reform will rather benefit the downtrodden than impoverish them.
Ohagwa made the clarification on Saturday at the Investiture of the 7th Chairman of CITN Ilorin and District Society and the inauguration of the Executive Committee.
He said the fear of the new tax law was unfounded because the new reform would solve the problems of medium and small-scale business owners.
“For example, if you have a small company that is operating up to 100 million turnover or 250 million assets, you will be exempted from payment of tax.
“But you will be required also to file returns because there is no way the relevant authorities will know that you are in that ratio if you don’t file your returns.
“And there are numerous incentives that are embedded in the tax reform; what is just needed is for Nigerians to give it a chance, which is by performing their own obligation.
“This obligation is that being exempted from tax is not an exemption from having a tax identification; it is the tax ID that will enable you to migrate when you leave that threshold.
“For me as an expert, this is the best tax reform I have ever seen in my life,” he said.
The CITN president reiterated that the institute would continue its advocacy role through the district societies and different bodies under the institute.
The News Agency of Nigeria (NAN) reports that the newly sworn-in Chairman, Mr Taofiq Alabi, promised to collaborate with relevant stakeholders.
The collaboration, he said, would be to sensitise, educate and correct the public on misinformation about the new tax law.
“In terms of sensitisation, we are going to collaborate with the state government and the business people.
“We will be meeting with the Kwara Chamber of Commerce, Industry, Mines and Agriculture (KWACCIMA) and some other key people to explain this new reform.
“This is because most people at the grassroots do not know what the new reform entails; they are just being fed with lies.
“So, we need to bring the education to the grassroots, and we can only do this through those associations, and by meeting with market women,” he said.
The Guest Speaker, Mr Chimenka Nzeribe, emphasised the importance of tax harmonisation.
According to him, multiple taxation has discouraged many investors, a situation he described as bad for the nation’s economy.
Earlier in her remarks, the Kwara Commissioner for Finance, Dr Hauwa Nuru, said the emergence of the new executives was a call to higher service.
She expected them to build on the foundation laid by the predecessors.
“I want to encourage you to prioritise the initiative by fostering continuous professional development and advocating clear and transparent tax policies.
“You should also establish partnerships with the government and private institutions to enhance tax compliance and revenue generation in the state,” she said.
The Chairman, Investiture Planning Committee, Mr Yakub Aduagba, described the investiture as a celebration of intelligence and professionalism.
According to him, the investiture typified having a round peg in a round hole, the spirit of commitment, expertise and dedication that the institute embodies.
“Our district has played a significant role in shaping the landscape of taxation in our domain by advocating for tax awareness and tax education at all levels,” he said.
The immediate past chairman, Dr Abdulhakeem Shuaib, charged the new executives with educating members and Kwara residents on the new tax law yet to take effect. #New Tax Law to Benefit Downtrodden More, CITN President Says AXA Mansard Jumps by 12% as Investors Bet on Earnings Outlook
