CITN Seeks Holistic Review Of Tax Incentives

The Institute of Taxation of Nigeria (CITN) has called for a more holistic review of the country’s tax incentives regime.

They urged that tax incentives must be properly structured towards achieving its objectives.

President and Chairman of Council, CITN, Gladys Simplice, who said this at the institute’s 2020 Annual Dinner and Awards ceremony in Lagos, submitted that a ‘Knee jerk’ approach or actions that are not objectively assessed would do more harm than good to the national economy.

She commended the Federal Government on steps taken on fiscal policy decisions and measures initiated by the tax administration in the course of the year.

Simplice, who said the institute was delighted that government’s sustained review of tax laws as an annual affair, said it attested to government’s seriousness in addressing the revenue challenges facing the nation.

Noting that the year 2020 had been phenomenal for the institute despite the challenging environment, she said the Institute was able to leverage the support from critical stakeholders to advance its aims and objectives.

She added that the institute had continued to feature prominently as a strong voice in areas of tax enlightenment and advocacy, qualitative contributions to tax and fiscal policy issues, providing quality manpower for the Nigerian tax system and promoting discourse that seeks to enhance the place of taxation in national development.

Special guest of honour and Commissioner for Lagos State, Rabiu Olowo, who was represented by the state’s Accountant General, Abiodun Muritala, commended the institute’s drive in the development of Nigeria’s tax syatem.

At the ceremony, the institute recognised outstanding individuals and corporate bodies for their contributions to the development of the profession, the Nigerian tax system, the institute and the nation.