2020 Finance Act Improving Tax Collection – CITN

Newly elected president of the Chartered Institute of Taxation of Nigeria (CITN), Mr. Adesina Adedayo, has lauded the federal government for implementing the tax reforms which he said were recommended by past Study and Working Groups of the institute.

Adedayo in his acceptance speech after his inauguration at the weekend in Lagos, said the 2020 Finance Act has blocked tax collection loopholes and ramped up compliance.

He stated that very soon, Nigerians would begin to talk about tax, thereby propelling a citizens-led Fiscal system that works for all, especially SMEs and the masses.

Adedayo said a tax revenue driven economy is “less vulnerable to volatility and the uncertainty associated with over-dependence on oil revenue.”

“I am also impressed with the consistency of the amendment of tax statutes as evidenced in the Finance Acts of 2019 and 2020. These enactments have substantially addressed issues including blocking of tax loopholes, ease of compliance, administrative efficiency, access to information, and deployment of technology.

“I hereby stretch forth my hand of cooperation to all stakeholders in the tax system including but not limited to Federal Inland Revenue Service, States Internal Revenue Services under Joint Tax Board, the Tax Appeal Tribunal, the academia, the Organised Private Sector, and the others.”